Labubu human-sized figure sells for over $150,000 at Beijing auction

A Beijing auction house sold a human-sized Labubu figure for 1.08 million yuan ($150,275.51) on Tuesday, setting a new record for the "blind box" toy as it moves from craze to collectible.

The event held by Yongle International Auction, which traditionally specializes in modern art as well as jewelry, marked the first ever auction dedicated to Labubu, toothy monster figurines that are mainly sold by China's toy company Pop Mart and have been at the center of a global frenzy for the past year.

The auction offered 48 lots for sale and was attended in person by roughly 200 people, while over a thousand bidders put down offers via Yongle's mobile app, the auction house said. The starting price for all the items started at zero and it eventually raised a total of 3.73 million yuan.

The highest grossing item, a mint green, 131 cm (4.3 feet) tall Labubu figure, received several bids to sell for 1.08 million yuan. The auctioneer said it was the only one available in the world.

A set of three Labubu sculptures, about 40 cm tall and made of PVC material, sold for 510,000 yuan. The set, from a series called "Three Wise Labubu," was limited to a run of 120 sets in 2017 and another one sold for HKD 203,200 ($25,889.64) at Sotheby's most recent auction in Hong Kong.


Reuters