A rare first-generation Labubu figure was sold for $150,000 in Beijing. The 131-cm mint green Labubu, with a funny face and sharp teeth, looked like a small monster. It was sold for 1.08 million yuan at the Yongle International Auction House, which usually sells jewelry (珠宝) and modern art. “Congratulations to the online buyer on collecting the world’s only one of its kind!” said the auctioneer.
At the auction, 48 Labubu figures were sold. The second highest price was $114,086 for a brown, 160-cm Labubu. Only 15 of these exist worldwide. Other figures went for more than $1,000 each. Buyers also pay a 15% fee on top of the price.
Labubu toys are made by Pop Mart, a Chinese company. They were created by a Hong Kong artist. These toys have a bunny body and an elf face — some say they look strange but cute. Recently, people have gone crazy for Labubus. In some places, fans fight outside stores to buy 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.
Why are Labubu toys so hot? In China, a $81 blind box can sell for $278 online! Pop Mart’s profits (利润) grew by 125% last year because of Labubu. “Labubu is a popular toy in China. Now it’s becoming famous art around the world because people everywhere really love it,” said Zhao Xu, the auction founder. They plan to hold more auctions monthly. Labubu’s success shows how popular toys can become big business!
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