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In my opinion it does not matter whether the exact vulnerability being sold was found or not, just that a vulnerability was found.
For most people whether their intentions are good or bad as long as they have one way to exploit an application reliably then this is all they need.
As Stefan pointed out, the easy "require()" bugs are patched, but the application is riddled with bugs where the user can control calls to exec. What more do you need? I think any unpatched bug ( or many bugs in this case ) in an application makes buying a random one for it worthless.
This probably won't happen, as the stakes are far too low. An exploit auction is certainly a provocative idea. Whether it has an economic impact on exploit development remains unclear.
Taking this point to its extreme, the interesting question would be around the economics of the auction itself - as you point out, it's possible that the value of the product radically changes during the auction.
This isn't a problem that eBay has.
There is one area where I disagree with your post. There are plenty of researchers and affected code bases that have an excess of time and lack of funds. For example, open source projects aren't going to pay 700 Euro's for a defect in their code.
(Oh yah, if you happen to be a heavy user of a technology, you can buy shares as a hedge against damages when vulns are released...)
Cheers,
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