This 131-centimeter, mint green statue, resembling a gremlin with sharp teeth and a mischievous smile, was sold for 1.08 million yuan at Yongle International Auction house, where auctions typically focus on jewelry and contemporary art.

“Congratulations to the online buyer for acquiring the world’s only one of its kind,” announced the auctioneer at a downtown Beijing exhibition center on Tuesday afternoon.

And it is not rare to see a price inflation of Labubus due to the crazy demand in China.

For instance, a blind box from the latest Labubu 3.0 series, originally priced at about $121.50, has been selling for up to $417 on the second-hand market, state-owned outlet Cover News reported.

Labubu’s viral popularity has been a booster for Pop Mart.

Annual results show that the Chinese company’s global gross profit surged by more than 125 per cent last year, while its revenue in mainland China reached more than $1.635 billion, 34 per cent higher than 2023.