Interesting. I don't want to derail the thread, but it's interesting that eBay, having such a large portion (I guess?) of the auction market, has implemented a solution that sort of sucks for both seller and buyer.Nope, and that's why the "auction house" metaphor as most people understand it doesn't really apply to eBay.
In the example above where I buy the cards, I expected Regulus67 to at least get a push notification in the app, or even an email as you would get from Ricardo.ch, telling you that you have been out-bidden. You can then decide whether or not you want to participate further. I'm sure the seller would have wanted this too. The bid I actually placed was 3200 CHF, but of course, since the minimum step was 10 CHF I was put down for 2810 CHF.
I've always been opposed the the 'last second' offers and think auction platforms should implement solutions that let buyers meet at market value without stress. The auction format still applies with bids and countdown and all... oh, well.
You might think that as a "sneeky, light on your-feet-buyer" you can "game" the system and steal a win with a last second bid. But who says you don't want to be the seller the next time?
Ricardo works well, but got greedy with their fees. If they start charging 10-12% they better have a cap somewhere around $100 or so.