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The supply and demand of anything 64+ is never in my favour, I end up paying over the odds for rare sized frames and can never find a buyer when I want to sell so end up keeping them and filling my house with behemoths. You're right about the game of nerves too, obviously there only needs to be one other person my height also interested and then the bidding war begins.
scotts
I'd say if the Yates were a more regular say, 58cm, frame something like £200-250 would be fair price. But for such a big frame both the supply and the demand are erm, ...tiny. I'm always trawling ebay (pointlessly looking at steel bikes I'm not going to buy) and there's probably at most a handful of frame that size crop up per year.
It's probably optimistically priced but with a polish, some white bar tape, new pedals and some gumwalls it'll be a great looking useful bike. It may well drop further but I suppose it then becomes a game of nerves with the other people watching it.
One thing to note is it looks like it has braze-ons on the NDS seat stay and fork for some type of Dynamo system.