As the saying goes "a sucker is born every minute"
The seller may even find a buyer who is willing to pay the indicated price for this item. In that case both parties consider this a good deal. If more buyers are willing to pay this amount then this price is "right".
There are no laws prescribing prices for an item like this. If someone feels the urgent need to spend this kind of money on a fixture like this then he/she is free to do so. Just as we collectors/lovers are free to spend next to nothing on stuff like this.
This ad may also be a prank by someone being fed up by all this "vintage", "barn find", "industrial" and "rare" junk being priced as if it were made of gold.
Would I spend that kind of money on something like this? That's an entirely different discussion... Or even not worth a discussion. Still, people will rise to the bait