Some of the "best" auctioneers are sometimes a little too good for their own good. They "take" bids that aren't even there. I like a good entertaining auctioneer as good as the next person, but it always kinda gripes me when I have to bid against a rafter to get what I'm trying to buy. To me, honesty and integrity from the auctioneer's block is just as important in that line of work as it is in any other.
From a buyer's point of view, the only bid that matters is the last bid. I usually wait until most of the dust has settled before entering the fray. If at the last qualified bid, I am still interested, that is where I throw my hand into the air. Sometimes that is the only bid required.
Participating in an auction, or just watching one, is an educational experience. It is like a good game of poker, and the players that don't display emotion are more likely to come out the winner. Many times the auctioneer can sense the lust and desperation of a prospective buyer. Those buyers are much more apt to pay "too much" to get what they want. The ringmen are often as conniving and unscrupulous as the auctioneer, and they can make a lot of racket and hoopla to cover their tracks. There is a mob frenzy that can develop.
A bidder is smart to bid a few times on stuff they don't want, so the auctioneer and ringmen can see that they know how to say "NO". Then when a bull or horse comes into the ring that the bidder really wants, the powers that be are less apt to take that person for a ride.
Bidding at an auction can be somewhat of an adrenalin rush. Like any other fun activity, remorse can be a secondary effect. It's pretty easy to buy a "number ten" and wake up the next morning owning a number three or four. This is the voice of experience talking. :?