You are absolutely right. Its the bidders right 
to go as high as they want.

However, the key thing is they must be willing 
(and able) to settle if they win. Yes some cel 
prices have gone ridiculously high on ebay and 
thats OK. Many bidders have settled quickly and 
efficiently - they are well off bidders who don't 
mind paying high premiums to get what they want.

However, even a well off bidder does not want to 
bid against a goof no hoper who has no intention 
to pay.