Rishabh Pant has become the most expensive player in the history of the Indian Premier League after the wicketkeeper-batter was sold for $4.9 million to Lucknow Super Giants. 

However, there was a huge drop in price for Aussie fast bowler Mitchell Starc when Delhi bought him for $US1.40m ($2.2m) — less than half last year's record $US2.98m ($4.56m) paid by Kolkata for the Australian left-arm fast bowler.

It leaves Pat Cummins with $US2.14m ($3.28m, Sunrisers Hyderabad) as the most expensive Australian in the auction.

Veteran David Warner and Jonny Bairstow of England were two of the biggest names who remained unsold on the opening day after none of the 10 franchises showed interest.

Australians were well represented, however, with Jake Fraser-McGurk (Delhi), Mitch Marsh (Lucknow), Marcus Stoinis and Glenn Maxwell (Punjab), Josh Hazlewood (Bengaluru), Travis Head and Adam Zampa (Hyderabad) securing deals.

Pant overtook Shreyas Iyer, who went to Punjab Kings for $US3.18m ($4.85m) earlier on Sunday — the first day of the cricket mega auction, held for the first time in Jeddah, Saudi Arabia.

Pant captained Delhi Capitals across three seasons but was released before this year's mega auction.

Lucknow made the first move and fought off bids from Royal Challengers Bengaluru, Sunrisers Hyderabad as well as Delhi to rope in the 27-year-old celebrated for his six-hitting ability.

Both Pant and Iyer are likely to lead their franchises in the world's richest domestic Twenty20 league, which is set to start on March 14 next year with the final scheduled for May 25.

Gujarat Titans landed Jos Buttler for $US1.88m ($2.88m) after Rajasthan Royals couldn't buy back the England captain, who is expected to open with Shubman Gill. Gujarat also succeeded in buying South Africa fast bowler Kagiso Rabada for $US1.28m ($1.96m).

Delhi could hand the captaincy to former Lucknow skipper Lokesh Rahul, whom they bought for $US1.67m ($2.55m).

The biggest surprise of the day was all-rounder Venkatesh Iyer, who was eventually sold to Kolkata Knight Riders for $US2.83m ($4.33m) after fierce bidding between his former franchise Kolkata and Royal Challengers Bengaluru.

Off-spinner Ravichandran Ashwin will return to Chennai Super Kings for the first time since 2015 for $US1.16m ($1.77m).

A total of 574 players have registered for the two-day auction ahead of next year's edition of the 10-team tournament.

The auction finishes on Monday.

The biggest Australia-India moments

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Join us to continue the conversation on our live blogs and on the radio over the summer before the readers' top 10 is revealed ahead of the fifth Test at the SCG from January 3.

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AAP/AP