I once made the mistake of selling something that was still new with a $2,400 price tag on it without a reserve. I put a starting bid of $340 hoping to get a lot of action and ended up having ONE guy put in the minimum bid at the last minute... I had paid $1,600 for the item. *Sigh...*
(And, for any who are curious, a upheld my end of the deal and dutifully shipped it off for the agreed upon price.)