Our kids old school, they did something similar to baskets, but a different twist on it.
Instead of everyone in the classes contributing to a themed basket, they had an "auction" of donated items. It involves a lot of phone calls but it was all profit. First they sent home fliers asking for ideas of people to contact, many parents went to their employers and asked for donated products. Then a few of the PTA moms got in their cars and on the phones and started calling local businesses.
Some things were grouped together and some weren't. Many were gift certificates, and those sold for about as much as they were worth.
They set it up on tables during the book fair and p/t conferences. Each item had a sheet, you signed and put the amount you were willing to pay. If someone wanted to outbid you, they'd put their name and the new amount. Most items had 15-20 bids. And there was quite a rush right before it ended of people "pulling an e-bay". Some things brought in much more than their real value, I think. I remember someone donated two tickets to a Chiefs game (specific date in regular season, from their season tix) and there was quite a rush on them.

There were five tables of items, so I'm guessing probably 50 things?
After the auction, the winners were called and the items were moved to the office.
Another school did something similar but used a local radio station for the auction and made quite a bit that way.