The imaginary spear was made famous as part of a war dance Adam Goodes performed during an AFL game as part of the Indigenous round in May.
Over 50 bids have been made on the spear so far, which has been described by the eBay seller as being "capable of terrifying an entire small-minded crowd with an implied lob in their direction."
The starting price of $8.50 has now been pushed to $19,800 as eleven bidders compete to make the purchase.
Nine ebay users have started a bidding war, pushing the bidding price to $15,000. (Ebay) Source: Ebay
Using the name the_nick007, the seller said only serious bids will be considered due to the spear's power and capability of "inciting racism towards the user, excessive booing and polarising national opinion."
Twelve inquiries have been made on the spear, with some users expressing disappointment that the item had not been signed.
Included in the sale are a set of user instructions from Eddie Maguire - to "warn people before expressing your culture" - and an "imaginary framed certificate of authenticity."
Bidding is open for the next six days.
SBS has contacted the seller for comment.
The eBay sale comes as Aboriginal leader Warren Mundine called for sports teams to adopt an Indigenous dance to promote pride and team spirit in competition.
He said Goodes' war dance was wrongly viewed as menacing.
Mr Mundine said the adoption of a dance across the Leagues, like had been done with the Haka in New Zealand, would help change perceptions and promote harmony.
"One thing about the Haka is it's performed by non-Maori New Zealanders as well as Maori-New Zealanders and they come together and share this cultural experience," he told ABC Radio.
The war dance peformed by Adam Goodes has since been revealed to have involved the miming of the throw of a boomerang and not a spear.
Choreographer Mark Yettica-Paulson told NITV News the war cry was developed by an Indigenous youth football team with the goal of reflecting the spirit of AFL and maintaining culture.
"The move is around brandishing a boomerang, it is one with the long part and a very short part like a number seven," he said.
Mr Yettica-Paulson said that Adam Goodes was a powerful role model for young men and Goodes' performance of the war dance has helped instill pride in their culture.
"So the significance of Adam doing that dance in the Indigenous round to show cultural pride is really a reference to the cultural pride these 15-year-old boys have developed. Their pride and strength in who they are to teach the All Stars that."
