I had a similar experience. In the last minute, several bids came through. The winning bid, or what I thought was the winning bid, was below my maximum bid. Obviously, I was upset and let Audiogon know it via email. I couldn’t understand how my bid was not the winning bid. This was my first (and probably last) auction experience. The next day, I realized that I had, in fact, won the auction but the announcement just took a little time to find me. So, to your question, the timer appeared to work accurately during the last minute. However, I wouldn’t wait until then if you really want the item. Use the "maximum bid" function.
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