Does this selling method make any sense?

[smotan_02]

I'll admit I thought this was interesting when I first saw it, but it was about 20x more than I was willing to pay for it.

First listing ($7,500)
http://www.ebay.com/itm/HISTORICAL-V...item4ac37c1b90

Then he relisted at a third of his first listing price ($2,500) for a 24-hour auction. Ok I thought...this is at least somewhat heading the right direction.
http://www.ebay.com/itm/HISTORICAL-V...item4ac484d683

Didn't sell and did another 24-hour auction at same price ($2,500)
http://www.ebay.com/itm/HISTORICAL-V...item4ac3bd5663

Didn't sell and a couple days later he list it at an $899 auction or $999 BIN.
Ok, I thought, its getting close to what I was thinking. Only another 1/3 price cut. (URL not needed...you get the point.)

Didnt sell at $999 and relist at $2,500 24-hour auction (dang it).

Didnt sell and then he does the crazy...list it auction style for $40,000.
http://www.ebay.com/itm/RARE-HISTORI...item4ac5170929

I could maybe understand an absurd BIN of $40,000 with a Best Offer option, but anyone have any idea why a seller would use this strange tactic?

Note: This art was not the design used for the actual game program.