Item bug.

It's fine, why do you think it's bugged?

In Morrowind the robe was only worth 438 gold but Oblivion's magic system makes the prices much higher. This is just how the game works sadly. All enchanted objects are worth a lot more.

Oh, that... Yes. On the other hand, it's constant effect enchantment now, so it kinda makes sense that item is more valuable.

Actually, on this note, it is significantly easier to make money in Morroblivion than Morrowind due to these enchanted items' prices. For example, I'm about level 6 in Morroblivion and I already have about 20,000 septims. 

It's not necessarily a bad thing, but it does make the game a lot easier. 

Yes, in many ways Morroblivion is easier than Morrowind, especially when it comes to combat, which I actually think is a good thing. If it really annoys you Enhanced Economy has a feature to reduce prices of magic items, though I never tried it personally.

Actually, on this note, it is significantly easier to make money in Morroblivion than Morrowind due to these enchanted items' prices. For example, I'm about level 6 in Morroblivion and I already have about 20,000 septims. 

You can easily make 100000 on level 1 in Morrowind i you know how. And don't forget that in Morrowind you can sell stolen items to absolutely anyone.

@Brainslasher - yeah, I've got enhanced economy for just this reason. Perhaps I need to make it even steeper... 

@Qwertyasdfgh - true, but that's mostly from finding hidden expensive items and selling skooma to Ra'virr (or raiding the Redoran vault), not random enchanted loot in crates. 

What I think would circumvent this, is increasing the rarity of enchanted items in the levelled lists. If they were, say, 10 times rarer, then I think it would be a lot more balanced. :) 

Try to find a merchant who has enough gold to buy one ...