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It's for charity, guys.
If it were one of the basses Flea played live, came with backstage passes, dinner with Flea, would mow my yard, and was a tenth of the price I'd still call it a ripoff.
I'm gonna stab a guess and say that Flea has made more then enough with RHCP to make a $50,000 donation himself. no need to sell a pile for 72X it's value.
If you read it, then you'd notice how its for his charity Silverlake Conservatory of Music which puts instruments and lessons in the hands of poor kids in LA. There is also not just one guitar, but 50. 50Kx50= $2.5 million. Its a fund raiser.
Hirst is a contemporary artist who could literally sell a steaming pile of his own feces in a glass box for a million bucks.
And yes, I do mean "literally". I really believe he could, if he wanted to.
Well you noticed a lot more out of that site then I did. mind I did only glance over it. glad it's for charity, but that's one hell of a high opinion of yourself to sell your own shoddy made basses for many times it's value just because you painted it.
also of note there are 125 other colour spins for $10,000 and 125 black/white spins also $10,000. so he is trying to raise 5M total.