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http://www.slayer00.net/blog/5
He's wrong though. I had stuff that I'd listed on September 1st that also expired on March 13th - a little less than 200 days. I'd guess that they stay up indefinitely unless the market starts getting clogged up with long-term, unsold listings... then Steam step in and run a script to cancel them.
I've sold 13,000 & have had to re-list all the other ones.
my stuff is up there for ages sometimes
some items do expire, but that will be shown when viewing the items. during the major sales events, there are cards that only last for a limited time after the event, the expiration date and time is displayed when viewing the item