Hong Kong - Some of Asia's wealthiest people were Sunday preparing to shrug off the slump by spending hundreds of thousands of US dollars on a small, pungent, edible fungus.
The super-rich, including nine Hong Kong tycoons, were gathering in Tokyo to take part in the 10th Annual World Alba White Truffle Auction.
The Hong Kong bidders have a rich history in the annual charity auction and are favorite to win Sunday night's auction for the delicacy which is nicknamed "white gold" because of its rarity and high price.
Last year, the winning bid at the Alba Truffle Auction came from a consortium of property developers from Hong Kong who paid bid 208,000 US dollars for a comparatively small 750 gram truffle.