There is no fair price, it's an auction.
You have to decide how much you can afford and how much you want the watch and then submit a bid for your highest amount.
If somebody wants it more than you you lose.
I can't give a reasonable limit as I'm not based in the US or totally familiar with that market, but if buying from Australia, I'd go to maybe $400 or so, if I really wanted it then maybe $500, but I'd bid in odd amounts, e.g. $523.50.
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