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The site where you can buy an iPhone 3G for $7.48

His friends say former Lehman Brothers trader Nicolas Dickreuter is crazy. But on his new site, you can bid on brand new items and get them for next to nothing. He has already sold an iPhone for 43 cents.

He is selling $25 for 87 cents. He's sold Michael Jackson tickets for next to nothing. And now he's selling an iPhone 3G for $7.48.

Perhaps you might think Nicolas Dickreuter, the creator of, is a few bills short of a fold himself. Some of his friends think so.

Dickreuter used to work for Lehman Brothers and now he doesn't. So he set up the site, a sort of eBay on ganja, on which auctions last only a few minutes and prices are absurdly low.

The old European HQ of Lehman Brothers. Perhaps PsychoAuction was born in a meeting room there. CC Jim Linwood/Flickr

"I appreciate that some of my friends are concerned, but I can assure them I have not lost the plot," Dickreuter told the Sun. "This is the next generation of online auction sites. Once it attracts more users, there will be more bidders--and more realistic prices."

Currently, you get three free bids, but then have to pay to bid more. However, the more people you bring to the site, the more free bids you earn.

In case you think this is all, as Ali G might put it, a little whack, please let me assure you that an iPhone has already sold on PsychoAuction for 28 British pennies. That is roughly 43 American cents.

I would be fascinated to hear from anyone who has bought something for an insane price at PsychoAuction. It really does sound like my kind of crazy, your kind of crazy, everyone's kind of crazy.

Oh, and just in case anyone was still wondering, that would include Lehman Brothers kind of crazy, right?