eBay selling business model puzzle

Educate me please. I'm a bit of an eBay neophyte [bought some stuff, never tried to sell anything].
There's a seller on eBay, specialising in Tiki stuff, whose listings all seem to consist of BINs at wildly optimistic* or inflated prices. The same stuff keeps being listed over and over, so apparently the plan is not simply one of fishing for the well-heeled collector.
How does this business model work? What am I missing?
[Mods, if this query should have gone elsewhere then my apologies, and please move it accordingly, thanks.]

*By optimistic I mean in the order of ten times what other sellers are seeking and getting.

On ebay you can sell anything and price it whatever you want. This does not mean that it will sell. I think most people who sell say an Orchids of Hawaii Volcano Bowl for $799.99 BIN, are just looking for a sucker to come along and buy it before researching it. If the buyer looked, they would see that they could get the exact item for $34.99. Same item different seller. They are just fishing for a big sale that will most likely never come.

Hope that helps.

Excuse my ignorance, what does BIN stand for?

BIN = Buy it Now

I think you pay little or nothing if your item doesn't sell. So you can list the same item over and over fishing for a sucker. There will eventually be someone with cash who believes your "extremely rare!" hype and doesn't do the research.

"Catch and release, it's tough when you use a spear"
Personally, I believe in "Fillet and release"
Pirate Ship Tree House

[ Edited by: MadDogMike 2012-12-04 20:41 ]

I thought this was for a rare "Business Model Puzzle"
that I have been looking for!