BEIJING — A human-sized Labubu doll fetched a whopping 1.08 million yuan (US$150,000) at an auction in Beijing, in a testament to the popularity of the collectible toy flaunted by celebrities.

Exploding hype Since April 2024, hype around Labubu exploded, thanks to celebrity shoutouts and soaring resale prices—some dolls now go for $3,000 or more. But with high demand comes high risk.

Avoiding purchase of Russian products is not too difficult, because we’re not much into Matryoshka dolls (stacking dolls, nesting dolls, a set of 3-10 wooden dolls of decreasing size placed one inside ...