Are Barbie dolls good investments? We spoke to a Barbie enthusiast with 12k dolls to find out
Jian Yang, owner of Asia's largest Barbie collection, with the new Margot Robbie collectible doll.
PHOTO: Instagram/Jian Yang
PUBLISHED ONJuly 26, 2023 4:26 AMByVanessa Nah
It's a Barbie world. An era of pink domination. An uproar of Barbiecore.
With the Barbie movie fresh out in cinemas, the world's gone gaga over all things Barbie-everything from Barbie-themed clothes and shoes to the nostalgic dolls themselves.
But there's one man who's beat us all to it. 43-year-old creative strategist Jian Yang has loved Barbie since 1985. Now, as of 2023, he has well over 12,000 Barbie dolls distributed across his terrace house, two storage units, and four bedrooms of his parents' home. Altogether, these Barbies make up Asia's largest Barbie doll collection that is worth over S$500,000. Some of his vintage dolls alone are valued at about S$25,000-each.
With a collection that expansive (and expensive), Jian has us all wondering: How can a single Barbie doll be worth several times my monthly salary? How does this man know which Barbies are worth buying? And with the world currently awash with pink, should I run out now to buy the Barbie movie collectible dolls as investments?
This is our guide to how good an investment a Barbie doll really is, how to recognise an investment-worthy Barbie (it might be time to check your old childhood toy box!), and how to upkeep your valuable dolls.
1. C'mon. How much can a Barbie doll really be worth?
Like super limited edition Rolex luxury watches, the most expensive Barbie dolls tend to be the ones that had a very limited release. It's simple economics. When supply is very small, and demand is very high, the prices of some limited edition (or even one-of-a-kind) Barbie dolls are going to skyrocket. That's what's happened with Barbies like the one-of-a-kind Stefano Canturi Barbie (2010), which sold at Christie's in New York for US$302,500 (S$401,778), and Barbie in Midnight Red (1965), which sold for US$11,178 at Christie's in London in 2006.
Barbie by Stefano Canturi sold for US$302,500 in 2010, at Christie's in New York. PHOTO: Canturi
More realistically for investment, we're looking at attainable limited edition Barbie dolls that can fetch you a pretty penny. "There's Barbies like the Life Ball dolls by Vivienne Westwood, Valentino, and Christian Lacroix," Jian tells me. "These three were made for the Life Ball, Europe's largest HIV/AIDS charity ball held in Vienna.
Only attendees of the ball can buy these dolls, first of all. And also, they're made by the designers themselves. As you would know, Vivienne Westwood is dead, so that doll's value is very high."
On eBay, I see a listing for an unboxed Vivienne Westwood Life Ball Barbie priced at US$1,950. For a single Barbie doll, that's a steep price-or a large profit.
2. How do I choose or recognise an investment-worthy Barbie?
Not all Barbies are made equal. If you’re looking at Barbies with money on your mind, here are some factors to consider.
Limited edition dolls
"Mattel completely controls quantity," Jian explains. "So quantity is never a variable, because there's no speculation about rarity at all. Everything comes out of the Mattel factory." This means the ball is in your court to do your research. The Barbie market fluctuates according to supply, and it's your job to track this (among other things) if you're serious about buying investment worthy dolls.
Special collaborations
Barbies that are designed by well-known artists are more valuable. For example, the Karl Lagerfeld Barbie was sold at a retail price of US$200 in 2014. It sold for US$1,008 at Christie's auction house in London that same year.
Expensive materials
Some limited edition Barbies aren't just rare, but also come with rare gemstones. Probably the most famous (and certainly the most expensive) stone-studded Barbie was designed by Stefano Caturi. Mattel commissioned the Australian jeweller to create this Barbie's cubism-inspired necklace, which features a one-carat pink diamond surrounded by three carats worth of white diamonds. This Barbie sold for a whopping US$302,500, with all proceeds donated to breast cancer research.
Real world sociopolitical factors
The value of a Barbie girl goes beyond her Barbie world. “For example, when the Queen died, the value of the Queen doll was immediately affected,” Jian remembers.
“Because there’s recency, there’s newsworthiness, there is possible scarcity. Or when Tina Turner died? Same thing. Tina Turner doll went up in value.”
