We have about 1500 listings running at any given time. Part of the initial non-action is the starting amount.
It is a guessing game as to a starting price. It is also a chance based on the item.
I will say that part of the eBay trap for the buyer is to get that bid in. That creates a potential for ownership.
So it is commonly accepted that a low starting price will draw more people bidding and create an ownership bidding war.
Watchers are a variety of people including sellers that want to watch an item and how well it sells because they have one or might be selling the one they have.
I have had items which I thought were big ticket that I put out to auction and they do not do as well as I thought.
Part of the problem is the 7 day time frame. Some sellers do not check in all of the time and they might miss the item they really would have bid high on.
I have generally stopped most auctions and put items in a fixed price store environment. I have a good handle on what something is worth and price it a little higher and always have "make an offer" on every listing.
Your item would intrigue me as a seller and I would probably put that out to auction as you did, but start it at $9.99 and see what happens.
The market "usually" dictates the value an unique, rare and vintage items.
There are exceptions to every rule and I speak in generalities on this stuff because there is no absolute with eBay. Wait that is an absolute statement!
David