Auctions are designed to drive up the price of something via competitive, real-time bidding. That being the case, it comes as no surprise that some items reach truly astronomical prices by the time the winning bid is accepted. We’re not talking about putting the old vinyl records in your basement on eBay, either. For instance, would you believe that one man bid (and paid) over $100 million for a painting? These and other examples of runaway auction spending are explored below.
Other recent stories

25 New Year’s Quotes to Ring in 2010
Image: All Proactive Happy New Year! To ring in 2010, we’ve listed 25 new year’s quotes, sayings, and toasts to help you bless the incoming year (and decade): 1. Year’s end is neither an end nor a beginning but a going on, with all the… Read more

AT&T Stops Sponsoring Tiger Woods
AT&T has canceled its sponsorship of Tiger Woods, becoming the third company after P&G and Accenture to do so. Bloomberg has more: “We are ending our sponsorship agreement with Tiger Woods and wish him well,” Michael Coe, a spokesman for… Read more

YRC Worldwide Narrowly Avoids Bankruptcy
Trucking company YRC Worldwide has narrowly avoided bankruptcy by exchanging $470 million in debt for stock and deferring about $19 million in loan interest and fees for the fourth quarter. Reuters has the scoop: U.S. trucking giant YRC… Read more

Fox: Time Warner Must Either Agree to Rate Increases, or Pull Sports Channels
Fox wants to increase rates to Time Warner for channels including Speed Channel, FX, SportSouth, and more. Time Warner and Fox have been negotiating new retransmission fees (rates) for months, but are at an impasse. Fox will make the cable… Read more

The Best of Business Pundit 2009
Between Madoff-style scams, buyouts, recalls, and sweeping changes in the American economic landscape, 2009 left the average business aficionado agape. Frankly, I’m glad it’s expiring. Nothing but up from here, right? (Stated with crossed… Read more

10 Financial Resolutions For The New Year
Share As 2009 winds to a close, time has once again come to make your new year’s resolutions. If personal finance is important to you, you undoubtedly wish to set financial goals for yourself in 2010. Even the most money-conscious among us… Read more

Your Next Business Trip Could Come with a Full Body Scan
One reason Umar Farouk Abdulmutallab went through the security line undetected was that nobody saw the bomb in his underwear. As a result, some airports, including all Dutch airports with US-bound flights, and Chicago’s O’Hare airport, will start… Read more

Light-Emitting Wallpaper to Replace Light Bulbs?
Image: EcoFriendly Tips Energy-saving lightbulbs may reduce carbon output, but there’s something twice as efficient in the works: Wallpaper. A Welsh startup has received more than $500,000 from the UK government-backed Carbon Trust to produce… Read more
Smartphone App Feng Shui?
Image:… Read more
Business Travel Essentials : Optimize Your Biz Trip
While not most business travelers live out of suitcases George Clooney style, we still do have to travel several times a year when conference calls and Webex just don’t cut the mustard. Traveling around the clock, attending conferences, meeting… Read more

The Unquenchable Thirst: Taxing America’s Oil Addiction
Share In the U.S., our dependence on oil not only makes for wealthy oil companies, it also supports our federal, state and local governments. Gas taxes add up quickly and some areas of the country are taxed more heavily than others. However,… Read more

Taco Bell to Advertise “Drive Thru Diet” With Christine Dougherty, Who Lost 54 lbs Eating Taco Bell
Remember Jared Fogle, the man who slimmed down eating only Subway food? Now Taco Bell has its own weight-loss marketing weapon, “Christine,” who lost 54 lbs in 2 years by eating Taco Bell’s Fresco menu items. She is now featured as the star of… Read more

GM Sells Discontinued Saturns, Pontiacs for Almost 50% Off
If you have always wanted a new Saturn, Pontiac, or Saab, this could be your week. Until January 4, GM will be liquidating its discontinued brands, some for almost 50% off. StreetInsider has more: General Motors Co. needs to move large… Read more
Business Notes
Why Netflix increased its prices.
NPR takes a look at the money, promotion and risks behind Charlie Sheen's antics.
Bing wants to share daily deals, too--and just launched an aggregator to do it.
Forbes offers a solution to the Wisconsin standoff.
Tags
Add new tag advertising apple bill gates bizarre jobs business citigroup crib recall Economy Facebook food ford recall gm Government IRS Marketing money politics products rupert murdoch social media steve jobs strange jobs Taxes technology toparticles toyota recall twitter warren buffett weird jobs