I can't explain the rationale, but generally the only items that see any early bids are the ones priced at 99 cents. After a day or two they'll get bid up to a cheap-but-not-free price. Then it it will sit until the end of the auction, at which point there will be a lot of action that brings it up to market price. Since you set a high starting price (waste of money for the higher insertion fee IMO), you basically skipped the first cycle. Having 45 watchers is a really good sign. In my experience even 10 watchers usually means the item is popular enough to have a bidding war at the end.

The only time it's worth it to set a initial value of more than 99 cents is if you have a niche item that will not draw many bidders. A 2009 S-Works frame is definitely not niche, so it will float up to market price by the end regardless of the initial price.