BEIJING/SHANGHAI, China: What started as a surprise toy from a "blind box" has now entered the elite world of high-value collectibles. A human-sized figure of Labubu, a mischievous, snaggle-toothed character adored by fans across Asia, was sold for over 1 million yuan (US$150,000) at a Beijing auction—setting a new record for the cult favorite.

Yongle International Auction, a house known more for fine art and jewelry, hosted the first-ever dedicated Labubu auction this week. Over 200 attendees in person and more than a thousand online bidders attended the sale, which featured 48 items and brought in 3.73 million yuan. All lots started at a base price of zero.

The star of the evening was a mint green, 131 cm (4.3 ft) tall Labubu figure—the only one of its kind—eventually going under the hammer for 1.08 million yuan. Another highlight was a limited edition of the "Three Wise Labubu" PVC sculpture set from 2017, which fetched 510,000 yuan. Only 120 sets were ever made; a similar one recently sold for over $25,000 at a Sotheby's auction in Hong Kong.

Labubu was created more than a decade ago by Hong Kong illustrator Kasing Lung and shot to mass popularity after the character was licensed to Chinese toy maker Pop Martin 2019. The company is best known for its "blind box" format, where buyers only discover what figure they've purchased after unsealing the packaging. A standard Labubu blind box retails for around 50 yuan.

The collectible's popularity exploded after Lisa, a member of the K-pop group Blackpink, shared her fondness for the character in interviews and on social media. Other celebrities followed suit. British football star David Beckham recently posted an image of his own Labubu hanging from his bag, adding to the brand's pop culture cachet.

The fervor has turned Labubu into more than just a toy. For some, it's now an emotional staple or even an investment. "My child likes it, so every time when Labubu releases new products, we will buy one or two items," said Du, a restaurant owner who attended the Yongle auction. "It is hard to explain its popularity, but it must have moved this generation," she added. Du had set a 20,000 yuan spending cap but left without a purchase as prices quickly soared.