Everyone probably has an idea what is the worth of an auction (where it will end), but they try to get it for a lower price. So they'll probably not open with the actual worth, to make it possible to get is for cheap.Youve been psychologically fooled.
On ebay the best strategy is making your max bid at the start of the auction to discourage them to even watch it to the end.
If someone just bids the maximum amount on day one, they might win the auction but they also give people way more time to consider to bid more. If you do it last minute there is less time for others to consider upping their initial appraised value.