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At the lunch, Mr. Buffett will spend several hours discussing whatever it is the winner would like to talk about, traditionally at New York’s Smith and Wollensky steak house. The restaurant donates at least $10,000 to Glide each year to host the auction lunch.

The only topics the billionaire chairman and CEO of Berkshire Hathaway will not address are potential future investments. Mr. Buffett says many of the questions he gets at the lunches are about non-business subjects such as family and philanthropy.

Past winners of the auction have said they believe the time with Mr. Buffett was well worth the price they paid in the auction.

Mr. Buffett’s company owns roughly 80 subsidiaries including insurance, furniture, clothing, jewelry and candy companies, restaurants and natural gas and corporate jet firms, and has major investments in such companies as Coca-Cola Co. and Wells Fargo & Co.