I have bid a quite a few items and each time either
a. they sold it to someone else in game before the auction ended
b. they didn't mention a reserve price till the end of the auction and wouldn't sell it for the winning bid
c. there is no real enforcement for sellers to sell to the winning bidder
Sellers pretty much can ignore your bid no matter what. Buyers are the ones getting screwed. As such, I won't use that service anymore till there is a little more enforcement of rules and a few more protections for buyers.