A Beijing auction house on Tuesday sold a human-sized Labubu figure for 1.08 million yuan (US$150,260), 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 Chinese 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 about 200 people, while more than 1,000 bidders put down offers via Yongle’s mobile app, the auction house said.
Photo: AFP
The starting price for all the items was zero, while the lots sold for a combined 3.73 million yuan.
The highest grossing item, a mint green, 1.31m-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 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 (US$25,888) at Sotheby’s most recent auction in Hong Kong.
Labubu was created a decade ago by Hong Kong artist and illustrator Kasing Lung (龍家昇). In 2019, Lung agreed to let them be sold by Pop Mart, which markets collectable figurines often sold in “blind boxes.”
A buyer of a blind box toy does not know exactly what design they will receive until they open it.
The starting price for Labubu blind box toys sold in Pop Mart’s stores is about 50 yuan.
The character’s popularity skyrocketed after Lisa of the South Korean pop music group Blackpink was spotted with a Labubu, and praised the doll in interviews and online posts.
Many celebrities followed. In May, British soccer star David Beckham shared a photograph on Instagram of his Labubu attached to a bag.
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