Smoove_B wrote:That's the weird thing about the AH. Yesterday I was pricing my Legendary gear just below the comparable stuff for sale (no duh). However, 95% of the stuff I put up expired. So this morning I put it up for a fraction of the cost -- AH prices were 20,000+ so I list it for 2000. Gone within 30 minutes (or less). It's an order of magnitude more than the vendors would give me but still a ridiculous price for what I would think is ridiculous gear. So what's happening is the AH isn't really showing what's available at any given time because (I think) Legendary gear that's priced right (1000? 2000? 3000?) is going very, very quick and the only thing you're ever seeing is a small snapshot of what's available because it's moving off the AH so quickly. Yeah, there's a ton of gear at 20,000+, but it's never going to sell when you can get stuff so cheap. I seriously have no idea who these people are with 20K buyout prices, but they're clearly smoking crack.
You're seeing a free market at work, but equilibrium has not been reached yet. They're not smoking crack, exactly, the market as a whole just hasn't decided what anything is worth yet.
It's actually really fascinating to watch. WoW had it's own moments like this, especially in the first year or two.