Discontinued dolls
These Barbies are worth more because they are rare. They need not be endorsed by some celebrity or made by a famous doll designer. As Jian tells us, some dolls are rare simply because Mattel killed them off:
"Some mass market dolls that are rare are actually the discontinued Barbies. Like Pregnant Midge, and Growing Up Skipper. Skipper is a Barbie from the 70s that grows boobs when you twist her arm. It was very progressive then."
"There was also Earring Magic Ken, who was a Ken that came with an earring and a gimmick where he had a necklace with a circle ring on it that you can clip things onto. The world went crazy and said this "gay Ken" is presenting the wrong value systems and all that stuff. So "gay Ken" was recalled." Jian now looks like a proud parent: "And all of these recalled dolls? All the problem children? I have them."
'Vintage' is relative
Some old stuff is just old, while some old Barbies are now rare vintage collectibles. If that sounds kinda subjective to you, that's because it is. "Vintage" is relative; different countries have a different understanding of what a vintage Barbie doll is depending on when Barbie hit their shores.
"In Singapore, understand that Barbie only came in the 70s. She wasn't here in the sixties," Jian explains. "Whereas in Australia, where I used to live, Barbie's been there since 1959. So to Australians, vintage is 50s, 60s Barbie. For us, vintage is 80s and 90s Barbie. Mm-hmm. So, if I wanted to buy a late 70s into 80s doll in Australia, people want like $5 for it. In Singapore, some want like $200 for it."
Doll condition… and geography?
It's not just about whether an overzealous kid grabbed a crayon or pair of scissors and turned Barbie into Weird Barbie (iykyk). With Singapore's horribly humid climate, Barbie dolls here are going to age like milk.
"Do you remember when you unboxed your Barbie, there's always this metal wire that holds her to the box?" Jian asks me. I nod, and he continues. "In recent years, that wire has started rusting. So basically for anything from your generation (90s and 2000s), the metal wire would be rusting by now. If it rusts, it will stain the doll's clothes. That will make the value go down."
That same doll is going to look a lot better over time if kept in a climate that's cold and dry, as Jian explains: "Now if you are in the Netherlands, Switzerland, these kinds of places, their rubber bands haven't melted yet. Their metal hasn't rusted yet."
Life in plastic is fantastic
It goes without saying that unboxed Barbies in pristine condition are worth more than Barbie dolls you've gotten your grubby fingers all over. But another reason unboxed Barbies are worth more is because the entire Barbie set is complete-from the clothes she's wearing to the shoes on her feet. Heck, even the boring old doll catalogue that no child bothers to keep after ripping open the box.
"We all threw away our catalogues," reminisces Jian. "We would memorise the Barbie catalogue, but at some point we throw it away because it's paper. But now, there are people that literally just collect Barbie catalogues simply because they barely exist anymore."
I took a quick look on eBay. Barbie catalogues are going from anywhere between US$5 for a 1969 Living Barbie catalogue to US$238 for a 1965 Barbie & Her Friends French catalogue. I can see how this can be lucrative. This brings us to an interesting point I learnt from Jian.
3. You can also invest in Barbie's "worthless" paper and cardboard accessories
Jian explains this strange sounding phenomenon the best:
"When you get a new Barbie in the box, they'll be little punch-out things that you can punch out of cardboard in the back of the box. There might be a little credit card inside. Or maybe like a little bouquet. Then you can put these things on the doll, right? So the funny thing is, those little pieces of cardboard are the most valuable things because children didn't take care of them-after all they're cardboard!"
Skipper's driving licence is going for over US$20 on eBay. Yup, that's the discontinued Barbie who grows boobs when you raise her arm.
Jian shares a specific example: "There is this vintage Barbie called Nurse Barbie from the sixties. She came with a diploma. And her diploma was this paper piece of s*** that they basically scotched taped onto the box. But then, the world's narrative took over and made Barbie a symbol of women empowerment.
Barbie showed women in the sixties that they can have jobs, they can hold their own rights, have their own salaries, all that stuff. So the fact that they gave Barbie a diploma at the time was a damn big deal. Of course, all the children threw away that diploma because it was paper. That just makes it worth even more now."
Jian got me very, very curious. How much could a tiny, flimsy piece of paper fetch? Off I went to eBay again to have a look:
Jian wasn't kidding. Nurse Barbie's diploma really is just a tiny, flimsy piece of paper.
4. Nostalgia sells
Jian shows me Barbie's comb. Mattel doesn't make these anymore, and we all threw them away as kids. Myself included.
