First, there are no bids yet. If no one bids, the seller keeps it, and pays the $2 listing fee anyhow.

Second, the minimum bid is $425. You can't bid less than the minimum. What would be the point of a minimum if you could bid less than the minimum? If no one bids the minimum, see above.

Third, the seller has a very high feedback rating and a lot of other lots. He obviously doesn't review them all. I suspect this is a case of a missing decimal.