No, it means as far as Diablo 2 items go, that peticullar one is worth the most... in terms of other Diablo 2 items.
For example: Tal Rasha's armor. Thats a very expensive item that goes for an ist rune or 2, Ist runes being very expensive also. Nobody buys their items with gold, thats just sillly.
Usually an expensive item is expensive because of the mods it has. A Soj for example had +1 to skills and adds a ton of extra mana, making it awsome for sorceresses, druids, trap assasins, and such. (These are also what people "sell" for real-world currency, on their sites)
Now an unexpensive, or worthless item, is the opposite. Lets take Nokozon Relic for example: In a nutshell it makes you immune to fire damage in Normal, thats pretty useless as it does little else. So people would generally give it away for free, as in not trade anything.
Does this clear it up at all?