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NZ First leader Winston Peters says the auction of his 'NO' sign trivialises the plight of Christchurch and he does not intend to indulge in it.

Mr Peters said he was "astonished" that the Prime Minister and others were choosing to take part in the auction to raise money for Canterbury Television and Christchurch Press victims of the earthquake.

This week, Mr Key put in a starting bid of $5000 for the sign, saying it was the closest he would come to dealing with Mr Peters.

Mr Peters said he did not believe in any "politicising" of Christchurch and was "astonished" others were.

"I regret others do. I'm not going to trivialise the crisis in Christchurch by engaging in this conversation.

"If the Prime Minister and others want to behave that way and think that bespeaks the right reaction to the people of Christchurch, and attempt to cloak it in the veil of a good cause, that's their approach to politics and life, but it's not mine."

The sign will be auctioned at the Backbencher Pub in Wellington tonight.

In 2008, Mr Peters repeatedly held the sign up to deny receiving a donation from billionaire Owen Glenn. Mr Glenn later produced phone records and Mr Peters was censured by Parliament's privileges committee.

Mr Peters passed the sign to TVNZ political editor Guyon Espiner at the end of the 2008 press conference and it has been framed and hung in TVNZ's parliamentary office.

A bidding war has broken out over the sign. Right-wing bloggers David Farrar and Cam Slater have raised $4650 so far to try to beat the Prime Minister's opening bid.

On his Kiwiblog site, Farrar said they would ensure the sign regularly appeared during Mr Peters' election campaign.

- Staff reporters