Valuing Legendaries

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I think the best method has already been stated. One must look at the market to determine price. You pit your own valuation of the product against the market value and utilize that to come to an acceptable compromise. Practical use is an important factor and that goes into how players trade.

I don't feel drop-rates influence how much people desire certain legendaries. It's more about demand than dropchance. There are tons of fiendish bows out there, yet they remain highly sought after, and thus, expensive.