Posted By:
Jeff SI was about to write the same thing. I do it now and then. (Which doesn't mean it makes any sense...)
Also remember that, in some (most?) reserve auctions, the seller is NOT the only person who knows the reserve. Most people here probably know that if you post something interesting with a reserve, you'll get an e-mail or two asking what the reserve is. Some people are more forthcoming with that info than others, despite eBay's stated policy that reserves should remain undisclosed.
A related strategy: if I stumble upon an item in the last couple of days before closing with a BIN I think is reasonable, I occasionally bid a penny less than the BIN. (This only works if the auction also has a reserve--e.g. a reserve of $100 and a BIN of $200.)After the first couple of days, it's a good bet nobody's going to hit the BIN, so it's reasonable to figure that nobody wants to pay in the neighborhood of that amount. If I think it's worth that, bidding right below the BIN is a good bet that a) I'll be the winner, and b) I'll meet the reserve, but it also usually means I'll win.