Well... I think the second bell curve in the >95th%ile tail isn't really there in the first testing. It only comes about from retesting that population again with another (more suitable) measure. That is, on a single grade-level test with a normal distribution of results, the tail is just a tail. It's only on retesting with a different measure that you get a different distribution.
So consider it this way. If IQ (or giftedness, or whatever) really is normally distributed and accurately testable, the bell curve is just a bell curve. It has a mean and a standard deviation and a predictable shape based on those two statistics including the characteristic slope away from the mean in both directions (fewer and fewer people farther and farther away).
The problem is that with grade level testing, even if the results fall in a nice pretty bell, you're not accurately measuring that right hand tail. Probably not the left hand tail either, but I've not really looked into that. So when you retest those inaccurately-measured tail-end kids, you get them redistributed by whether they're just "high for their grade" or "high for even a higher grade."
If the original test were really valid at the tail end, and the second test measured the same thing as the first, you should have a tail-shaped distribution for that >95th population on both.