[Lordstan]

What Joe just said above is very true in both cases.

1) Those people who bid $2000-$4000 even on a few hundred dollar item are playing, what could be, a very expensive game of Russian Roulette. What happens if 5 items, ending around the same time, all valued at $400 wind up close to their max for one reason or another? Are they going to be happy shelling out $10K min for items worth $2K? I doubt it, but if they have the money to waste, good for them.
Here is a personal story regarding this situation. I was bidding on a 1934 Signed Goudey of KiKi Cuyler, a few years ago, I figured it was going to take around $1200-1400 to win it. I bid a little early and was winning at $1200 with 2min to go. All of a sudden I am second. I was the only person who bid again up until the end and I bid 4 more times to take the price up to $1960. I just couldn't let myself go higher and lost it. The person who won it, must've been like your friends, set a really high bid to make sure he won. Do you really think he thought it was going to go for $1960? I doubt it, but he took a chance. The best part for me is that I won a better quality Cuyler signed card about 6months later for $400 less.

2) You must bid early in soft ending AHs so that you can bid in the extended bidding time period. I find it's better to bid early on those, so you don't accidentally miss the time