"Wait, lemme find it!" Jian exclaims. His head dips below the screen for a moment, and he emerges with a bright orange brush that fills me with an instant sense of familiarity. "There was a period where every single Barbie came with this comb. Everyone had it. So, it became worthless. We threw them away. Now, the Barbies don't come with combs anymore."
This seashell design gives Barbie's discontinued seashell comb its name.
"Everyone around your age (editor's note: that's late 20s!) wants this particular thing they call the seashell comb because of the seashell design on the back," Jian informs me. "And at your age, you have a disposable income. Your salaries are between $3,000 and $6,000, so you can all sort of afford to buy this piece of memory back. That means that the eBay prices will go up."
Jian speaks not just from knowledge, but also from experience: "I'm 43, going on 44, and there was exactly the same period about 10 years ago. Everything from the 80s just shot up in value because everyone my age was buying back their childhoods."
5. How do I buy or sell Barbie dolls?
As with all things, you have the option of buying and selling online or physically.
To our knowledge, there is no dedicated Barbie-only online marketplace. But any online marketplace is going to turn up lots of Barbie listings. As we've just seen above, eBay is one of them. In fact, eBay has so many Barbie listings that Jian does not allow himself an eBay account. Best not to tempt a toy enthusiast with money to spend. "That's my discipline," he says. "Because at 40 plus years old, and vaguely affluent with disposable income, the danger is real."
If you want to try to buy or sell your Barbie physically, your options in Singapore are pretty much limited to random flea markets. Jian himself visits these once in a while, but has one major gripe-you may find yourself arguing with old aunties about the value of an item:
"There's a bunch of Barbies that were produced with a mould made in 1966. The doll body was used all the way until 1996, so that body was used for 30 years. But the copyright stamp on the mould and actual doll body says 1966.
Any auntie that sees this doll and takes off the clothes will say, "you see, it says 1966 behind!" She'll think it's a 1966 doll, but it's not. It's just the imprint. I've been having this conversation with all the flea market aunties for 20 years."
Now, you don't want to be one of those aunties (or uncles) annoying Jian. If your Barbie doll really isn't worth much, don't push for a higher sale price without justification. Jian can look at a Barbie doll's face and body and tell you which year she came from, which dress she originally wore, and what little accessories and toy pieces came in the box.
Since you're reading this beginner's guide to investing in Barbie dolls, it's probably safe to say you're a Barbie beginner who doesn't have that kind of depth of knowledge. Do your research. Price your Barbie accordingly.
6. How do I know a Barbie is authentic?
Great news! Fake Barbies aren't really a problem.
"If you think about it, a Barbie doll is actually a very low ticket item," Jian points out. "It's not like you are faking a $20,000 watch. You are faking a $30 doll. So honestly, creating moulds in order to manufacture a $30 thing just isn't worth it. That's why a lot of people don't bother to fake Barbie."
7. I found my investment Barbie! How do I upkeep or maintain it?
There is an art to maintaining and restoring dolls that simply cannot be expressed over one online video conversation. But the most basic thing Jian recommends is to simply keep your dolls clean: "You clean the doll, you make her come back to life, basically.
I mean, the easiest thing for me is conditioning the hair. That's the most straightforward. You can use human conditioner. Or, remember that Barbie's hair is not human hair. It's saran, which is a kind of plastic, so you actually can use fabric softener instead."
8. There's more to restoring Barbie dolls than we think
Jian is every Barbie's guardian angel. He doesn't just buy dolls-he puts them back together.
"With my collection as vast as this, I will always have extra pieces. When I buy bags of clothes from flea markets, there will never be a complete outfit. There will always be a missing jacket, panties, or leggings. The next time I buy a zip lock bag of clothes, I realise, oh, now the missing dress to that jacket is here. Then, I'll put it all together. So the restoration also includes having a half complete doll at any one point somewhere in this house. And then when I go to a flea market, if I see the bouquet of this bride is in this zip lock bag, I will buy that zip lock bag."
I was astonished — Jian recognises all these Barbie dresses, jackets, bags, shoes and whatnot? He can not only identify them, but knows how they all fit together on a particular doll? And he even remembers which items all of his half-complete dolls are still missing?
"I do! Every single one," Jian assures me. "I can't explain it, but even right now, I can tell you that my all-star Barbie has her leggings, her leg warmers, but doesn't have her one piece swimsuit. I know exactly every single one."
If you truly want to get into the Barbie collecting and restoration game, you're going to need to do a lot of research and have a super solid memory. Jian himself grew up absorbing Barbie catalogues like a sponge, so he had a major head start.
