Item: 3456 spectral arrows Starting bid: 20k Minimum bid increment: 1k Auction ending time: 48 hours after the last valid bid
31k I think the term "cheap" when used in regards to something that doesn't yet have a fair market value is a little bit vague :-P
Each arrow takes 2 glowstone dust, which run roughly 5r each, giving an estimated value of 35k for this.