Core Insights - The article discusses the rising popularity and auction prices of LABUBU collectibles, highlighting a trend of increasing auction records and significant sales figures in the collectible market [1][6][16] - Concerns about "overpricing" and market volatility are raised, with examples of drastic price fluctuations for the same items within short time frames [1][15][22] - The phenomenon is compared to historical market bubbles, questioning whether the current excitement is sustainable or indicative of a speculative bubble [5][24] Auction Performance - LABUBU collectibles have achieved record auction prices, with a mint green LABUBU selling for 1.08 million yuan and another item fetching 759,000 yuan, contributing to a total auction revenue exceeding 8.93 million yuan [1][6][12] - The auction on June 22 featured 69 items, predominantly LABUBU collectibles, indicating a growing interest and market presence [5][6] - The average price of items sold in the two auctions approached 76,000 yuan, comparable to luxury goods [16] Market Dynamics - The article notes a significant disparity in auction prices compared to retail prices, with one LABUBU item selling for 43,000 yuan at auction while available for only 14,000 yuan on e-commerce platforms, reflecting a more than 200% markup [15][24] - The auction market is characterized by intense bidding, with collectors showing high engagement and emotional investment in the items [12][19] - The audience for LABUBU auctions includes traditional collectors, younger investors, and fans, each with different motivations for purchasing [19][20] Future Outlook - Upcoming auctions are anticipated, with major auction houses like Christie's showing interest in the collectible market, indicating potential growth and further market validation [20][25] - Experts suggest that the sustainability of the LABUBU market will depend on the establishment of a robust secondary market and a diverse collector base [20][25] - Concerns about the potential for market overheating and the need for a return to the intrinsic value of collectibles are emphasized, suggesting a cautious approach to future investments [24][25]

Core Insights - The article discusses the recent trend surrounding the limited edition LABUBU toy and its impact on the market, particularly focusing on the exchange activities initiated by Hu Run and the subsequent rise in popularity of the toy [1][14]. Group 1: LABUBU Exchange and Significance - Hu Run exchanged the limited edition LABUBU and a half marathon medal with Peng Jun, CEO of Xiaoma Zhixing, for a car valued at nearly one million yuan [2][3]. - The car involved in the exchange is significant as it was the first autonomous vehicle to carry passengers on public roads, highlighting the intersection of technology and collectibles [3][5]. Group 2: Auction and Market Response - A unique mint-colored LABUBU was auctioned for 1.08 million yuan, marking a significant event in the collectibles market, with another brown LABUBU fetching 820,000 yuan [14]. - Following the auction, Zhang Chaoyang expressed regret for returning the LABUBU to Hu Run, indicating the toy's rising status and desirability [14]. Group 3: Impact on Pop Mart - The popularity of LABUBU has led to a surge in the stock price of Pop Mart, which rose over 5% to reach a historical high, attributed to the success of its overseas store model [15]. - Analysts note that the stock price recovery over the past year and a half is linked to the phenomenon created by LABUBU and its cultural significance [15].