$1 Million for a Lunch with Warren Buffett

The Warren Buffett Power Lunch Auction, which was held through eBay (EBAY), was completed last week. This was the auction to have lunch with Warren Buffett, head of Berkshire Hathaway (BRK-A) (BRK-B), along seven of the successful bidder's friends. The auction was to benefit the GLIDE Foundation in San Francisco, California.

In case you missed it, the results are in. The lunch sold for $1,000,100.00, with 106 bids. Bidding started out at $25,000.

Unfortunately, this lunch didn't pull in as much as last year, when the auction was hammered at $3,456,789. What is interesting is that there were the same number of bids last year as there were this year.

As a matter of fact, the high bid this year didn't even come close to many of the previous years. In 2011, the Warren Buffett lunch went for $2,345,678, in 2010, the Buffett lunch sold for $2.6 million, and even in 2008, the lunch was auctioned off at $2 million.

The reason for this drop in price is uncertain. Some pundits believe it is a sign of a worsening recession, some believe they can invest better than Buffett and don't need his advice, and some believe that it is due to Buffett's politics of supporting higher taxes for the rich.

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