So this evening I bid on something that had only one bid, and was still on its base price of 99p plus postage. Since it was worth about six pounds and postage was £2.50 I bid £2.50, on the basis that if the total was more than a fiver I might as well buy a new one.
So I checked at the end of the auction, and I'd won the item... for £1.04
In other words, they'd initially bid a quid, several days ago. Which given the value etc. seems just a little silly!