Originally Posted by Expatriate

It's called proxy bidding. You put in your max bid, and a giant computer attached to Keanu Reeves head (trust me, he's not using it for anything) automatically bids up to that in small increments whenever someone else places a bid. Problem is, someone already bid a higher amount than you. You can put $30 in, and if no one bids more than, say $24.57, you'll get it for $24.57. If they bid $25.57, the computer (remember, Keanu doesn't need his head) bids again for you, up to your max. The important thing is to wait until the last day or hour, and bid your max, plus 59 cents, and be done with it. You bid 3 days before it ends, and then you form an attachment, you start to daydream about this book, or new pedals, whatever, and it causes you to get foolish and overbid at the last minute. It takes patience, and you gotta be honest with yourself about how much you want to spend. Trust me, I've done it hundreds of times.

P.S. Keanu's gay, which lends some credence to your observation.