Given the overall condition of this lantern, the ending price was far in excess of what was expected. Although it is true that authentic versions of this German lantern are not easily found (This lantern has been reproduced beginning in the mid-1990s.), the condition of this particular item wasn't high. If you look at the recorded bidding history, it seems that the price plateaued at $227, then was ratcheted upward to its ending level of $540 by two bidders, one of whom has zero feedback. I feel the correct level for this lantern in this condition would be ~$275.
Mark B. Ledenbach's vintage Halloween collectibles blog.