It appears that the watch was an ebay stores listing.
For USA sellers:
insertion fees for ebay stores are for merchandise with selling price $200.00 and above = $0.10 insertion fee
The watch sold for $495.00, which would put it in the $100.01 - $1,000.00 category of final value fees. The FVF for that range is:
12.00% of the initial $25.00 ($3.00), plus 8.00% of the initial $25.01 – $100.00 ($6.00), plus 4.00% of the remaining closing value balance $100.01 – $1,000.00
So if there was no special deal for ebay stores taking place, the FVF should be about $24.80, and add the $.10 insertion fee so you're at $24.90 for fees paid to ebay. Also, the seller doesn't seem to be either a powerseller or top rated seller, so there wouldn't be any of the discounts those sellers get.
For UK ebay stores, the fees are detailed
here. if you want to figure them out.
Either way, $1.80 does seem really low. Even if ebay had some special promotion for sellers going on, those are generally focused on free/cheap insertion fees rather than final value fees.
If you figure this out, I'd be interested to know how the $1.80 came to be.

and also if I made a mistake in my calculations