4-foot Labubu sold for P8m in China
SHANGHAI, China — A Beijing auction house has sold a four-foot-tall sculpture of a viral plush toy character for more than $150,000 (P8.38 million), as global demand for the Chinese-designed Labubu dolls reaches fever pitch.
The rabbit-like figures sporting mischievous grins began as a character created by Hong Kong-born artist Kasing Lung, and are made by Beijing-based toy brand Pop Mart.
They have been endorsed by celebrities such as Rihanna and Dua Lipa, and fans have queued overnight outside stores hoping to snag one, with analysts pointing to the phenomenon as evidence of China's growing soft power.
On Tuesday, a teal sculpture depicting a Labubu character with a furry body and head fetched an eye-watering 1.08 million yuan at an auction held in Beijing, according to the auction house's app.
The sculpture is "the only piece of its kind in the world", according to Yongle International Auction. It was offered alongside other Labubu paraphernalia including a brown statue that sold for 820,000 yuan (P6.37 million).
Pop Mart has over 400 stores globally, including 30 US branches. The worldwide frenzy has seen people go to desperate lengths to acquire their own Labubu.
Related: UK retailer suspends Labubu toy sales amid safety fears
Last month a London branch of Pop Mart suspended in-store sales of the toys, fearing violence from would-be buyers who failed to get their hands on the limited-edition Labubus.
In Singapore, CCTV footage captured a family stealing Labubu dolls from a claw machine, according to Singaporean online media outlet AsiaOne.
Burglars broke into a store in California last week and took several Labubu dolls along with electronics and other valuables, American news outlet ABC reported.
In China, the toys have been promised as freebies for new bank customers — an incentive quickly shut down by local regulators, according to Chinese media reports.
The toys have spawned a booming resale market as well as an online community of fans sharing tips on how to customize their dolls.
Knockoffs — many of which are also made in China — have flooded online platforms, dubbed "Lafufus" by social media users.
RELATED: Marian Rivera excited for Pop Mart setting up 1st shop in the Philippines
