Labubu Figurine Sells for $150,325 at Beijing Auction
The auction's total sales of $520,000 and the participation of nearly 1,000 collectors demonstrate the significant interest in Labubu collectibles, with the toys becoming a staple of contemporary culture and a symbol of the growing influence of Hong Kong and mainland China in the art world.
A rare, first-generation Labubu figurine has sold for $150,325 at an auction in Beijing, highlighting the growing popularity of the toys globally. The 131-centimeter figurine, with a gremlin-like appearance, was one of 48 Labubus auctioned, with prices ranging from over $1,000 to $150,000.
The auction, held by Yongle International Auction house, was attended by online buyers and featured a range of Labubu figurines, including a life-size doll that sold for over $170,000. The success of the auction reflects the growing presence of art toys in the market and the progress of Hong Kong and mainland China in setting trends in contemporary culture.
Labubus are plush toys created by Hong Kong-born illustrator Kasing Lung and retailed by Chinese toy giant Pop Mart. The company's annual results show a surge in global gross profit and revenue in mainland China, fueled by the toys' viral popularity. Celebrities such as Rihanna and Lisa from Blackpink have popularized the dolls, contributing to their global appeal.
Despite global trade disruptions, fans have continued to buy Labubu dolls, with Pop Mart's overseas revenue rising 480% in the first three months of the year. The auction's success demonstrates the enduring popularity of Labubu and the growing demand for art toys and collectibles.
The sale of the rare Labubu figurine for $150,325 is a testament to the toy's cultural significance and the dedication of its fans. As the popularity of Labubu continues to grow, it will be interesting to see how the market for art toys and collectibles evolves in the future.