You missing some passages
FFXI ah: open the ah
open the category (weapon,armor...)
open the sub-category (because you are to choose sword,scythe,great sword ecc)
depending the filter you choose, scroll pages to find the name you looking.
look the history to see the medium price (since isn't a real auction)
buy it. If it's the last, hope nobody buy first.
You know what it seems ? A market ward, minus the walking. How resembling.
and cmon, don't try to appear the walk a game-breaker: you don't need to find anything, the guy have a red star on the head. Walk streight until you see the star. the end.
The wards need some tweak, but thre's honestly low difference from this and ah
edit for the corruption thing: he mean it can be easly botted, so people can monopolize items and re-sell it to bigger price. Fiction ? No. It happend on FFXI. ALL THE TIME