Labubu human-sized figure sells for over $150,000 at Beijing auction
By Sophie Yu and Brenda Goh
BEIJING/SHANGHAI (Reuters) -A Beijing auction house sold a human-sized Labubu figure for 1.08 million yuan ($150,275.51) on Tuesday, 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 as well as jewellery, marked the first ever auction dedicated to Labubu, toothy monster figurines that are mainly sold by China's toy company Pop Mart and 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 roughly 200 people, while over a thousand bidders put down offers via Yongle's mobile app, the auction house said. The starting price for all the items started at zero and it eventually raised a total of 3.73 million yuan.
The highest grossing item, a mint green, 131 cm (4.3 feet) 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 40 cm 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 HKD 203,200 ($25,889.64) 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, a Chinese toy company that 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 the packaging. The starting price for Labubu blind box toys sold in Pop Mart's stores is around 50 yuan.
The character's popularity skyrocketed after Lisa of the 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 football star David Beckham shared a photo on Instagram of his Labubu attached to a bag.
One Yongle auction bidder, a restaurant owner who only gave her surname as Du, said she had planned to spend a maximum of 20,000 yuan but walked away empty handed as the final prices were too high.
"My child likes it so every time when 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.
($1 = 7.8487 Hong Kong dollars)
($1 = 7.1868 Chinese yuan renminbi)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
43 minutes ago
- Yahoo
Rare Labubu sells for more than $150,000 at auction
A rare, first-generation Labubu figure has sold for $150,000 in Beijing at an auction held exclusively for the toys that have taken the world by storm. The 131-centimeter (51-inch) mint green figurine with a gremlin-like appearance, sharp teeth and puckish grin went for 1.08 million yuan ($150,325) at the Yongle International Auction house that normally specializes in selling jewelry and modern art. 'Congratulations to the online buyer on collecting the world's only such one,' said the auctioneer at an exhibition center in downtown Beijing on Tuesday afternoon. Labubus are currently the trendiest plush toys on the planet, created by Hong Kong-born illustrator Kasing Lung and retailed by the Chinese toy giant Pop Mart. In recent months, the bunny-bodied, elf-faced creatures — equal parts grotesque and adorable — have soared in popularity, sparking buying frenzies around the world, and in some cases, brawls among fans outside shops selling them. Even in China, where Pop Mart is based and most of its toys are made, people are struggling to get their hands on Labubus. A total of 48 Labubus were auctioned at the special event, billed as the 'World's First' auction of first generation collectible Labubus. A brown, 160-centimeter (63-inch) Labubu figure, sold for $114,086, the second highest hammer price at the event. The company said only 15 such figures exist around the world. Other figures went for more than $1,000 each. 'As a trendy toy in China, Labubu is now becoming a global artwork as it has truly sparked a craze around the world,' Zhao Xu, the founder of Yongle Auction, told state-owned outlet The Beijing News. Zhao said the company plans to hold monthly livestream auctions for Labubu and other trendy artworks. A pair of Minions-like Labubus sold at auction for 10,000 yuan ($1,391). Buyers at the auction also had to pay an additional 15% brokerage fee on top of the hammer prices. And it's not rare to see a price inflation of Labubus due to the crazy demand in China. For instance, a blind box from the latest Labubu 3.0 series, originally priced at around $81, has been selling for up to $278 on the second-hand market, state-owned outlet Cover News reported. Labubu's viral popularity has been a booster for Pop Mart. Annual results show that the Chinese company's global gross profit surged by over 125% last year, while its revenue in mainland China reached more than $1.09 billion, 34% higher than 2023.
New York Post
an hour ago
- New York Post
Chinese Labubu doll sparks global shopping frenzy fueling billions of dollars
They're scary, but cute – and taking the internet by storm as customers race to get their hands on Labubus. Distributed exclusively by Chinese-based retailer Pop Mart, it's become near impossible to buy one of the plush pendant toy collectibles as they sell out online almost nightly, and people wait in hours-long lines to purchase them in-person. Advertisement But what is a Labubu? And why do people care so much about it? Labubu was founded by Hong Kong-born artist Kasing Lung, who became inspired by Nordic supernatural folklore and children's imaginative abilities to create Labubu and the larger 'Monsters' figurine series. Despite the first Labubu hitting the market in 2015, demand still outpaces supply in 2025. They quickly gained popularity after being sported on the designer bags of celebrities like Rihanna, Dua Lipa, BLACKPINK's Lisa, David Beckham, Emma Roberts, Hillary Duff, Kim Kardashian and countless others. Advertisement Labubus cost anywhere between $21.99 and $39.99, and its most popular form comes as a fluffy, plush pendant with an attachable clip. They're sold in 'blind boxes,' which means customers won't know what variety of Labubu they got until it's opened. However, Labubu products are regularly out of stock in Pop Mart's online store and app. In-person restockings happen at their stores once a week at 10 a.m. every Friday, and social media users have posted long lines that tend to be hundreds of people deep. 3 Shoppers have been waiting in hours-long lines to purchase a Labubu. AFP via Getty Images Advertisement 3 Labubu gained popularity when celebrities featured the toy on their designer bags. AP In the United Kingdom, Pop Mart announced it would stop selling Labubu products in their stores for safety reasons following reported brawls that had broken out among customers. To make the supply-demand imbalance worse, so-called reseller 'bots' allegedly sweep Pop Mart's website and app for new drops, and buy Labubus in mass quantities. On resale platforms like StockX, rare editions have asking prices of up to $450. Advertisement Labubu has even sparked counterfeit admiration, with some customers opting for a knock-off version dubbed 'Lafufu,' often with a much cheaper price tag and manufacturing differences. 3 Labubu is distributed exclusively by Chinese-based retailer Pop Mart. AFP via Getty Images Pop Mart did not respond to Fox News Digital's request for comment, or clarification on whether US-China trade tensions could bump up Labubu's regular retail prices even higher. Some social media users have started sharing what they call 'Labubu-nomics,' or buying methods that seem to be effective in beating out bots. There's a supposed URL-editing trick, a rapid thumb-clicking method and regularly checking Pop Mart's third-party stores via Amazon and TikTok shop livestreams. Last month, Pop Mart CEO and Chairman Wang Ning became $1.6 billion richer in a single day due to American buyers lining up for their own Labubu, Forbes reported.
Yahoo
2 hours ago
- Yahoo
AP PHOTOS: BTS stars Jimin and Jung Kook discharged from military service
YEONCHEON, South Korea (AP) — Hundreds of fans gathered Wednesday to catch a glimpse of K-pop superstars Jimin and Jung Kook, the latest and final members of BTS to be discharged from South Korea's mandatory military service. Supporters traveled from around the world to the public sports ground where the meet-and-greet took place. Color-wrapped buses bearing BTS members' faces lined the streets while red and yellow balloons floated above and a decorated food truck provided free coffee and water, adding to the festive atmosphere. A day earlier, RM and V each saluted upon their release in Chuncheon City as about 200 fans, some of whom traveled from Mexico, Turkey and Brazil, cheered. Jin, the oldest member of the K-pop supergroup, was discharged from the army in June 2024. J-Hope was discharged in October. The seventh member, Suga, is fulfilling his duty as a social service agent, an alternative to military service. The seven BTS members plan to reunite as a group sometime in 2025. Anaesi, a fan from Portugal, displayed a colorful tattoo featuring a golden shield emblazoned with 'ARMY,' along with BTS members' names in Korean. She said the group 'saved' her from depression. 'So for me BTS is my angel,' she said. ___ This is a photo gallery curated by AP photo editors.
