Rare Labubu Figure Sells for $150,000 at Beijing Auction
A rare, first-generation Labubu figure has sold for $150,325 at an auction held exclusively for the toys in Beijing. The 131-centimeter (51-inch) mint green figurine, with a gremlin-like appearance, sharp teeth, and puckish grin, went under the hammer at the Yongle International Auction house, which normally specializes in selling jewelry and modern art.
According to CNN, the auctioneer at an exhibition center in downtown Beijing announced, “Congratulations to the online buyer on collecting the world’s only such one.” The Labubu craze has taken the world by storm, with the bunny-bodied, elf-faced creatures sparking buying frenzies and brawls among fans outside shops selling them.
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, they have soared in popularity, with people struggling to get their hands on them, even in China, where Pop Mart is based and most of its toys are made.
The auction, billed as the “World’s First” auction of first-generation collectible Labubus, featured a total of 48 Labubus. A brown, 160-centimeter (63-inch) Labubu figure sold for $114,086, the second-highest hammer price at the event. Yongle Auction said only 15 such figures exist around the world. Other figures went for more than $1,000 each.
As CNN reports, Zhao Xu, the founder of Yongle Auction, told state-owned outlet The Beijing News, “As a trendy toy in China, Labubu is now becoming a global artwork as it has truly sparked a craze around the world.” Zhao also revealed that the company plans to hold monthly livestream auctions for Labubu and other trendy artworks.
The Labubu craze has led to significant price inflation, with a blind box from the latest Labubu 3.0 series, originally priced at around $81, selling for up to $278 on the second-hand market. This viral popularity has been a booster for Pop Mart, with the Chinese company’s global gross profit surging by over 125% last year, while its revenue in mainland China reached more than $1.09 billion, 34% higher than 2023.
Buyers at the auction also had to pay an additional 15% brokerage fee on top of the hammer prices. A pair of Minions-like Labubus sold at auction for 10,000 yuan ($1,391). The auction has highlighted the growing demand for Labubus and other collectible toys, with many enthusiasts willing to pay top dollar to get their hands on these rare and highly sought-after items.
The Labubu phenomenon shows no signs of slowing down, with fans and collectors clamoring to get their hands on these unique and highly collectible toys. As the market continues to grow, it will be interesting to see how the value of these toys fluctuates and whether they become a staple of modern collectibles.
Source: CNN
(CNN) 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. According to CNN, “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.
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