Nobody holds it. Pay $10 or more and it's yours the moment the payment lands — "collar held by you" in the room, in every caption and on every card, until someone pays more. Charged now, never refunded.

The price to take it is the last price plus $5 or 1%, whichever is more. Every full week the same holder keeps it, that price halves, down to $10 — nothing won is permanent. The holder can pay again to raise their own price. Payments are charged at once and never refunded: the collar was yours while it was yours. Every title is lost when Luna dies and comes back vacant with the next Luna. Her history remembers who held it.