you do realise these have been selling for arounr the 800-900k mark not 1.1mil....
Don't be a dick.
Heirloom trade volume is
very low given the relatively small size of the market community and relatively high cost of heirlooms. How many +3 Steel Picks have been sold or traded in the last week? Surely not enough to make pompous declarations about 'What these sell for'.
The best one really can do here is note that the average selling price of an heirloom point seems to be 400k-450k (still not a huge volume of trading with these, but much better than for any single item), which would mean that a person could +3 heirloom an item themselves for 1.2m to 1.35m plus the base cost of the item - so it is not especially likely someone would pay more than that price for a +3 heirloom. Though convenience also factors in, so there may well be some people who would pay a bit more for an item they were looking for to save the trouble of finding loom points for sale.
Otherwise, it really just depends on whether there is a person with enough gold who happens to be looking for the item in question. If not, you either have to wait or deal with the wannabe-stockbrokers who will try to get it cheap so they can resell it for more. (Nothing against such people - I do that sometimes.) But there's nothing unreasonable about 1.1m for a +3 item when that's the lowest available price.