I disagree with the statment "Thus the TRUE high bidder would win and not the guy that got the highest bid in 1 second before closing."
I repeat, "The high bid always wins on "!
Someone trying to get something "cheap" that gets outbid at the end has no one to blame but himself.
is not Christies auction house.
They have millions of auctions running.
Buyers have auctions bookmarked and know when they are supposed to end.
Look at the timestamp on the winning bid.....It is often the same as the timestamp on the first bid.
Bidding $500 for something at the start will keep you the high bidder till someone tops you.
Ask any seller if they like snipers.
You will get, "I love snipers!"