Yeah, could be that. I just tried logging into the US region but it's telling me that there is a patch available, however fails to install it and crashes. So probably just some shenanigans going on with the patch releasing and being applied at different days between regions.
I feel a lot like you but I'm pretty sure that there will be plenty of items going for a lot more than 10-15$. In mmos where items are being sold, people have been known to several hundreds of dollars. I think some have even gone over a thousand dollars on ebay or whatever. Don't think it's unreasonable to assume that people will pay similar prices in D3, particularly those who have good salaries and can afford to sink a hundred dollars on whatever they fancy.
Although, the prices currently, think it's just the first fluff. People are testing the waters and being the first to post their items, want to see if they get lucky with higher prices. I'm pretty sure they will quickly fall though, leaving only the best of the best items going for higher sums.