True auctions don’t end at a specific hour on a specific date; they end when the bidding stops and the auctioneer hammers the high bid after warning potential bidders that the existing high bid will take it.
Online “auctions” are sales where potential buyers are given a specific time period to indicate their best offers, somewhat like a silent auction, except bidders may announce their bids while other bidders still have time to put in higher bids. It makes absolutely no sense to “bid” before the last moments of the “auction” when there is no time for other bidders to beat your offer.
I have won several online “auctions” by entering my maximum offer in the closing seconds using a bid sniping service. Just enough of my maximum offer is used to beat the existing high offer. If my maximum offer is too low, the highest offer wins. I never get caught in a feeding frenzy at the end.
Note the “Soft Close” feature (quoted below) of this auction goes a long way toward making this more like a true auction. It reduces the opportunity for a bidder to “steal” an item, as other bidders are given two additional minutes to make higher offers. This benefits sellers, but not bidders. It still makes no sense to bid, and run up the price, before the final two minutes.
From the site:
The closing time of this lot will be extended by 2.0 minutes if a bid is placed on this lot in the last 2.0 minutes.”