The 131cm (4ft 4in) figurine was sold at the Yongle International Auction in Beijing. The auctioneer said it was now the most expensive toy of its kind in the world.

Labubu dolls are quirky monster characters created a decade ago by Hong Kong artist Kasing Lung, which have increased in popularity in recent years after a number of celebrity endorsements. Labubu dolls, sold by Chinese toy company Pop Mart, usually cost around 50 yuan ($6.95; £5.12).

This week's auction was dedicated entirely to Labubu. Forty eight items were put on sale with around 200 people in attendance. The auction house said it raised a total of 3.37m yuan. The figurines have sparked a global buying frenzy after frequently appearing in social media posts by Lisa from the K-pop group Blackpink.

The soft toys became a viral TikTok trend after being worn by other celebrities including Rihanna and Dua Lipa. Former England football captain David Beckham also posted a photo on Instagram of a Labubu attached to his bag. Earlier this year, Pop Mart pulled the dolls from all UK stores following reports of customers fighting over them.

The Chinese retailer often sells the collectable toys in mystery "blind boxes". These items are popular with customers who only find out the design of the figurine once they have opened the packaging. The popularity of Labubu toys has contributed to the success of Pop Mart. The firm's revenue was 13bn yuan for 2024, more than double the figure seen the previous year. It opened new stores in five countries including Italy and Spain last year. (BBC/Reuters)