Similar thing just happended to me. I just listed a nice Suntour Superbe crank set on eBay, with a BIN. I set a reserve at $50, just to protect the BIN for a little while. Didn't work - someone ran it up to $50 almost immediately. So much for that theory.

FWIW, I'm not really a believer in setting reserves to guard against getting too little, but sometimes I use them to protect a "pie in the sky" BIN for a little bit to see what happens.