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Pretty sure it works fine; it's just not very intuitive.
The fee for a stolen item is 150% of the item's base purchase cost (at least for skill books, but probably for everything). The Black Market Agent just happens to sell wares at a 50% discount, but that isn't (and likely isn't meant to be) included in the stolen fee.
I've never had my criminal fees remember stolen items after becoming wanted by raising my suspicion to 100+ and then lowering my suspicion back under 50. The next time I'm wanted it's always crimes I committed between this and the last time. Keep in mind that, although it doesn't list the fees if the crime doesn't bring you up above 100 suspicion, any crimes you commit do still incur fees which will be added to your total the next time you are wanted.