Setting a high starting price is always a bad strategy, IF your item is one that garners attention then you will attract more bidders with a low starting bid... And if your item is one that doesn't garner much attention you'd be better off setting it as "Buy It Now" (BIN).
Auctions involve risk, do not set up an item for auction if you're not willing to let it go for whatever the winning bid may be, even if the winning bid turns out to be far below what you would like to see. But it may get more than what it is worth too, most often auctionable items that garner attention will end up selling for about what they would've sold for anyway but auctions are definitely more exciting than BIN sales.
Also an auction sale has an end date, your item either will be sold by that day or not but with BIN sales you may end up waiting a long time for a sale. Pros and cons to each method, auctions may attract buyers to look at your other items as well, especially if it ends up as an exciting auction (with lots of people).
