Starting it at $1 risked the work being sold at a low value, probably to someone who won't value it as much and in turn might be less prone to follow the contra

Starting it at $1 risked the work being sold at a low value, probably to someone who won't value it as much and in turn might be less prone to follow the contract and thus continue the cycle. Restricting it to people who have $2500+ to spend on 'art' means that these people will more likely appreciate the creativity of the piece and preserve it.