I can't believe how pricey used handtools are going for on Ebay.
Sometimes it is the uninformed. A few years ago there was a Stanley #5 listed with the front of the body missing. It was broken off at the mouth. The listing called it a "Rare Bull Nosed Bench Plane." It sold for $150.
Sometimes it is an idiot or a close cousin of the fool. They may be people who feel they must win the bid. It used to be easier to track who was bidding on what and get to know their ways. There are those who will up the bid by 50˘ or $1 dollar and then keep doing it again and again until they are the high bidder. Then someone else ups the bid another dollar. There are some that will bid what they think is above top dollar and hope to win. Sometimes someone else has figured out their technique and will bid right under them. After a while this might get the 'got to have it at any price' bidders to go broke or disappear.
It reminds me of something that happened many years ago during my coin collecting years. My wife went out with one of the daughters looking for yard sales. When she got home she said she found a book for me. It was A Guide Book of United States Coins by R.S. Yeoman, 1947. This is commonly known as "The Red Book." She said it was only 50˘. The interesting thing about this book is it is republished every year with the cover saying A Guide Book of United States Coins by R.S. Yeoman, 1948 2nd Edition, or what ever the year and edition. Any way there was already a more modern edition in my library. This was examined and seen to be pretty much the same other than different prices and other things that have changed over the years. It was taken to a coin show and shown to a few dealers. A few said it was worth about $50 in the condition it was in. One said, "I'll give you $50 for it." Okay, it's a deal. When walking away from his stall, he turned to the dealer next to him and in a sing song voice said, "I've got a first edition red book and you don't."
So sometimes it is just for the bragging rights.
jtk
"A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
- Sir Winston Churchill (1874-1965)