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Why don't people who want to sell their items take advantage when a marketplace price shoots up?

I recently decided to sell my Deluxe Witches' Cauldron, and I went to the marketplace to see that the only listing was priced at 499,000. Since I bought it for about 100k, this was amazing to me. I took advantage of the moment, and listed my cauldron at 350k more gold than I'd bought it for.

But then a few other people decided to sell their Cauldrons. And did they stick in the 400k price range to milk it for what it was worth? No. The seller directly after me listed his/her cauldron at 400k even, but following that person? 175k. The next person? 100k. The next? 69k. within four people, myself included the price dropped nearly 400k. Insane.

Seriously? I mean... if it were me, I would have stuck as high as I could while still giving the buyer a little incentive to purchase. 50k less is reasonable if it's a higher price than 200k. But I see this everywhere on the marketplace. It's like people just want to sell it as quickly as possible, so they list it at a price that is 100k or more less than the person before them.

Why? Why not take advantage of the highs of the marketplace? If people really want an item, they WILL buy it. I've purchased items for much more than they were worth- and later watched the price drop drastically- because I really wanted it. As a buyer, sure, I want the lowest price possible. But I'm willing to shell some gold if I want it.

As a seller, I'm frustrated with idiots on the marketplace who don't seem to have a mind for business. I want to sell my items at a higher price than I bought them for, because there are items I really want that are priced insanely high. I need to be able to take advantage of the highs of the market so that I can earn enough gold to get the items I really want.

Please, Gaians. Take advantage of the market. Don't be stupid. Think about how much you can gain when the marketplace is going through a high point. Have patience. Wait for it.