A license plate that only has the letter 'R' on it just sold for $3.2 million in Hong Kong — and it's not even a record in the city

• A Hong Kong license plate that only has the letter 'R' was sold for $3.2 million on Sunday.
• The bid was at least 5,100 times the reserve price and represented more than 80% of the total raised at the auction.
• This isn't even a record high in the city. A bid for the letter 'W' came in at $3.3 million in 2021.

To most, registering for a car license plate is a swift and relatively inexpensive process.