WhatsApp Channel Join Now A very special Labubu toy sold for $150,000 at an auction in Beijing. This toy is 131 cm tall, mint green, and looks like a gremlin with sharp teeth and a cheeky smile. The auction took place at Yongle International Auction house, which usually sells jewelry and art.
The buyer, who bid online, got this one-of-a-kind toy for 1.08 million yuan ($150,325). “Great job to the buyer for getting the only one in the world!” the auctioneer said at the event in central Beijing.
Labubus are super popular plush toys made by Pop Mart, a Chinese toy company. They were designed by Kasing Lung, an artist from Hong Kong. These toys, which look both cute and a bit scary, are loved all over the world. Fans sometimes even fight outside stores to buy them because they sell out fast.
In China, where Pop Mart is based, it’s hard to find Labubus in shops. The Beijing auction was the first ever just for these rare first-generation Labubus. A total of 48 toys were sold. The second most expensive was a brown Labubu, 160 cm tall, which sold for $114,086. Only 15 of those exist worldwide. Other Labubus sold for over $1,000 each.
Zhao Xu, the boss of Yongle Auction, told The Beijing News, “Labubu is a trendy toy in China, and now it’s becoming a global art piece because people everywhere love it.” The company plans to hold online auctions every month for Labubus and other popular items.
One pair of Labubus that looked like Minions sold for 10,000 yuan ($1,391). Buyers also had to pay an extra 15% fee on top of the price.
Labubus are so popular in China that their prices are going up. For example, a Labubu 3.0 blind box, which costs about $81 in stores, can sell for $278 on the second-hand market, according to Cover News.
Thanks to Labubu’s fame, Pop Mart is doing great. Last year, the company made over $1.09 billion in China, which is 34% more than the year before. Their global profits also grew by more than 125%.
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