Who's got the next Labubu? Hong Kong creators eye a slice of ‘goods economy' pie
As an avid collector of modern and contemporary art, Hong Kong fintech millionaire Kenneth's latest splurge is a whimsical luxury watch with a HK$2 million (US$242,000) price tag.
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The limited edition timepiece by Swiss watchmaker Audemars Piguet features Companion, the toy character with a skull, crossbones and gloves by American Brian Donnelly, better known as Kaws.
The artist and designer first turned his Companion character into toys in 1999, selling out immediately. It is now one of the most valuable intellectual property (IP) products globally.
Kenneth's love for Kaws has seen him spending more than HK$3.2 million on about 40 toys over the years, including two 1.2-metre (four-foot) Companion figures, a dozen smaller figurines and his most recent acquisition, the watch.
Only 250 Kaws watches were made. Kenneth's superfan status landed him an invitation to the launch party in Switzerland last November.
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His other favourite artist in the IP 'goods economy' is Hong Kong sculptor Michael Lau Kin-man, who started making figurines in the 1990s with elements of street culture and is often regarded as the 'godfather' of designer toys in the city.
'They aren't just creating objects, they're telling bold stories and challenging the norm,' he said. Kenneth, who is in his forties and asked to be identified by his first name only, started his online payment business in the late 1990s.
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