Beijing: A giant Labubu doll was sold for 1.08 million yuan (about $150,275) at an auction held in Beijing, China, on Tuesday. This is the highest amount ever paid for a Labubu figure, making it a new record for the increasingly popular toy.
The auction was organized by Yongle International Auction and was the first event focused only on Labubu dolls. More than 1,000 people joined the auction online through Yongle app, while around 200 attended in person. In total, 48 Labubu items were sold with no starting prices, and the event collected 3.73 million yuan.
Most expensive doll at auction
The most expensive piece at the auction was a mint-green Labubu figure that stood 4.3 feet (131 cm) tall. According to the auctioneer, this was the only one of its kind in the world. Many people placed bids before it was finally sold for over one million yuan.
Labubu is a monster-like character with big eyes, a playful smile, and a furry body. It was created by artist Kasing Lung and is mainly sold by the Chinese toy company Pop Mart. The doll has become very popular, especially among young people.
One reason for Labubu’s growing fame is that celebrities have been seen with it. K-pop star Lisa from Blackpink talked about Labubu in interviews and posted about it on social media. In May, former football star David Beckham also shared a photo on Instagram showing a Labubu doll attached to his bag.
Earlier auctions
One of the auction participants, a woman named Du, said she came to the auction planning to spend up to 20,000 yuan. But she couldn’t buy anything because the prices went much higher than she expected. Speaking to Reuters, she said, “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.”
This is not the first time Labubu dolls have sold for high prices. In the past, a set of three Labubu sculptures, each about 40 cm tall and made of PVC, was sold for 510,000 yuan. This “Three Wise Labubu” set was released in 2017 and only 120 sets were made. Another set was sold for HKD 203,200 (around $25,890) at a Sotheby’s auction in Hong Kong.
