Labubu sells for $150,000 in Beijing: How China's craze for the doll grows

The craze for the Labubu dolls remains undiminished.

In May, Firstpost told you about how these ‘cute’ monster dolls were taking the world by storm.

Now, China seems to be taking things one step further.

A Labubu doll in China recently fetched $150,000 (Rs 1.28 crore) at auction and regulators in Beijing have banned banks from luring customers by using the doll.

Let’s take a closer look:

What is it?

The Labubu first appeared in a 2015 picture book series.

The books, entitled Nordic Fairy Tale, were created by Kasing Lung – an artist born in Hong Kong who currently lives in Belgium.

The Labubu, described as having pointed ears and a sharp grin, featured alongside characters such as Zimomo, Tycoco, Spooky, and Pato.

Representing a tribe, the Labubu were described as ‘playful, cat-sized creatures.’

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They are described as ‘kind-hearted and always eager to help’ – though their good intentions often resulted in chaos.

While all Labubu are female, the tribe’s leader, Zimomo, is male.

Lung was said to be inspired by the Smurfs in this regard.

Lung, the first Chinese winner of the Illustration Award in Belgium who ventured into toy design in 2010, signed a deal with Pop Mart in 2019.

It was then that the Labubu began being sold as dolls.

Pop Mart initially began selling these toys as part of a mystery box collectible series.

The toy usually retails for about $7 (Rs 600) at its stores.

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However, Labubu’s popularity skyrocketed only after Lisa from K-pop band Blackpink was seen with the doll last year.

Lisa also spoke of how much she loved the doll in interviews and spent her money on a Labubu toy collection.

Pop stars Rihanna and Dua Lipa also were photographed with the dolls – giving the Labubu a further boost.

The dolls were even seen at Paris Fashion Week.

David Beckham also put up a post on social media of himself with a Labubu doll.

The days of the Labubu dolls being easily available are now past.

“It’s almost impossible to get a Labubu via the official channels,” Pop Mart fan Evelyn Lin told CNN.

What do we know about the craze for them in China?

The mania for the Labubu doll seems to have reached new heights in China.

One human-sized Labubu doll recently sold for $150,000 (Rs 1.28 crore) at an auction in Beijing.

The auctioneer said that the mint green, 4 foot three inches tall Labubu doll was one of a kind.

The auction, held by Yongle International Auction, was attended by around 200 people.

A set of three Labubu sculptures, about 40 cm tall and made of PVC material, sold for $70,000 (Rs 60 lakh).

The set, from a series called “Three Wise Labubu”, was limited to a run of 120 sets in 2017.

Another one sold for $25,889.64 (Rs 22 lakh) at Sotheby’s most recent auction in Hong Kong.

In all, four dozen items were sold for a combined price of $5.18 million (Rs 44.3 crore.)

The auctions saw thousands of bidders vying for the items online.

One bidder, restaurant owner Du, said she had planned on spending $2,700 (Rs 2.37 lakh) to purchase a single Labubu doll.

However, she was completely outbid by other fans.

“My child likes it so every time when Labubu released new products we will buy one or two items. It is hard to explain its popularity but it must have moved this generation,” she said.

Meanwhile even China’s regulators have gotten on the action – warning banks not to offer Labubu dolls to entice customers.

China’s National Financial Regulatory Administration has done so after Ping An Bank Co – a local bank in Zhejiang – offered Labubu dolls to those who could deposit $6,960 (around Rs 6 lakh) for three months.

State media slammed the move as “not a long-term solution” to bring in customers.

Banks in China usually offer new customers small home appliances and rice as a welcome gift.

Chinese regulators in 2018 had ordered commercial banks not to seek deposits through “inappropriate means” such as gifts or returning cash.

With inputs from agencies