there's patching then there's tacky. that is one way to ruin the look and value of a jacket for sure. it will take a special kind of person to not only pay that but to wear it in public. that thing is absolutely hideous.
Seems the sort of play that someone knows nobody would want that many patches on a jacket, but hopes that a high price will make it seem rare and desirable. Me thinks this strategy is unlikely to yield results.