{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,8,14]],"date-time":"2026-08-14T15:38:43Z","timestamp":1786721923941,"version":"build-2736575974"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":0,"publisher":"Elsevier BV","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>I document a complete speculative cycle in the secondary market for Pop Mart's Labubu designer toys. Three sealed-case editions on StockX traded at peak premiums of 195 to 579 percent over retail and now trade 24 to 54 percent below retail. The cycle aligns with two identifiable shocks: an attention catalyst in April 2024 widely associated with Instagram exposure by BLACKPINK member Lisa, and an August 2025 supply expansion in which Pop Mart's supply chain president announced a tenfold increase in monthly plush production capacity. Worldwide Google search interest in \"Labubu\" was economically negligible for 152 consecutive weeks before the attention shock and reached the Trends ceiling shortly after the launch of a secondary product catalyst (Big Into Energy, April 2025). I treat the attention catalyst as more plausibly exogenous than the supply expansion (which Pop Mart chose in response to demand), and use this asymmetry to discuss what the episode does and does not identify. Pop Mart's equity peaked the same week as the supply announcement, supporting a signaling rather than physical-supply interpretation of the correction. The case extends attention-based asset pricing into the broader class of digitally coordinated scarcity markets and offers a tractable setting for studying how issuer-controlled supply expansion deflates speculative premiums.<\/jats:p>","DOI":"10.2139\/ssrn.6741298","type":"posted-content","created":{"date-parts":[[2026,5,13]],"date-time":"2026-05-13T17:03:06Z","timestamp":1778691786000},"source":"Crossref","is-referenced-by-count":0,"title":["From Collectible to Speculative Asset: Attention, Scarcity, and the Boom-Bust Cycle in the Labubu Resale Market"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0009-0005-8477-9393","authenticated-orcid":true,"given":"Boon Chuan","family":"Lim","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,8,14]],"date-time":"2026-08-14T15:14:21Z","timestamp":1786720461000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=6741298"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":0,"URL":"https:\/\/doi.org\/10.2139\/ssrn.6741298","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}