According to my other-half, when the demonstrator gently pulls the magnet out, he confers the initial input of kinetic energy. The iron ball also gets additional potential energy when raised. Its optimum height is reached at about time index 1:40. The wheel will now decelerate, albeit slowly.
Without further hand movement from the demonstrator, the ball will eventually lose height.
The demonstrator will either have to 'pump' the wheel by moving the magnet towards the ball then back to raise the ball back to its optimum height or the wheel will eventually stop in about 2 minutes, judging by the speed it was decelerating.
The best example of perpetual motions is our own universe. We don't know where the initial input of energy comes from nor can we prove that it will eventually stop dead. Man made perpetual devices don't work - only what God did in the beginning seems to. BTW, Essex noise already drives neighbouring counties nuts.....