Having been through the auction process to conclusion once, I would never buy off it again, I would certainly advise any one considering buying off it to avoid the proxy bid / maximum bid system this is clearly where the flaw lies, and where the ability to manipulate is possible.
I had been after a particular record for a long time, not expensive or particularly rare, just elusive, one appeared on the auction site, I decided to go for it.
I entered the process, gradually increasing my 'maximum bid' figure as the auction progressed, the final day arrived and it was clear that there were two of us interested in the record, we vied for position outbidding each other by small amounts, we were up around the £200 mark, (about the most it was worth, however it was mint, it had proved elusive and I wanted it so was prepared to go over this to say £250).
Getting close to the finish time it was obvious it was only the two of us, we had nudged each other up to close to £250, having suffered a minor hiccup in placing my latest bid in time I decided to put a maximum bid of £300, I was hoping to pay less, but it was there should I get the computer hiccup again.
I took the lead at £256, the clock ticked down, (we had extended the finish time by 15 minutes), the other guy had given up, the pattern on the bid history was me, him, me, him all the way down the list, then with seconds to go came a totally new bidder £299, this pushed me to my maximum £300.
Strange amount £299, anyone willing to pay that would have gone £300, if it was genuine and the bidder was willing to pay that, why no follow up bid when the £299 failed, where was this bidder earlier in the auction?
I am suspicious by nature, £299 is a precise amount and only bid once, I see two possibilities, either a prankster or manipulation by someone who can see my maximum bid amount.
Martyn