The Rarest Category: Artist Proofs and One-of-a-Kinds
Artist proofs — figures produced during the design and approval process before final production — are the rarest Labubu figures in existence. These are unique or near-unique pieces that Kasing Lung's studio or Pop Mart's design team used to evaluate colorways, surface treatments, and final design decisions. They were never assigned edition numbers, never commercially released, and cannot be reproduced. When they enter the secondary market (typically through art auctions or Lung's own exhibitions), they generate extraordinary interest.
Documented auction results for Labubu artist-adjacent pieces have exceeded $10,000 USD in recent years, though the exact nature of what sold varies — some are genuine artist proofs, others are artist-signed production figures or exhibition pieces that carry the artist's direct involvement. The distinction matters for serious collectors: an artist proof is fundamentally irreplaceable, while a signed production figure is rare but categorically different.
Art fair and gallery pieces — figures produced specifically for Kasing Lung exhibitions or Pop Mart's own art fair participation — occupy a similar tier. These are often painted by hand in unique colorways created specifically for the exhibition context and are accompanied by certificates of authenticity and exhibition documentation. They trade among high-level collectors and serious art collectors who see them as contemporary sculptures rather than toys.
Convention Exclusives: Documented Low-Run Rarities
Convention exclusive Labubu figures are produced in limited quantities — typically 200-1,000 units — specifically for sale at designatedtoy fairs, art events, and Pop Mart's own fan festivals. The most significant events where convention exclusives have been released include Pop Mart Fan Festivals in Beijing and Shanghai, major toy fairs in Hong Kong and Singapore, and international art toy conventions. These figures are typically not restocked and never enter regular retail channels.
The secondary market value of convention exclusives depends heavily on which event they came from, the visual quality of the specific design, and whether any celebrity association amplified demand. Convention exclusives from the early 2019-2021 period are now particularly rare because global distribution of these events was limited — an exclusive sold only at a single Beijing fan festival reached a very small global audience at retail, creating artificial scarcity that compounds over time as collectors worldwide seek them out.
Documentation is critical for convention exclusives. A figure claimed to be a convention exclusive without provenance documentation — event program, purchase receipt, photographs of the event sale — is difficult to authenticate. Some fakes specifically target the convention exclusive category because the 'small production run' narrative provides cover for figures that lack normal authentication markers.
Hidden Variants: The Rarest Commercially Available Figures
Within the standard commercial Labubu release structure, hidden variants are the rarest figures accessible at retail. Pull rates for hidden figures are typically 1 in 72 boxes (approximately 1.4%), making them statistically rare in absolute terms even before demand is factored in. For high-demand series, hidden variants may effectively be unavailable at retail after launch day — the entire production of a series can sell out within hours, and any given individual has only a 1.4% chance of having pulled the hidden per box purchased.
The hidden variants from the 2019-2021 early series are now retrospectively among the most valuable commercially-produced Labubu figures. These early series had smaller global production numbers than current releases (Pop Mart's manufacturing and retail capacity was much smaller in 2019 than 2024), meaning total units of a given hidden variant might be in the low thousands globally. Combined with a massive collector base that has grown since 2019, demand-to-supply ratios for early hidden variants are extreme.
Specific high-value hidden variants documented in secondary market records include the golden and special-finish hidden figures from the 2019-2020 series, certain 'chase' figures from collaboration editions, and hidden variants from series with specific celebrity associations. Published secondary market records show individual hidden figures from the right series selling for $2,000-5,000 USD on major platforms, with privately transacted figures reportedly higher.
What Makes a Labubu Rare: The Scarcity Factors
True rarity in the Labubu market is produced by three factors acting together: limited production (fewer units made), limited distribution (fewer buyers had access at retail), and high demand (many buyers want the specific figure). Artist proofs score maximum on all three factors. Convention exclusives score high on production and distribution limits but medium on demand (limited to collectors who attend or follow conventions closely). Standard hidden variants score maximum on demand and medium on production limits, but low on distribution limits since they're available to any retail buyer.
Time is also a rarity factor. A hidden variant from a currently-in-print series is 'rare' in the pull-rate sense but available at retail. The same hidden variant from a series retired five years ago is a different proposition — it cannot be obtained at retail at any price, and secondary market availability depends entirely on existing holders choosing to sell. Over time, all retired figures become rarer as units are lost, damaged, or permanently enter personal collections.
For collectors building a rare figure strategy, the practical implication is clear: first-series releases from any new IP, limited convention exclusives attended in person, and hidden variants from series with verifiable celebrity or cultural association are the categories most likely to appreciate in rarity-driven value. Standard regular variants, reprinted series, and figures from low-demand series do not accumulate meaningful rarity-driven value regardless of age. The four editions at Voxelyo.com represent curated open editions that are reliably available — their value lies in guaranteed quality and accessibility, not in artificial scarcity.