Life-sized Labubu doll sells for a jaw-dropping $1,50,000
What's the story
A life-sized Labubu doll has reportedly been sold for a whopping 1.08 million yuan (over $1,50,000) at a Beijing auction, setting a new record for the "blind box" toy.
The sale was part of an event hosted by Yongle International Auction, which is dedicated to showcasing modern art and jewelry.
This was the first auction exclusively dedicated to Labubu dolls, which have taken the world by storm over the past year.
Auction details
The auction raised a total of 3.37 million yuan
The auction featured 48 lots and was attended by around 200 people in person. Over a thousand bidders also placed bids through Yongle's mobile app.
The entry-level price for all items was zero, and the auction brought in a total of 3.37 million yuan.
The star of the show was a mint green figure standing 131cm (4.3 feet) tall, which fetched an impressive 1.08 million yuan after several rounds of bidding.
Collectible phenomenon
What are Labubu dolls?
Labubu dolls are quirky monster characters created by Hong Kong artist Kasing Lung a decade ago.
Their popularity skyrocketed after K-pop group BLACKPINK's Lisa was spotted with one and publicly praised it.
Other celebrities, including Rihanna and Dua Lipa, have also contributed to the viral trend on TikTok.
Former England men's football captain David Beckham also posted a photo of a Labubu doll on Instagram.
Corporate impact
The success of Labubu toys has also helped their manufacturer
The success of Labubu toys has also helped their manufacturer, Pop Mart, to achieve record revenues.
The company's revenue for 2024 was 13 billion yuan, more than double the previous year's figure.
Last year saw the opening of new stores in five countries, including Italy and Spain.
Earlier this year, Pop Mart took down the dolls from all UK stores after reports of customers fighting over them.