Can we have a few more "IANAL" type caveats, please? Except for the few attorneys who have posted, reading people's theories about how laws work is worthless.
IANAL! As for the "ethics" of the auction, to me, auctions are like the "stocks" of commercial transactions. Higher risk, higher reward. By not setting a price ahead of time, you may be rewarded when somebody pays more than you would have thought, but you also take the risk that you have overestimated the market.
Ignorance of the law is not an excuse. If you're going to list a $68k car on eBay, you'd best learn about reserve prices if you are trying to attract bidders by lowballing.
P.S. -- IANAL = "I am not a lawyer" for those who don't visit slashdot.org frequently.
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