I don't think your reasoning is off regarding value and opening bid. That's what it has sold for before, then that's the aproximate value of the item. However, if the last auction had 2 bidders only, and one backed out, and you're pushing a week with no bids, then maybe it's an indication that the market just isn't there for the item at the moment.
Maybe (meaning: surely) the rest of the people are either (1) not that interested or (2) not willing to pay full price for it. Or maybe, the previous buyers are avid rares collectors that NEED one of everything regardless of the cost, and have no trouble over bidding an item in spite of it's "true" market value (what it would sell for if you removed those outlyers). It is entirely your choice to drop price so it moves, or hold on to it for now, and wait for a moment when the market IS at 250k.
Ancient Magi Spells Deed
Moderator: Trade Moderators
Re: Ancient Magi Spells Deed

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Re: Ancient Magi Spells Deed
Sir.. i bid 250k