9. Are the Barbie movie collectibles worth it as investments?
With the movie freshly out in cinemas, Barbie is everywhere we look right now (let's face it, it's been everywhere for a long time now). Search anything Barbie-related on Google and your browser turns pink. You can't walk through the supermarket snack aisle without seeing a Barbie chocolate bar. Even our most monochromatically dressed co-workers have been spotted wearing a dash of pink. With all this hype, you might be wondering: are the Barbie movie collectible dolls worth investing in?
Jian doesn't think so, because the hype is what it is-just hype. He's seen it all before, as the Global Strategy Director for the Transformers brand from 2014 to 2017. "I took care of the Transformers brand across 47 markets, across movies, toys, licensing, and animation," Jian explains. "At that time, I launched movie number 4, Age of Extinction. and I was part of the marketing team re-releasing the "fan favourite" Dinobots-retooling the Dinobots for the new generation."
The release of Tranformers: Age of Extinction in 2014 coincided with the 30th anniversary of the Transfomers to franchise. Jian's team built on this, adding labels to the Dinobots' boxes saying "limited edition" or "commemorative series".
"We wanted to sell as many toys as humanly possible," Jian recalls. "But after two years, when the movie's gone and Dinobots were back in the mainstream collection, nobody really cared about them anymore. Now, they're worth like $10, and nobody wants to buy them."
The Barbie movie toys have a distribution problem
Jian's been watching the Barbie movie dolls for the last month, and he's observed a problem with their supply and distribution. The exclusive dolls just don't feel exclusive.
The Ken Doll in White and Gold Tracksuit is a Creations Exclusive. It's limited to only two dolls per customer.
"The Simu Liu doll, the Asian Ken, was supposed to be a Mattel Creations Exclusive," Jian explains. "But he's in Takashimaya right now! To me, there's something wrong with the sales distribution for this. What would have been an exclusive is now a mass market doll."
And this overdistribution issue is not just in Singapore. Jian tells me that in Australia, the Barbie movie car was on sale at 50per cent on the same day the movie launched. "There's definitely an oversupply of the toys. But add to that, the marketing noise of the Barbie movie-everything from popcorn buckets to your Typo cushions and blankets. Even Cotton On, Bershka, Zara-they've all got Barbie tie-ups. There's an influx of this brand, which will become unfashionable in about three weeks."
But there is a scenario in which the Barbie movie dolls might be worth something in years to come. "Based on my knowledge of the industry and my knowledge of the brand, they're trying to create a franchise model," Jian affirms. "Expect Barbie 2 and Barbie 3. In which case, maybe the value of the first movie's dolls would go up for a while. These are the original movie's dolls, and it's also the first time they tooled Margot Robbie's face."
Jian shows me Margot Robbie's doll. The doll is called "Barbie The Movie Return To Barbieland Look", and currently retails at Toys-R-Us for S$109.99.
10. So, do Barbie dolls make good investments?
They can-if you do your research, buy the right dolls, and maintain them in good condition. That means cleaning and caring for dolls not in their boxes, and not opening dolls still in their boxes. The latter is tricky-don't forget that vintage dolls won't age well in Singapore's humidity. You may be better off buying newer Barbie dolls.
For Jian, it looks like his Barbie dolls are good life investments. After spending an hour chatting with him, I genuinely believe that his quality of life is improved by his toys. There is a lot of inexplicable joy, energy and passion in the way Jian speaks of his 12,000 (and counting) Barbie dolls, and it has nothing to do with the money they're worth. He's driven by genuine enthusiasm, and never by the bottom line. In this sense, the value of his investment is simply in buying, playing with, and having fun with his 12,000 Barbie dolls, 500 Transformers, and 200 Jurassic World dinosaurs. Those are his words, not mine-but that's a story for another day.
Watch this space, because we'll next dive into why Barbie isn't Jian's favourite toy, why the heck he has 12,000 of them if so, and what Barbie means for Jian's budgeting, personal branding, and authenticity.
Jian: "I'm obsessed with the car. I cannot, I won't even explain it, but I'm obsessed with the car."
And I was obsessed with how obsessed Jian was. So here's another screenshot of his happy face as he proudly shows me the Pink Corvette Convertible from the Barbie movie collection.
ALSO READ: Barbie movie revives interest in doll collectors' market
This article was first published in MoneySmart.