I bid on my second auction ever and lost, but it was an interesting experience. Remember that each auction has different rules and it is really important to read them carefully. This one states that you have exceed the previous bid by 10%, but you are NOT ALLOWED to choose your bid amount. Instead, you have to select the bid amount from a drop down menu (see below). In the picture, the current bid is $321. The next bid here must be $354 or a higher number seen on the menu. You are allowed to make a straight bid OR you can make a max bid. A straight bid becomes the new current bid. A max bid is handled like a bid on eBay where they will place the minimum next bid and then increase it stepwise until they meet your maximum. The first bid at a bid "step" gets priority over an equal bid from another bidder.
The auction ends when there are no bids on any item for 15 minutes. If somebody bids on a different item then the clock for every item resets to 15 minutes. As you might guess, the auction ends LATE. The formal bidding ended at 9 pm but he auction continued well past 3 am. You are only allowed to bid on an item after 9 pm if you have previously bid on that item before 9 pm. Also, remember that the auction house adds 20% to the final bid.