A human-sized Labubu figure was sold for 1.08 million yuan (approximately $150,275) at an auction house in Beijing, China, on Tuesday.This set a new record for the trending doll, which is rapidly gaining popularity. The event was held by Yongle International Auction, with over a thousand bidders participating through the Yongle mobile app. Around 200 people attended in person, and 48 items were offered for sale. All items started with a zero reserve price, eventually generating a total of 3.73 million yuan.This was Yongle’s first-ever auction dedicated exclusively to Labubu dolls. Labubu is a quirky monster-like figure with oversized eyes, a mischievous smile and a furry body. It is primarily sold by Chinese toy company Pop Mart and was created by artist Kasing Lung.The most expensive item auctioned was a mint-green Labubu figure, standing 4.3 feet (131 cm) tall. It received several bids before being sold for 1.08 million yuan. The auctioneer said that it is the only piece of its kind in the world.
The Labubu figure rose to fame after K-pop star Lisa of Blackpink was seen with the doll. She praised it in interviews and social media posts. In May, British football star David Beckham also shared a photo on Instagram featuring his Labubu doll attached to a bag.One of the auction bidders, Du, said she had planned to spend a maximum of 20,000 yuan on the toy. However, she walked away empty-handed as the final prices soared beyond expectations.“My child likes it, so every time Labubu releases new products, we buy one or two items. It’s hard to explain its popularity, but it must have touched this generation,” she told the news agency Reuters.Previously, a set of three Labubu sculptures—each around 40 cm tall and made of PVC—was sold for 510,000 yuan. The set, from the “Three Wise Labubu” series, was limited to just 120 sets released in 2017. Another set was sold for HKD 203,200 (about $25,890) at Sotheby’s recent auction in Hong Kong.