Items have no intrinsic value. We assign value to them by our desire to own/attain them.
Capitalism says an item will sell at what the market will bear. If people overcharge, especially in a virtual world where these items are NOT necessary and where adventuring alternatives exist, they do not sell. If they sell regularly/well, they are >not< "too expensive."
Just... DO NOT BUY THEM ;P If others think like you, the sellers will be forced to lower their prices if they wish to craft for business. It is actually the buyers who have the most power in a non-food/fuel etc type of market.
Of course, I don't sell much myself - nothing yet in VG. I've become accustom to the mentality of the genre's demographic and the concept of "it doesn't cost me anything to make so I will sell it really cheap to sell alot of them" which is the REAL 'standard' in MMOs. I believe this is because most of those crafter perceive they have a lot of "free time" or are young enough not to value their time either for leisure or they have not yet seen the value of their time in business. When they get paid 15-20 or 40-75$ an hour (depending on their locations) this tends to change a bit - not coincidently dovetailing with the fact that when you are earning 105K, your 'free time' is less freely available - I can only imagine it gets exponentially worse until you are truly wealthy and no longer 'working' directly and then... free time again
This initial 'inflationary' period is fleeting and you will see after a few months prices for crafter so low no one will craft to be a businessman. It's probably around the time I will finally have time to dedicate to crafting - I craft to 'achieve skill/levels/mastery' - I generally only made things for friends after seeing how the 'businessmen' in DAoC operated.
I recall all the tells I'd get as I completed another master level asking me to make something, I had a macro explaining "if it isn't for my guild (no charge to make) I do not craft - you can thank the early crafters for that." Eventually, no one crafted for outsiders on MLF for a long time, then the vaccuum made for new crafters to sell at nice profits for a couple weeks and then the cycle repeated. I missed the early days of Sark's Axes - I'd go and buy upgrades regularly, they cost a bit but were great to have. Eventually all my alts had the equivs for pennies and I valued them not at all.