That was Kim Weston (www.kimweston.com) Because he shoot almost all his nudes in in studio, he could fire off hundreds of negatives each day, make a single print, then offer the 1/1 print W/ Negative. If I remember right, they sold like hot cakes!
People love rare/collectable stuff! I sell my work on Ebay, and the 1st print I offer of the edition always sells for more then all the other prints! People want to own the FIRST print of an image. Think about if you owned the FIRST print of Adams Moonrise? I am sure it would be more valuable then all the others! Here at the Center For Creative Photography, they own the FIRST ever print of Edward Westons most famous image, "Pepper #30". That print alone is one of the most value photographs in the whole collection!
Back to you question thought, I do not limit my work to a certain number at the start, but rather increase the price as X amount of prints sell. After a few years of printing the negative, I will retire it and stop the edition at any random number (15, 23, 7, ect) I may decide 10 years from now to go back and print that negative again, so I dont limit myself.
Best of luck to you,