BJP corporator Pramod Upadhyaya, who provided the furniture during the rally, said the latest bid that he has received is of Rs 4.21 lakh from a local dealer despite him refusing to sell the chair.
A BJP leader from Etah too has made a bid of Rs 3 lakh to purchase the chair, he said.
Upadhyaya, a BJP member of the Agra municipal corporation, said he had no intention to sell the chair and that he would like to keep the "coveted possession".
On being contacted, Uttar Pradesh BJP chief Laxmikant Bajpai said the matter should be put to an end, as "seats were not sold in the party, one has to work to get it".
Senior BJP leader Purushottam Khandelwal said that the practice of bidding for chairs was against the culture of the party and that it was the media, which had hyped the issue.
The bidding began after a party worker asked the contractor to sell him some of the chairs used in the function.
On being refused, the worker offered to pay Rs 2,000 for the particular chair on which the Gujarat's chief minister had sat on during his 'Vijay Shankhnad' rally in Agra.
The incident influenced other party functionaries as well to quote high prices for the chair.
PHOTOS: Meet the pit crew behind Modi's success
Will Angelina Jolie beat Narendra Modi this year?
Modi being PM would be destabilising: Amitav Ghosh
30 things you should know about Narendra Modi
Exclusive Amit Shah Interview: People are waiting to vote for Modi