China to take up the reins?

Despite the skepticism in some quarters, in the past 13 auctions Buffett has raised more than $11.5 million for the Glide Foundation, making the charity the biggest winner. Combining commerce platforms with charity works is becoming a growing practice.

Tyler Spalding, a corporate social responsibility professional from Edelman, the public relations company for eBay, which conducted the Buffett auction, said that he believed commercial platforms should empower and encourage people to support the causes they most care about.

"We think they are a really innovative way for nonprofits to leverage their high-profile relationships to raise unrestricted funds to support their mission," said Spalding.

That message appears to have gained some momentum in China. Umiwi.com, an emerging web TV company, initiated a similar lunch auction in 2010, selling a three-hour lunch date with Shi Yuzhu, the CEO of the software maker, Giant Interactive Group.

The bids eventually peaked at 1,899,999 yuan ($298,300). The funds raised were donated to the Happiness Project, a charity that helps to fund poor mothers in Southwest China.

Wang Lifen, editor in chief of Umiwi, said that the auction was held primarily to raise funds for charity, but admitted that it had brought in good publicity for the fledgling website. The auction has now become an annual event. Yuan Dibao, the president of a construction company in Shanghai, won in 2011 with a bid of 1,960,000 yuan.

In the light of China's economic rise during the past decade and the growing number of extremely wealthy individuals in the country, the stage may be set for them to organize their own "Buffett auctions" and emulate the US billionaire in more than just financial power.