Are there buyers? Yes and no. There are buyers for level 60 gear. ONLY.
It was pointed out on /r/diablo that trying to sell anything under level 60 is pointless. It seems they are correct. My level 42 Legendary did not sell for the $75 buyout price, nor the $60 asking price. Theories of arbitrage tell us there is a price that people would be willing to pay. The only question is, hoe low is that price? It seems like bad legendary items will not pay for my copy of Diablo 3 after all. Well at least not a single such bad legendary.
The item was re-posted for a $29.99 buyout. It’s doubtful it will sell. Next stop $14.99. Perhaps we should cut to the chase and just put it up for $4.99… But lets play it out and see if we can get someone to buy it for more.
On the other side of the auction house I have been raking in the gold using old WOW techniques. Even before leveling my barbarian to 60 I started bidding on level 60 Magic Items. Buying at a certain price point and salvaging the items yields a nice profit. There is basically a constant supply of such items as most gearing is done with rare or better items.
This illuminated a key point in my mind. You have to learn how to buy something in order to know how to sell it. My last post was basically a ‘guess and check’ experiment. It was my first data point in learning how to sell things in the RMAH.
At this point 3 legendary items have dropped. Level 42 Armor, Level 44 Weapon, and a Level 55 Spear. Basically crap. Why? The market is only interested in level 60 items. Just like WOW, Diablo 3’s economy will suffer from late game, or level cap issues. Most players will want to spend money at the top level for better gear. This means the economy will be relatively flat. If you don’t have THE best item, you cannot command prices anywhere near the top.
This will also mean that all those $250 valuations we see will be coming down quickly in the near future.