Interestingly, if you look at the auction history of the winning bidder, it’s pretty much all gift cards — this is someone who knows what they’re doing. I can think of money-laundering reasons why someone might want to do this, but is there any legitimate reason for it?
Update: One reader suggests that the buyer might be getting some kind of discount on the deal. This could take multiple forms: using a cashback credit card for payment, for instance, or having a separate coupon from eBay or PayPal giving a percentage off the winning price, or somehow setting up a system whereby they essentially get a commission for referring themselves to eBay. There’s not a lot of profit in it, but there might conceivably be some.