Rare Labubu sells for more than $150,000 at auction
The 131-centimeter (51-inch) mint green figurine with a gremlin-like appearance, sharp teeth and puckish grin went for 1.08 million yuan ($150,325) at the Yongle International Auction house that normally specializes in selling jewelry and modern art.
'Congratulations to the online buyer on collecting the world's only such one,' said the auctioneer at an exhibition center in downtown Beijing on Tuesday afternoon.
Labubus are currently the trendiest plush toys on the planet, created by Hong Kong-born illustrator Kasing Lung and retailed by the Chinese toy giant Pop Mart.
In recent months, the bunny-bodied, elf-faced creatures — equal parts grotesque and adorable — have soared in popularity, sparking buying frenzies around the world, and in some cases, brawls among fans outside shops selling them.
Even in China, where Pop Mart is based and most of its toys are made, people are struggling to get their hands on Labubus.
A total of 48 Labubus were auctioned at the special event, billed as the 'World's First' auction of first generation collectible Labubus.
A brown, 160-centimeter (63-inch) Labubu figure, sold for $114,086, the second highest hammer price at the event. The company said only 15 such figures exist around the world.
Other figures went for more than $1,000 each.
'As a trendy toy in China, Labubu is now becoming a global artwork as it has truly sparked a craze around the world,' Zhao Xu, the founder of Yongle Auction, told state-owned outlet The Beijing News.
Zhao said the company plans to hold monthly livestream auctions for Labubu and other trendy artworks.
A pair of Minions-like Labubus sold at auction for 10,000 yuan ($1,391).
Buyers at the auction also had to pay an additional 15% brokerage fee on top of the hammer prices.
And it's not rare to see a price inflation of Labubus due to the crazy demand in China. For instance, a blind box from the latest Labubu 3.0 series, originally priced at around $81, has been selling for up to $278 on the second-hand market, state-owned outlet Cover News reported.
Labubu's viral popularity has been a booster for Pop Mart. Annual results show that the Chinese company's global gross profit surged by over 125% last year, while its revenue in mainland China reached more than $1.09 billion, 34% higher than 2023.
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