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Nowadays, I almost exclusively use the 'Buy it now' function, probably because I've become lazy, but also because I will at least know the market value of the item I'm after and can compare it more easily (as opposed to the research previously required).
it's not 'overpriced' if someone is willing to pay for it. and eventually someone will. ebay is nothing compared to stubhub.
I am a bit shocked at the prices some people want for primed and poorly assembled stuff (often more than the box from a retailer).
"Nope...you just killed the resale value. The bubble gum metallic paint doesn't help your case either...""Yeah, but the paint's custom..."
Sometimes I look at the inflated prices on 'buy it now - or nearest offer' items and wonder what the reaction would be if I offered a pound.
Sometimes I think that if people are so confident in the value of their minis, they should stick a small starting bid on and watch it skyrocket. Or not. In the meantime, I have a nice big bagful of rat ogres to be getting on with.
Also reminds me of one guy I saw on ebay, selling bits of his not-very-well prepared GW collection. In the descriptions, he set out to justify his high asking prices because he'd already spent so much buying the merch from GW, in the first place.
What I'm trying to say is: it's not only the sellers who're bonkers. A lot of people who buy on ebay are just as crazy. People pay ludicrous prices for badly painted minis. Especially if it's GW.
Bear in mind though that your 'bad' paint jobs may be miles better than someone else's best efforts and a complete ready to go army might appeal immensely to those people.
Or maybe you had a lot of OOP models that all got stripped and resold for twice the price.
Little example of what I meant was the nurgle rot ringer sorcerer on eBay there's one at £14.99 and another at £24.00 and cheekily asking £1.20 postage, on a miniature that's only £8.20 new from GW itself? Chancers!