Did it reach that price after the announcement....or was it that high before the announcement. There is a difference...since once you bid you can't retract unless you go through a lengthy process. Someone could have easily set their max bid to $400 and it got run up that far. As far as I know there's no way to retract a max bid on eBay...you just have to hope someone outbids you to get out of it. Now if an auction gets run up well after the announcement...that's different...that's genuine interest in the old iPhone...
On the news of the current Gen owners who bought their's after May 27th getting to swap their original iPhone for a new iPhone (as reported over at Gizmodo)...my dad falls in that category. He said though he made a promise to me when he told me he'd give me his old one. In order to fulfill that promise though he's doing the smart thing...trade in his original iPhone for a new one for himself...then buy a new one for me as my one and only Birthday/Christmas gift. I thought when I saw that story that would mean no iPhone for me....but it turns out it's exactly the opposite.