The magnetic locking mechanism through translational oscillations

In this setup, the floating body consists of a cube magnet (10 mm) glued to the neck of a broken wine glass. This magnet, subject to the rotating field of the magnet attached to the motor, experiences cyclic magnetic force and torque. Since the magnet is fixed to the glass it cannot perform its angular oscillations around its center of mass (cm) as a response to the torque but this interaction oscillates the whole object around its cm. The result is mainly a translational motion of the magnet which can be described as a small circular motion around the motor axis. This motion can be seen in the video as a kind of slow motion. This motion is synchronized with the rotation of the spherical magnet attached to the motor, called driving magnet (dm). Poles of dm are at sides but not exactly, so pole S slightly looks down and N up. This misalignment called tilt generates a virtual dipole aligned with the motor axis. The cube magnet (called floating magnet, fm) orientation is arranged as its N pole looking up, so it is attracted by the virtual dipole.  Its N pole is also attracted by the S pole of the dm. Conventionally, an object tends to move in the direction of the applied force. However this behaviour can be changed if the direction of the force changes periodically. Harmonic motion is such a case where the displacement of an object subject to an alternating force can be in the opposite direction of the applied force. This mechanism also works here and the result is that the N pole of the cube magnet approaches the N pole of the sphere magnet despite it being repelled. This repulsion has a component in the direction of the motor axis and this is the magnetic repulsion downward force which works against the attraction upward force. These two opposing forces plus the weight of the assembly (86 gr) find an static equilibrium there causing the object locked in air. 

Note that the appearence of wrapping of the glass base is caused by the rolling shutter effect of the camera.