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I may have my Y's ond o's backwards..
My head hurts.

I agree with everything you say, with one caveat. We can say all this because we know what the other bidder did, we have post-auction knowledge. y* had no idea if o* placed a max bid or not, and if...

Looking at the bid history: The winning bid of $1155 was placed on Nov 4 and Nov 6th. The challenge bids were being bid up until Nov 7 when the auction closed. So the Max bid won out.

THat is not...

How does sniping overcome a previous max bid? If I put a bid in today for a max of $1155, and your snipe bid is less than that amount, won't my bid win anyway?