With how long the AH has been out, I'm kind of disappointed that a certain issue has yet to be addressed...
Namely that it doesn't function anything like an auction. As it stands, you can do two things: you can post something with a low buy-now price at the longest duration you can afford, hope it sells, and never hope to actually get much for it. Or, you can post something with a minimum bid price close to the typical buy now price at a short period of time and never expect to get any more than the minimum bid because one person will camp the AH until the last second, place the minimum bid, and not one person will ever have any inclination to outbid them (and couldn't if they wanted to. People are somehow managing to ninja the minimum bids within seconds of the auction expiring)
You set a buy now price any higher than really-really-low, and your item will never sell. You try to start a minimum bid price at a low number, hoping that the bids will grow, and you'll just wind up selling your rare high-UV'd item for a hundred crowns. This. Is. Not. Auctioning.
Fortunately, there are two VERY simple ways to fix all of this and result in truly competitive auctioning!
The first option is to never reveal the remaining time in the auction to anyone except for the auction-poster. Prospective buyers will never know whether that bomb they're looking at will go off-auction in six seconds or two entire days. They will have no way to ninja the bids, so... they'll have to ACTUALLY BID ON IT if they want it, and the auctioner will always receive a decent price for their goods.
The second option is to automatically extend the bidding time each time a bid is placed. People can still ninja the bid, but as soon as they do, the auction time gets extended by another hour or so. So then, someone can ninja it from them. Compared to the first auction, this would be just as effective at preventing auction-ninjutsu but would potentially result in auctions dragging on for long periods of time. An auctioner who doesn't potentially want to wait a long time to receive his money could easily remedy this drawback, however, by posting a REASONABLE buy-now price.
IMO: hiding remaining time and/or extending auction time after each bid will make auctions less reasonable and will force people to use buy it now instead, which will force a drop on buy it now prices, which will not benefit anyone - seller loses money, buyer loses ability to actually buy at "buy it now" price.
If you don't like people ninja-ing stuff before you at bid prices right before auction ends, you can:
- sit and wait till someone comes to ninja your bid and outbid them the very last moment, ninja-style
- buy it at buy it now price
- move on and forget about it, stuff happens
These AH suggestions sound like you're trying to make a SHOP out of auction house.
PS: about your concerns:
- people actually don't buy $5 products for $6 when these are available for $5, yes, it does make sense
- people pay the smallest price they can pay, surprised yet?
- people don't sit for 4 hours near AH just to ninja your bid, they just happen to see it end soon and bid on it
- people grab profit opportunity when they see one... surprised?
- with little demand and high price some stuff just never sells... surprised?