Human-size Labubu figure sells for $193,000 at Beijing auction

BEIJING – A Beijing auction house sold a human-size Labubu figure for 1.08 million yuan (S$193,000) on June 10, 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 specialises in modern art and jewellery, marked the first auction dedicated to Labubu. The toothy monster figurines, which are mainly sold by China’s toy company Pop Mart, have been at the

centre of a global frenzy

for the past year.

The auction offered 48 lots for sale and was attended in person by about 200 people, while more than a thousand bidders put down offers via Yongle’s mobile app, said the auction house.

The starting price for the items began at zero, and the auction eventually raised a total of 3.73 million yuan.

The highest-grossing item was a mint green, 131cm-tall Labubu figure, which the auctioneer said was the only one available in the world.

A set of three Labubu sculptures, about 40cm 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 HK$203,200 (S$33,000) at Sotheby’s most recent auction in Hong Kong.

Labubu was created a decade ago by Hong Kong artist and illustrator Kasing Lung.

In 2019, Lung agreed to let them be sold by Pop Mart, which markets collectible figurines often sold in “blind boxes”.

A buyer of a blind-box toy does not know what design he or she will receive until the packaging is opened. The starting price for Labubu blind-box toys sold in Pop Mart’s stores is around 50 yuan.

The character’s popularity skyrocketed after K-pop girl group Blackpink’s Lisa was spotted with a Labubu and praised the doll in interviews and online posts.

In May, British football star David Beckham uploaded a photo on Instagram of his Labubu attached to a bag.

One Yongle auction bidder, a restaurant owner who gave her surname only as Du, said she had planned to spend a maximum of 20,000 yuan. She walked away empty-handed as the final prices were too high.

“My child likes it, so every time Labubu released new products, we will buy one or two items. It is hard to explain its popularity, but it must have moved this generation,” she said. REUTERS