First of all it's more commonly used in phone auctions, so people don't get locked out just because they can't get through.

Also in a real auction, as long as people keep bidding, the auctioneer doesn't just gavel the item because it's time is up. IF people continue to bid, they continue to accept bids.

Example: three people are bidding on an auction with the 5 Min. rule. Person "A" bids $10 and the closing time is 2 PM, if no one else bids by 2:05 the item is sold. However at 2:02 "B" bids $11, so the auction continues until 2:07. If no more bids, the auction closes. However bidder "C" wakes up and sees he's late and places a bid of $12 at 2:05, so the auction continues until 2:10 (five more minutes) Bidder "A" places a bid of $13 at 2:09 and the auction is continued until 2:14 (five minutes later than the last bid) Etc.

It's really quite simple and considering the bidding is still going on, why would the seller want to close the auction?

I have considered the outrageous high bid myself. But Archie, and that's why I'm replying to his message, brought up an interesting flaw in my logic. I was figuring that no one else would bid $100 for a $15 chip... lets say some other collector using my same theory does bid $90, for the same reason. Suddenly the bid goes up to $91 for a $15 chip, because I didn't want to get smiped or have it get away. I just screwed myself!

I guess I'll have to remember that on my stupid high bids in the future and only make it marginally, outrageous.

Now about that sniping thing. I just got beat out for a chip I needed last week, by 1 cent. So what? That's all I was wiling to pay and the other guy, was willing to pay more. Another one will come along and maybe for less, because the motivated buyer, won't be bidding next time.

Online auction sales, do not indicate the true prices expected, they only represent what happened at one auction.

I've seen a common item that was made by the thousands get bid up to over what the last ten sales were, because of a bidding war. Next time it will be less.

For the person who thinks they can create a higher market by buying everything that's too low in their opinion, or because they want to inflate prices, there is a limit.

Throughout history people have tried to corner or control the market of a product or commodity and in every case, they lost their shirts when the market won't support their attempts to control prices.

The multi-millionaire Hunt Brothers tried to buy up the world's silver. Most of us watched that event come and go. From $28 an ounce (maybe higher I don't recall the peak) silver adjusted down less than $3 an ounce. Who do you think lost it all in that deal? Not to forget all the people who bought in as it went over $12 and held on too long. Someone had to own it at those high prices, someone took a bath...

Strikes are no different. Any collectible will have a rising interest and at some point peak. When the owners start dumping, watch the prices fall. Any collectible is not a good investment, with the exception of the true rare and unusual items, like one of a kind or ten of a kind.

Collect because you like what you have and enjoy it!