Ruling on buying memorabilia of famous people for outrageous sums

Undoubtedly this action is haraam for several reasons: 

1-This is a kind of idolatry,
because it leads to shirk and seeking blessing from these items, and being
attached to their former owners instead of Allaah, may He be glorified and
exalted. The former nations only fell into shirk because they venerated the
relics of their leaders and righteous people, as happened to the people of
Nooh and others.

2-Spending money to acquire these
relics or memorabilia is one of the worst forms of extravagance, which
Allaah has forbidden in His Book as He says (interpretation of the meaning):

“But spend not wastefully (your wealth) in the manner of a
spendthrift.  

27. Verily, the spendthrifts are brothers of the
Shayaateen (devils), and the Shaytaan (Devil‑Satan) is ever ungrateful to
his Lord”

[al-Isra’ 17:25, 26]

“and eat and drink but waste not by extravagance,
certainly He (Allaah) likes not Al‑Musrifoon (those who waste by
extravagance)”

[al-A’raaf 7:31]

3-Islam enjoins controlling the
fools and spendthrifts by preventing them from doing that. Allaah says
(interpretation of the meaning): “And give not unto
the foolish your property which Allaah has made a means of support for you”
[al-Nisa’ 4:51].
 

What the authorities should do is put a limit on such
shameful extravagance, and spend this money for the sake of Allaah, may He
be exalted, by sponsoring orphans, feeding the poor and needy, meeting the
needs of the destitute and financing charitable projects. May Allaah help us
all to do that which He loves and which pleases Him. 

And Allaah is the Source of strength. May Allaah send
blessings and peace upon our Prophet Muhammad and his family and companions.
End quote. 

Standing Committee for Academic Research and Issuing Fatwas