Vitality in FF XII is used to measure a character's resistance to negative status effects. It also is used to measure how long status effects last on a character. The more Vitality you have on a character/s, the less time a negative status effect will stay on said character/s. Vitality also helps with beneficial status effects, making them last longer for your characters the higher the Vitality.
As for the question about the Bazaar: The game is supposed to keep track of the items you sell, so I would have thought that it wouldn't matter when you sold off your loot, but I did find this little bit of info that might be helpful:
While the items can be sold whenever, when any item comes available at the Bazaar using a certain ingredient, the number of said items in stock drops to zero. Therefore, if there are two items that both use, say, two Bone Fragments to make, and the player has sold six Bone Fragments to the Bazaar when one of the items becomes available, the number of Bone Fragments in the Bazaar's 'memory' drops to zero, meaning the player will need to farm more Bone Fragments for the second item requiring that ingredient.
Found that info here: Bazaar (Final Fantasy XII)
Hope that helped you out.
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