OK, OK...
Lets back this train up a little bit. Not sure I should have to defend myself here, I mean give me a little credit. It's not like it was a Buy-It-Now for $550 or something.
When I bid, it was at $500, with a lot of time left, greater than 24 hours. In my experience, the greatest increase in bid price is in the last hour or even the last few minutes.
I threw a conservative bid in for $550 to get a feel for the highest bidders price so far, assuming I would be immediately outbid and I would decide later to bid again in the last few minutes. Unfortunately, no one else bid.
Tell me you've never found an item you liked in your price range only to have it shoot up at the end.
The seller had several recent feedbacks, 100% positive with one recent watch sale, can't remember the price, but it wasn't cheap. And multiple purchases of exotic pens in the several hundred dollar ranges.
Give me a break...