In the ephemeral world of collectibles, Labubu’s journey from obscurity to auction-record fame – and subsequent market correction – mirrors a seismic shift in cultural consumption. Once traded at 1,080,000 RMB yet now facing a 50% price plunge after restocks, this “ugly-cute” figurine embodies capitalism’s dance with emotion. As Peking University scholar Hu Yong (胡泳) […]
