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.
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