eBay and Craigslist finds

Why would anyone bid like this?
http://offer.ebay.co.uk/ws/eBayISAPI.dll?ViewBids&item=400048644012

Its stupid, no? I'm confused by it. I guess the multiples are someone else trying to outbid, and the auto bid putting theirs first. Its confusing.

Tempted to actually win this just to have an old lugless frame. And hang it on the wall or something.

Shame there's a lot of rust on it.

It looks like the seller is bidder1, slowly pushing it to the maximum bidder2 wants to pay. He can then remove his last bid when it goes over..... or just a dumb fuck bidder?