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This guy ran the numbers for the 2008 US Senate elections across the country and calculated the amount spent by each candidate per vote earned.

The results show that Tom Allen spent $21 for every vote he received in November, making his run the most costly unsuccessful major-party challenge to an incumbent anywhere in the country, per vote. Allen's votes were cheaper only compared to the candidates in tight races in Alaska and New Hampshire and incumbent Max Baucus' campaign in Montana.

Susan Collins spent more money, but also won a lot more votes, resulting in an expenditure of $17 per vote.

Those numbers pale in comparison to the third party per-vote expenditures.