eBay and Craigslist finds

I cant get over the amount of poorly built vintage road bikes NOT being sold at extortionate prices on ebay that have been converted to ss/fixie with simple cable/tyre/bartape and saddle change. I notices this claude butler for £350-+£40 postage .
http://cgi.ebay.co.uk/ws/eBayISAPI.dll?ViewItem&item=330914962373&fromMakeTrack=true

ftfy

Seriously though, firstly, it is expensive, and secondly, does he not know how ebay works? It is an auction, you start at zero and the market finds the price for you, which might actually be higher than the dumb starting price you had in mind (probably not in this case though).

I generally do not bother starting to bid when I see, for example, a £100 starting bid on an item which is worth about that. Whereas I would probably go for something starting at 99p, then you're in and it's too late to stop :-) you might end up paying £110 anyway, and that's fine.