A rare, first-generation Labubu figure has sold for $US150,000 ($230,000) in Beijing at an auction held exclusively for the toys that have taken the world by storm.

The 131-centimetre mint green figurine with a gremlin-like appearance, sharp teeth and puckish grin went for 1.08 million yuan at the Yongle International Auction house that normally specialises in selling jewellery and modern art.

“Congratulations to the online buyer on collecting the world’s only such one,” said the auctioneer at an exhibition centre 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 surged in popularity, sparking buying frenzies around the world, and in some cases, brawls among fans outside shops selling them.

Even in China, where Pop Mart is based and most of its toys are made, people are struggling to get their hands on Labubus.

A total of 48 Labubus were auctioned at the special event, billed as the “world’s first” auction of first-generation collectible Labubus.

A brown, 160-centimetre Labubu figure sold for $175,331, the second highest hammer price at the event.

The company said only 15 such figures exist around the world.

Other figures went for more than $1500 each.

“As a trendy toy in China, Labubu is now becoming a global artwork as it has truly sparked a craze around the world,” Zhao Xu, the founder of Yongle Auction, told state-owned outlet The Beijing News.

Zhao said the company planned to hold monthly livestream auctions for Labubu and other trendy artworks.

A pair of Minion-like Labubus sold at auction for $2137.

Buyers at the auction also had to pay an additional 15 per cent brokerage fee on top of the hammer prices.

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.