But having the vendor devalue your items to nothing makes sense?
If I can steal from them, I will, because frankly they are robbing you just the same by giving you nothing for your warez. You can't even buy a helmet without selling 100 things for 1 - 10 gold each.
The barter system is a joke.
But the problem is that you shouldn't be able to steal three sets of armour from their pocket, not that you shouldn't be able to steal from them at all.
The simpler solution would be for them to have in their inventory just the key for their stash and maybe some gold or small items. Then, after you stole the key, if you want to rob them you just need to open their secret stash.