I usually wait until the last hour, bid what I'm willing to pay, and see what happens. Sometimes you may over pay by a couple hundred bucks but you set a limit for your self and live with it.
I don't like the 15-munite rule, but it serves a purpose. A few years ago I was very interested in an early 28 ga 1100. I set a limit and watched. There were at least two bidders who were determined and the auction dragged on for another 2-hours after it was supposed to close. When the hammer fell the price was just under $2k.
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