Pakistan, June 12 -- A Beijing auction house sold a human-sized Labubu figure for 1.08 million yuan on Tuesday, setting a new record for the 'blind box' toy as it moves from craze to collectible.

The event held by Yongle International Auction, which traditionally specialises in modern art as well as jewellery, marked the first ever auction dedicated to Labubu, toothy monster figurines that are mainly sold by China's toy company Pop Mart and have been at the centre of a global frenzy for the past year.

The auction offered 48 lots for sale and was attended in person by roughly 200 people, while over a thousand bidders put down offers via Yongle's mobile app, the auction house said. The starting price for all the items started at zero, and...