Labubu doll fetches $150,000 at China auction as demand rages

(Bloomberg) -- A human-sized Labubu doll fetched a whopping 1.08 million yuan ($150,000) at an auction in Beijing, in a testament to the popularity of the collectible toy flaunted by celebrities.

The one-of-a-kind mint green Labubu, a monster character created by Hong Kong-born artist Kasing Lung, went under the hammer at China’s Yongle Auction house on Tuesday, along with 47 other Labubu collectible items. 

Another limited-edition brown Labubu was sold for 820,000 yuan, taking the total value of the sales to 3.73 million yuan, according to a local media report. The so-called world first auction of Labubu artwork attracted thousands of buyers on site and online, the report said.

Pop Mart International Group Ltd., the Beijing-based maker of the toothy monster dolls, has seen its shares surge more than 180% this year amid the craze for its soft toys seen carried by the likes of Rihanna and BlackPink’s Lisa. Labubu fans are known to brave long queues and often ready to pay inflated prices to get their favorite toy.

A Chinese bank recently used Labubu as free gifts to lure depositors, prompting the regulator to step in and ban such practices.

The youngest registered buyer at Tuesday’s auction was a nine-month infant, whose family bought a co-branded version of Labubu doll for 32,000 yuan in the baby’s name, according to the report.

The popularity of the toy has led brokerages to raise Pop Mart’s price target. 

Deutsche Bank boosted its target for Pop Mart shares by 52% to HK$303 ($38.6), citing strong overseas growth momentum. Morgan Stanley lifted its target to HK$302 from HK$224, saying it should be valued at a similar level to Sanrio Co. and Walt Disney Co.

THE MONSTERS blind-box series, with Labubu at its center, generated more than 3 billion yuan in sales for Pop Mart last year, accounting for almost one-fourth of the company’s revenue.