A live auction is definitely commerce for the seller and may be commerce or entertainment for the seller. E-auctions differ in that they can be either commerce or entertainment for the seller as well as for the buyer. Every auction goer's hope is for a brgain; buy for less than it is worth or sell for more than it is worth. Every auction goer's fear is just the reverse. All the auction rules are to guard against the seller's fear; fair enough since the seller is the one stepping forward first. Bidders get a jolt of entertainment from the momentary hope of bidding while an item is still a bargain. E-auction sellers can get that same sort of entertainment jolt when they set a high price and have the hope of a seller's bargin price.
So, the initial pricing depends on whether the seller is in for commerce or for entertainment. I have to say that I don't find e-auctions all that different from the negotiations that often go on in gun shops. The hang tag is the "buy it now" price. Offers are bids. A gun shop may have several buyers unknown to each other making offers and the seller working back and forth among them to arrive at the highest selling price. So, if a seller has high "buy it now" prices, don't go to his "store." I have known many gun store owners who would price a particularly desirable gun way high just to keep it around for awhile.
