CNN
–
The rare first-generation Love Boo figures are sold in Beijing for $150,000, at an auction dedicated to the world-running toys.
The 131cm (51 inches) mint green figurine with a gremlin-like appearance, sharp teeth and packnulins have now reached 108 million yuan ($150,325) at the Yongle International Auction House, which usually specializes in selling gemstones and modern art.
“Congratulations on the online buyers to collect the only one in the world,” said an auctioneer at an exhibition centre in downtown Beijing on Tuesday afternoon.
The Labubus is currently the trendiest and most luxurious toy on the planet, created by Hong Kong-born illustrator Kasing Lung and sold by the Chinese toy giant Pop Mart.
Over the past few months, bunny-body elves face-to-face creatures (grotesque, adorable equal parts) have grown in popularity, causing frenzy all over the world, and in some cases brawls among fans outside the shop that sell them.
Even in China, where Pop Mart is the base and most of its toys are made, people have a hard time getting a Labubus.
A total of 48 love buses were auctioned off at special events and were billed as the “world’s first” auction for the first generation of collectible love buses.
A brown 160cm (63-inch) Labubu figure sold for $114,086, the second-highest hammer price at the event. The company said there are only 15 such figures around the world.
The other numbers each earned more than $1,000.
“As a trendy toy in China, Lovebu is now becoming a global artwork because it really causes trends around the world,” Yongle Auction founder Zhao Xu told the state-owned outlet The Beijing News.
Zhao said the company will hold a monthly livestream auction for Labubu and other trendy artwork.
A pair of Minion-like love buses selling for 10,000 yuan ($1,391) at auction.
The auction buyers were required to pay an additional 15% brokerage fee in addition to the hammer price.
And it’s not uncommon to see price inflation on Lovebus due to the crazy demand in China. For example, the latest Labubu 3.0 series blind boxes, originally sold for around $81, are available for up to $278 in the second-hand market, state-owned outlet cover news reports.
The popularity of Labubu’s virus was the Pop Mart booster. Annual results show that global gross profits for Chinese companies rose more than 125% last year, with mainland China’s revenues reaching more than $1.09 billion, up 34% from 2023.