A $170,000 Toy and the Future of Alternative Finance
A few days ago in Beijing, a ‘Labubu’ figure over 120 cm tall was auctioned for more than $170,000. A toy, yes—but not just any toy. It was the most hotly contested item in what has now gone down in history as the first-ever auction entirely dedicated to this quirky, sharp-toothed creature: a pop icon born in 2015 from the imagination of artist Kasing Lung.
One might be tempted to file it away as a quirky news item—but that would likely be a mistake. What happened in China actually reveals far more about the present (and future) of alternative financial markets, and, ultimately, about the way value, passion, and capital are learning to communicate in a new language.
At CGPH Banque d’Affaires, we closely monitor such dynamics. Today, just like real estate, artworks, or equity stakes, so-called collectibles can be integrated into a sophisticated wealth strategy—not only for eccentric collectors, but increasingly for entrepreneurial families, family offices, and culturally aware new investors. We operate in a world where value is no longer calculated solely on classical fundamentals, but rather on other factors or attributes such as perceived rarity, iconic status, the global community surrounding an object, and, why not, the cultural narrative that comes with it. In this light, a ‘Labubu’ can well become the core asset of a wealth vehicle, collateral in a bridge loan, or the flagship of an identity-based branding strategy for a family-owned business.
New generations are, de facto, rewriting the rules: they are not just interested in multiplying capital, but in doing so in alignment with a broader vision. And if that vision includes a $27 toy that can fetch $170,000 at auction, it is our duty not only to take notice, but to design legal and financial instruments capable of enhancing and developing that vision. What we commonly call “collectible value” is, in truth, the result of a much broader transformation—one that encompasses the fusion of shared imagination, digitalized experiences, programmed scarcity, and generational belonging. The ‘Labubu’ case is its symbol: a physical object born from narrative imagination, spread through social media and marketplaces, validated by global influencers, and finally monetized at auction like a work of art.
This is not just marketing—it is a signal, a clear albeit subtle indicator of where the perception of value is shifting in the 21st century. And perhaps, it is also an invitation for those working in finance, law, and wealth management to start learning new alphabets.
If you work in wealth management, art, or are simply fascinated by these frontier topics, I’d be glad to connect—the most interesting conversations almost always start this way.
