A life-size figure of Labubu, the widely popular monster toy known for its toothy grin, has set a new record after selling for over $170,000 in China.
The rare mint-green Labubu figure, standing four feet tall and made from hard-plastic PVC, was sold in Beijing on Tuesday during a first-of-its-kind auction dedicated entirely to Labubu items, NBC News reported. According to Yongle Auction, which hosted the event, the piece is the only one of its kind, and the final sale price included a 15% commission.
Yongle announced Wednesday that the auction saw all 48 lots successfully sold, generating around $520,000 (3.73 million yuan) in total sales. Close to 1,000 collectors participated, placing bids either in person or through online platforms. The event unfolded amid a wave of international enthusiasm for Labubu, a character distributed in surprise “blind boxes” by Chinese toy maker Pop Mart.
“The fierce bidding by many new and old collectors on the spot confirmed the strong momentum of trendy art in the auction market,” Yongle said.
A five-foot-tall life-size Labubu figure fetched the second-highest price at the auction, selling for upwards of $130,000. The third most valuable lot was a trio from the “Three Wise Labubu” collection, one doll crossing its arms, another making a peekaboo gesture, and the third covering its mouth, which sold for over $80,000, with commission included.
Felix Kwok, a registered auctioneer in China and founder of Art and Culture Exchange, said the strong performance of Labubu at auction highlights the increasing influence of art toys in the market, as well as the role Hong Kong and mainland China are playing in shaping contemporary cultural trends.
“In a somewhat stagnant art auction market, this development is both stimulating and indicative,” he told NBC News.
Labubu, created in 2015 by Hong Kong artist Kasing Lung, is a kind-hearted but clumsy monster from a Nordic-inspired children’s book. Sold at around $28 each in the U.S., sets cost about $168, with resale prices often much higher. Celebrities like Rihanna and Lisa from the South Korean girl group Blackpink have helped boost its popularity by wearing Labubu charms on their handbags.
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