I don't entirely agree with Isaac to the extent that (I'm assuming there is this one vote per person limit) I think there likely would be considerable amounts bid for not merely the first, but the first so many seats. But of course that does depend on how fast it all goes. If you're auctioning them off at a rate of only one per day, well, then obviously the sums bid will be high because most people will effectively never get a seat. If you do it one per hour, in order to accord at least some bare minimum of time for a genuine auction to take place, you're still only looking at a couple thousand seats per year, meaning one will still have to fork out some serious cash to win a seat. And at one minute auctions, which off the top of my head means somewhat more than five million a year, it'll still take a good number of years before the ones not willing to spend any cash get their seats, although I'm guessing the prices would rapidly drop to affordable levels soon enough then, especially for those buying theirs in the middle of the night.

Also, how soon would those who already have their seats be allowed to convene, how many members would they need to pass binding laws? Would they be able to stop the auction process cold, and bar any later buyers from entry, at a certain point?

It definitely is an amusing thought experiment.