For the moment, there's a bear market in Warren Buffett.

Arguably the world's most admired investor, Buffett drew no bids in the first 14 hours of his annual online auction of a steak lunch.

Proceeds will benefit the Glide Foundation, a San Francisco nonprofit that offers meals, health and child care, housing and job training for the poor and homeless.

The winning bidder and up to seven others will dine with Buffett at the Smith & Wollensky steakhouse in New York.

As of 12:30 p.m. EDT (1630 GMT), there were no bids for the lunch posted on eBay Inc's website, where the auction is being held. The minimum bid is $25,000. The auction closes on Friday at 10:30 p.m. EDT (230 GMT Saturday).

In prior auctions, the lunch typically drew several early bids, and then bid prices soared in the last hour or two.

Last year Salida Capital Corp, a Toronto-based wealth management firm, won with a $1,680,300 bid. The record bid is $2,110,100 in 2008 by Hong Kong-based investor Zhao Danyang. The 10 prior auctions have raised more than $5.9 million.

Buffett began donating the lunches after his first wife, Susan, introduced him to Glide and the Rev. Cecil Williams, who founded the nonprofit more than 45 years ago.

Susan Buffett died in 2004, and Warren Buffett has remarried.

Williams said the lunch covers about one-tenth of Glide's $17 million annual budget, and is crucial this year because donations are down while demand for Glide's services is up.

Buffett is worth $47 billion according to Forbes magazine. He built his fortune through his Omaha-based insurance and investment company, Berkshire Hathaway Inc .

In 2006, Buffett pledged most of his wealth to the Bill & Melinda Gates Foundation and four family charities.

(Reporting by Jonathan Stempel; Editing by Steve Orlofsky)

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