The highest bid at the Joopiter auction was $31,250 (P1.7M)—an amount that can actually buy you a Birkin.
What do you get when you mix a cult toy, a Japanese fashion label, and one of the biggest K-pop acts in the world? A plushie that sells for over P1.7 million.
That’s what happened when 14 exclusive Labubu figures dressed in custom Sacai x Carhartt WIP outfits were auctioned on Pharrell Williams’ platform Joopiter. The highest bid was $31,250 (around P1.7M) and, to be honest, that amount can actually buy you a Birkin.
The limited-edition Labubu toys came in a blind box and buyers had no idea which version they were getting. Thirteen of them wore custom beige looks, while one secret version featured an unrevealed colorway and that mystery added fuel to the hype.
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This limited-edition drop was part of a larger auction-slash-capsule collaboration between Japanese luxury brand, Sacai and Seventeen, to celebrate the group’s fifth studio album Happy Burstday. Also up for grabs was the Sacai jacket worn by Seventeen in the Bad Influence music video (produced by Pharrell himself), which sold for $11,875 (around P600,000), and a signed shirt from the members, which went for $7,500. (around P49,000).
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Proceeds from the auction are being donated to UNESCO, where both Pharrell and Seventeen serve as goodwill ambassadors.
Labubu, the toothy, wide-eyed character created by Hong Kong artist Kasing Lung, has become one of the most sought-after collectibles in the toy world. Originally part of Pop Mart’s The Monsters series, it’s now a full-blown cultural icon with huge market power.
And just last week, a life-size Labubu sculpture sold for about $15,000 at an auction in Beijing, setting a new record for the artist’s work.
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Labubu helped Pop Mart’s revenue grow over 100% in 2024. The character became so popular, it made Pop Mart founder Wang Ning into one of China’s richest men with a net worth of $22.7 billion.
It’s not just about bags and watches anymore. For a new generation of collectors, especially younger fans, there is something special about owning something rare, playful, and emotionally resonant. Labubu is part art, part toy, and as of the current state of its popularity, part status symbol.
