My question is, how many heirlooms can be exchanged? +1+2+3 all right? Why is bidding so expensive? How long to start a new Exchange?
One heirloom may be exchanged per auction won. Bidding is expensive because you can take any super cheap +3 item and turn it into any +3 item. If you reforge a +3 because you're having trouble selling it you only get 2 lp's back. After an auction is won, a new auction will take place shortly afterwards.