It's official, the event is temporarily closed

http://steamcommunity.com/auction

I bought around 200 summer backgrounds of 0.03 for $6, Then noticed the sack of gem being sold at 0.03 which gives 10 times the quantity of a background, noticed that I just screwed myself, I started panic selling the backgrounds for 0.03 whilst buying 300 sacks of gem, losing $4 from the backgrounds. And now the gems are gone. Double screwed.

TL;DR this was a horrible night, I wish I could have left my wallet alone