D3 Items Still Overpriced on eBay…Oh I mean the Auction House.
Ever since the Real Money Auction House was released, the gold price for items has skyrocketed.
Decent items of level 60 were sold for a few million gold before the release of RMAH but as soon as the players started listing their gear for dollars, prices went berserk. Decent gear now costs 10 times as much. There are some items that are listed for absurd amounts. Some unrealistic player posted some gear, asking for it close to two billion. yea right.
This change made the max bid system prove its effectiveness. Nobody will pay for an item with a ridiculous buyout.
Instead, players will start biding for it similarly to the eBay system. Basically, Diablo 3 Auction House bidding system accepts bids in increments of 5% of the value of the minimum bid. A player can bid on an item and specify his maximum bid. His bid will be increased by 10% each time outbids him. That is 5% for the competitor bid and 5% for the player bid.
This will happen again and again until the maximum bid sum is reached.
The entire process is automated and the money used for the maximum bid is taken from the player and kept by the Auction House until the item is sold. If the winning bid of the player is lower than his maximum, the gold difference will be returned. At this point, the player will show as outbid in the auction screen and he will have to manually bid again.
The system works very well and it is very popular for both gold and real money trades.
Even if this bidding frenzy was caused by the RMAH, the real money trading system has its benefits. Not everyone has the time to farm D3 gold and items to progress through the game. Let us not forget that the Diablo 2 veterans are beyond 30 years of age and most of them have jobs and commitments, making time a luxurious commodity.
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