Art Basel 2025 has seen its first frenzy, and it wasn’t for a Jeff Koons or a Banksy, it was for Labubu. The mischievous, slightly eerie monster elf created by Hong Kong-born artist Kasing Lung has sent fairgoers into a shopping frenzy, with the limited-edition figurine flying off the shelves at breakneck speed.
This year, Art Basel collaborated with Lung to release a special edition Labubu, a collector’s dream dressed in the fair’s signature shade of blue and clutching a tiny spirit level, a playful nod to the precision of art installation. With just 100 pieces made and sold exclusively in person at the Art Basel Shop for SFr200, the monster has become the unofficial mascot of the fair. Within 20 minutes of doors opening on Monday, about half of the figurines had vanished into tote bags and pockets, leaving latecomers scrambling. The buzz grew louder outside the store, where one quick-thinking attendee was overheard offering to resell his Labubu for $5,000 cash, a steep markup that underscores the fever-pitch demand.
Labubu’s cult status has exploded thanks to Gen Z collectors, many of whom attach the plush versions of the character to their handbags and backpacks like high-fashion charms. The new limited edition has turned the quirky toy into this year’s ultimate Basel flex, part art object, part streetwear accessory, and 100% hype. If you missed Monday’s drop, there’s one last shot: the remaining figurines will be released Tuesday at 11 a.m., with a strict two-per-person limit. Judging by the first day’s chaos, expect a long queue and disappointment. As one collector summed it up: “I didn’t come to Basel for the paintings. I came for the monster.”
