People that know nothing about old recurves often pick one up at a garage sale and are amazed at what they bring on eBAY. Just luck of the draw on what they found.
Another factor is that in the beginning of the auction, some regular recurve collectors jumped in while it was low. Toward the end, two guys fought it out, but at last minute, someone that wanted it really bad stepped up and put his money where his mouth is. Is it worth what it went for? Absolutely. I always say an old bow is worth what someone will pay for it. No more, no less. If two guys both bid that high on it, it was worth it. Will the guy ever get his money back if he sells it? Probably not. He may if the second high bidder on this one and one other are competing for it.