The Labubu craze heated up as a rare human-sized first-generation figure fetched a record-breaking amount at a Beijing auction.
According to CNN, Labubu has taken the world by storm, and people have gone crazy about it. Beijing on Tuesday held an auction exclusively for these toys.
During the auction at the Yongle International Auction House that is known for selling jewellery and modern art, a 131-centimetre (51-inch) mint green figurine with a gremlin-like appearance, sharp teeth and a a puckish grin sold for 1.08 million yuan ($150,325).
The auctioneer at an exhibition centre in downtown Beijing said, “Congratulations to the online buyer on collecting the world’s only such one.”
Worldwide Labubu craze:
Labubu, the bunny-bodied, elf-faced creatures created by Hong Kong-born illustrator Kasing Lung and retailed by the Chinese toy giant Pop Mart, have become the trendiest plush toys across the world in recent months.
The quirky toys have been igniting intense buying frenzies across the world, even in China, where most of its toys are made people are going to great lengths to get one.
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.”
He also added that the company is planning to hold monthly livestream auctions for Labubu and other trendy artworks.
During the “World’s First” auction of first-generation collectible Labubus, a total of Labubus were auctioned. The second-highest hammer price at the special event was for a brown, 160-centimetre (63-inch) Labubu figure that was sold for $114,086.
Notably, the buyers at the auction of the Labubus had to pay an additional 15% broking fee on top of the hammer prices.
