Arthur Posnansky observed that in the Tiwanaku culture, on dates near 22 December, the population used to worship their deities to ask for good luck, offering miniatures of what they wished to have or achieve.

[3] Based on Posnansky's observations, the manufacture of miniatures would have its origins in the pre-Columbian era and the Alasitas fair would have its first urban expressions in the early years of the founding of La Paz, specifically, when its founders moved it from Laja on the banks of the Choqueyapu River.

It sprawls along many streets and parks in central La Paz and smaller events are held in many neighborhoods around the city.

Examples of goods that can be bought are household items, food, computers, construction materials, cell phones, houses, cars, university diplomas and even figures of domestic workers (whom the recipient might hope to employ).

At mid-day on 24 January, the Catholic Church joins in the celebration by blessing the gifts at the main cathedral in La Paz.