The quilt was a tribute to the Bay's sporting legends, featured 20 male and female silhouettes in a variety of sport-related activities across 20 different patches and was about 180cm by 120cm.
The patches were then signed by different Bay sporting stars, including Dame Susan Devoy, Sam Cane, Sarah Walker, Kane Williamson, Sir Gordon Tietjens, Mahe Drysdale, Irene van Dyk, Gemma Flynn, Lisa Carrington, Moss Burmester and Joseph Millar.
Mrs Farrow said the time it took her to get all the sports stars to sign the quilt was almost triple the time it took her to make the quilt.
"It took me about six months to get the signatures, with the sports people always coming and going, so it's a matter of catching them when they are in New Zealand or find out where I can send it so they can sign it."
Mrs Farrow said she designed and made the quilt but it was actually quilted by Glenys Shallard.
Winning bidder Paul Tidmarsh said he liked to support local charities and, if he hadn't donated the quilt back to the ASB Arena, he would have hung it on a wall in his home.
"It was a very well run organisation and, when you bid in a charity auction, you are not bidding to get value, you're bidding to give money."
Mr Tidmarsh said he went along to the auction knowing the quilt was the only thing he wanted to bid on and was happy with his purchase.
"I went there to buy that with a number in my head.
"I went way beyond that but I am very happy with the price I paid and very happy where it has gone too."
Mr Tidmarsh has donated the quilt to the ASB Arena after finding out those were the intentions of the underbidder from Farmer Motor Group.
Ervin McSweeney, commercial manager of Bay Venues, said they were stunned but delighted the final bidder had decided to donate the prize to ASB Arena.
"We will display it with pride," he said.