YOU know the season for giving is here when an umbrella splashed with Big Bird and his pals from Sesame Street fetches $500.

Such was the spirit seen at the annual Business Times Christmas party-cum-charity auction on Wednesday, which raised $16,170 for The Business Times Budding Artists Fund - set up by The Arts House in August 2004 and adopted by BT in May 2005 to help underprivileged children develop their artistic talent.

And with donations still snowballing, BT expects to raise about $20,000 for the fund - much more than the $15,025 it raised at the auction last year.

At the party (attended by BT staff, executives from companies and public relations firms, and former employees of BT), items such as a Mondi battery-operated pillow and an all-expenses-paid trip to run a marathon in Bangkok were auctioned, with the magic of Christmas and spirit of goodwill adding their touch to push up prices.

The pillow went for $70, while a pair of Penley Estate 2000 Phoenix Cabernet Sauvignon Blanc brought $450. A hamper from Four Seasons hotel, boasting foie gras and a bottle of wine, was sold for $1,000.

And let's not forget the Sesame Street umbrella, which deserves a second mention for the high price the buyer paid for it.

Asked why he was willing to spend $500 on the umbrella, BT night editor Edmund Loh said: "The donation should help someone . . . and it's the rainy season."

Spending money was not the only thing merry-makers at the party got to enjoy. Adding magic to the event was pianist and vocalist Amni Musfirah, who serenaded guests with two Christmas songs.

The 15-year-old is the newly-appointed ambassador of The Business Times Budding Artists Fund and sang at this year's Asian Youth Games opening ceremony and ChildAid concerts.

"I am sure that our partners who sent us the gifts will be delighted that we have put them to such good use," said BT editor Alvin Tay. "And I am glad that Ed Loh is so well prepared for a rainy day."