"The origins of the term white elephant point to one definition: According to legend, the King of Siam would give a white elephant to courtiers who had upset them. It was a far more devious punishment than simply having them executed. The recipient had no choice but to simply thank the king for such an opulent gift, knowing that they likely could not afford the upkeep for such an animal. It would inevitably lead them to financial ruin."
"However, every workplace, friend group and family unit has their own approach to white elephant gift exchanges nowadays. Some compete to get a gift that others will surely want to steal, while others scavenge for the most niche and targeted gag gifts. Almost all of them, though, typically have a price limit that keeps the burden of gift giving to a minimum usually $50 or less."
The term white elephant is linked to a legend about a King of Siam who gifted costly white elephants to courtiers as a punitive burden that could cause financial ruin. That origin suggests one approach to exchanges: offer items that are amusing or marginally useful but also somewhat burdensome. Contemporary groups vary in style, with some seeking highly desirable presents to be stolen and others searching for niche gag gifts. Most exchanges set a modest price cap—commonly around $50—to limit spending. Large, conspicuous items like a full-size 4.3-pound firelog wrapped in holiday paper provoke curiosity and laughter.
Read at www.engadget.com
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