What is the thinking behind this eBay auction? The seller is "casinochips4u"

Item #314645770, Is the so called Riviera Porn Stars chip set. Here is the auction in action:

, High bid is $207.35, the seller set a reserve, which has not been met yet, with 14 bids so far. Now at the bottom of the auction page seller plainly states the reserve amount is set at $300 !!!

Am I stupid for wondering why 14 individuals have intentionally and knowingly submitted bid offers that can not possibly win the auction??

What is wrong with this picture? Am I missing some secret psycology behind "smart" eBay bidding. Someone please tell me I am sane! Thank you.

Roger