Context:

A human-sized Labubu doll was auctioned in Beijing for a record 1.08 million yuan, making it the most expensive toy of its kind globally. Created by Hong Kong artist Kasing Lung, Labubu dolls have gained popularity due to celebrity endorsements and viral social media trends. The auction, entirely dedicated to Labubu, featured 48 items and raised a total of 3.37 million yuan. The dolls, typically sold by Pop Mart for around 50 yuan, have been featured by celebrities like Lisa from Blackpink, Rihanna, and David Beckham, contributing to their global craze. Pop Mart's success has been bolstered by these toys, with significant revenue growth and expansion into new international markets.

Dive Deeper:

• A human-sized Labubu doll recently sold at the Yongle International Auction in Beijing for a record 1.08 million yuan, equivalent to $150,324, making it the world's most expensive toy of its kind.

• Labubu dolls, known for their quirky monster character design, were created by Hong Kong artist Kasing Lung a decade ago and have surged in popularity due to celebrity endorsements.

• The auction, which focused solely on Labubu items, offered 48 pieces and attracted around 200 attendees, ultimately raising a total of 3.37 million yuan.

• Celebrity appearances, including posts by Lisa from K-pop group Blackpink and endorsements by Rihanna and David Beckham, have fueled a global buying frenzy for Labubu dolls.

• Pop Mart, the Chinese company behind Labubu dolls, typically sells these collectibles for about 50 yuan, often in mystery 'blind boxes' that reveal the design only upon opening.

• The immense popularity of Labubu dolls has significantly contributed to Pop Mart's financial success, with the company more than doubling its revenue in recent years and expanding its presence into new international markets like Italy and Spain.

• Earlier this year, Pop Mart had to withdraw the dolls from UK stores following reports of customer disputes, highlighting the intense demand for these collectible toys.