I'd like to play "Devil's Advocate" to Cegerer's
"Devil's Advocate".
I'm not sure if the Rolex point applies in this case since the items were being sold in an auction setting. If you are buying a "Rollex" watch on a street corner in NYC for an advertised $20, then that analogy certainly applies.
In the case of Ebay, the final selling price is set by the competing bidders, not the seller. The person to whom the described item it worth the most will buy it for the maximum price. Everyone's a winner.
A seller with a real Rolex watch might chose set a low initial price in order to jump start the bidding. As long as the watch is as described, there is nothing wrong or inaccurate with that. If most of the bidders don't recognize the item and final to low, then the buyer gets a good deal.
But if the watch is not as described, then the bidders were bidding using incorrect information which is a genuine fleece.
Either way, I agree with everyone else, use the full extent of the legal and Ebay systems to go after the guy!