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What is wrong with watching items? Call it market research.
I often watch auctions that I have no intention to bid on.
When the bargains come round you can be confident about what you are paying. ...and if you end up paying too much at least you know it!

Exactly. Any company worth their salt engage in market research and watching on ebay can be equated to that. Knowing your customer is an essential marketing tool and if you want to achieve the maximum value for an item on ebay then marketing it well, i.e. clear and complete description and good photos, will help in that.