It looks to be some kind of mounted photo, but not a cabinet card as it is the wrong shape. It is in awful condition, but a nice one would be quite impressive. I'm not sure about the photo though, it doesn't look albumen. Maybe David R. or Dan B. can comment further. Never seen this image before, don't even know if it's period.

I had it in my watchlist...I have no idea what it is, but I don't like it. The piece was obviously glued to the cardboard after having already suffered damage because the pieces don't line up well and the cardboard is not damaged to the same extent as the paper. We also know it's not from 1887 and who knows how much later it was made because it says "who finished a close second THAT year".

I thought it was some type of magazine or booki page glued to a cardboard backing. I was a bit surprised at the ending bid but to be honest, I really don't know what it is.

I've not seen that before.

From the photo, it looks like a cutout from a page of a publication, that was pasted long ago to a piece of pasteboard.

It may well be worth 4 figures, it's almost to 500 now, and I'd not pay a tenth of that. It is an odd size, that's what makes me think of cut and paste. Also, it isn't set out as a cabinet card normally looks.

I agree with those that have already posted, it was produced (obviously) after he year specified on front (as Dan pointed out). Also the item is small enough (less than 6"x6") to have simply been a page from a book or something along those lines that was later attached to a backing. The attachment to the backing was done after the thing was pretty hammered though as the backing is in relatively good shape compared to image itself. Somebody overpaid by quite a bit, but it is still kinda neat in it's ugliness.
-Rhett

One observation: the tear down the middle is almost perfectly straight, which--to me--indicates either the fold mark of a pamphlet or the gutter of a small book.

What's scary is that a purported handful of people thought this was worth hundreds of dollars.

I think Frank is exactly right.

For what it's worth, the seller is a veteran, knowledgeable dealer who sells a wide-range of memorabilia.