potlatch -- an Indian ceremony where property is destroyed by its owner in a show of wealth that other guests later attempt to surpass.

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: http://www.observer.com/2010/culture/why-art-market-rising

: Three favorite passages, on the eve of the Haslinger auction:
: The acquisitive nature of the art collector is something that
: simple economic analysis can't account for. Sometimes two people
: fall in love with one work, bidding it to the moon. Some
: artworks soar above the estimates because they were mispriced.
: Sometimes dealers and speculators help a work achieve a high
: price because it serves their vested interests, just as in any
: other business. Some works have been impossible to get for
: years, and hit pent-up demand from collectors who've been
: waiting eagerly for a shot . . .

: AUCTION SALES ARE always a bit of a crapshoot. It's one night, one
: lot, one moment in time; if two willing bidders don't show up,
: the painting can simply sell for the bid in the book, or not
: sell at all. On the other hand if two people are in the mood to
: duel, what's the harm in a little potlatch? (an Indian ceremony
: where property is destroyed by its owner in a show of wealth
: that other guests later attempt to surpass). It won't be the
: first time people are willing to overpay for what they want, and
: why should we presume that every collector needs to be totally
: rational, anyway? . . .

: If we all believe it's true, then it is, and if we all believe that
: pigs fly, then they do.