Some of the world’s most famous items have been sold at auctions over the years. In some of the most prestigious auction houses, huge sums of money have changed hands, and the auction process itself has become a piece of theatre.

Increasingly, works of art are fetching massive sums at auction. Investors are increasingly seeing art as an attractive option, and the rich and famous buy art to make a statement about their wealth and savviness. Setting a new record for a piece of art, the Picasso painting ‘Boy with a Pipe (The Young Apprentice)’ sold for $104.1 million in 2004. The Giacometti sculpture ‘Walking Man I’ sold for $104.3 million in February 2010. In May 2010, this record was smashed again when Picasso’s ‘Nude, Green Leaves and Bust’ sold for $106.5 million. It took him just 1 day to paint.

In 1994, Bill Gates paid $30.8 million for Leonardo da Vinci’s ‘Codex Hammer’, making it the most expensive manuscript ever sold at auction. The manuscript contains writing and sketches from da Vinci’s journals, detailing the countless ideas he had. In 1997, Gates published a digital scan of the manuscript so the rest of the world could enjoy it.

Musical instruments come with their own history. The record for the highest-priced instrument at auction is held by the Guameri del Gesu violin, which was made 250 years ago by the grandson of one of Antonio Stradivari’s apprentices and purchased in 2007 by a Russian lawyer for $3.9 million. Israeli violinist Pinchas Zukerman played the instrument for the first time in 70 years at a private performance in Moscow.

Regardless of the economic climate, car enthusiasts are often willing to part with big money. In May 2009, when we were in the grip of a recession, a 1957 Ferrari 250 Testa Rossa became the most expensive car sold at auction, fetching $12.2 million.

If you’re not super mega filthy rich, you can still join a penny auction.