A car plate in Dubai with the number W22 was sold for a whopping $713,000 in one day in the 98th number plates auction held by the city’s Roads and Transport Authority on Saturday.
According to the Khaleej Times, this car plate got the highest bid of the day, followed by car plate number T32 which was sold for over $450,000.
The two digit plates proved popular at the auction, however other five-digit plates, like the R66666 and T88888, were also sold for high amounts.
Abdullah al-Hammadi, a well-known bidder and buyer of number plates, told the newspaper that people in the UAE buy the car plate numbers at over the top prices in order to gain “respect”.
However, others like himself, make a business out of buying and selling them.
"The people who are buying license plates want to be different from others. They think people will respect them if they have a good number. It's usually the young people who are buying these plates,” the Khaleej Times reported him as saying.
"Some people are even taking loans from the bank to buy them. But they do it so they can make some kind of profit. They buy it for less, wait for the price to go up and then sell it again for a higher price," he added.
500 people participated in this auction that raked in a total of $5,400,000. All participants have to deposit a cheque of about $6,800 before entering, which they can redeem in case they did not make a bid for the day.