A rare, first-generation Labubu figure has sold for $150,000 in Beijing at an auction held exclusively for the toys that have taken the world by storm. The 131-centimeter (51-inch) mint green figurine with a gremlin-like appearance, sharp teeth and puckish grin went for 1.08 million yuan ($150,325) at the Yongle International Auction house that normally specializes in selling jewelry and modern art. “Congratulations to the online buyer on collecting the world’s only such one,” said the auctioneer at an exhibition center in downtown Beijing on Tuesday afternoon. Labubus are currently the trendiest plush toys on the planet, created by Hong Kong-born illustrator Kasing Lung and retailed by the Chinese toy giant Pop Mart. In recent months, the bunny-bodied, elf-faced creatures — equal parts grotesque and adorable — have soared in popularity, sparking buying frenzies around the world, and in some cases, brawls among fans outside shops selling them. Even in…
