"MAX LEVEL"

Some equipment has a max level, meaning a player above that current level
cannot wear it and cannot BID on the item on AUCTION. If the item is
mailed to a character above the max level, or if a character wearing it
levels past the max level, or if a character above the max level somehow
logs in with the item, it will disappear.

To put it simply, items with max levels are for the use of low-level
characters, not higher-level characters looking for easy-to-get equipment.

See also:  IDENTIFY APPRAISE AUCTION BID