A human-sized Labubu doll fetched a whopping 1.08 million yuan or US$150,000 (RM635,600) at an auction in Beijing, in a testament to the popularity of the collectible toy flaunted by celebrities.
The one-of-a-kind mint green Labubu, a monster character created by Hong Kong-born artist Kasing Lung, went under the hammer at China’s Yongle Auction house on Tuesday, along with 47 other Labubu collectible items.
Another limited-edition brown Labubu was sold for 820,000 yuan, taking the total value of the sales to 3.73 million yuan, according to a local media report. The so-called world first auction of Labubu artwork attracted thousands of buyers on site and online.
Pop Mart International Group Ltd, the Beijing-based maker of the toothy monster dolls, has seen its shares surge more than 180% this year amid the craze for its soft toys seen carried by the likes of Rihanna and BlackPink’s Lisa.
Labubu fans are known to brave long queues and often ready to pay inflated prices to get their favourite toy.
A Chinese bank recently used Labubu as free gifts to lure depositors, prompting the regulator to step in and ban such practices.
The youngest registered buyer at Tuesday’s auction was a nine-month infant, whose family bought a co-branded version of Labubu doll for 32,000 yuan in the baby’s name.
The Monsters blind-box series, with Labubu at its centre, generated more than 3 billion yuan in sales for Pop Mart last year, accounting for almost one-fourth of the company’s revenue. — Bloomberg
