A life-sized Labubu doll was sold this Sunday for a record 1.08 million yuan (a little over 130.000 euros), according to data from a Chinese auction house.
The 131-centimeter doll was sold at the Jongle international auction in Beijing. The auctioneer said that it is now the most expensive toy of its kind in the world.
Labubu dolls are unusual monster characters created a decade ago by Hong Kong artist Kasing Lung, and their popularity has grown in recent years after being promoted by numerous famous people.
Labubu dolls, sold by the Chinese toy company Pop Mart, usually cost about 50 yuan (six euros).
Last week’s auction was entirely dedicated to Labubu. A total of 48 items were put up for sale, and about 200 people attended. The auction house stated that it collected a total of 3.37 million yuan (about 400.000 euros).
The figurines have caused a craze all over the world after Lisa from the K-pop (Korean pop) group Blackpink frequently mentioned them in social media posts. The plush toys became a viral trend on TikTok after being mentioned by other celebrities as well, such as singers Rihanna and Dua Lipa. Former captain of the English football team David Beckham also posted a photo on Instagram of a Labubu figurine attached to his bag.
Earlier this year, Pop Mart withdrew the dolls from all stores in the United Kingdom (UK) after news that customers were arguing over them, and even getting into physical fights.
The Chinese manufacturer Pop Mart often sells collectible toys in mysterious “blind boxes.” These items are popular among buyers who find out what the figurine they ordered looks like only when they open the packaging.
The popularity of Labubu toys contributed to Pop Mart’s success. The company’s revenue in 2024 was 13 million yuan, which is more than double compared to the previous year. Last year, it opened new stores in five countries, including Italy and Spain.
