sounds good, if it works. what happens if the person doesnt have the gold to cover the bid? does it go down to next highest bidder? how do you get the item? this seems like it could be a nice feature but implementation seems extremely difficult. can the owner delete bids he suspects are troll bids? is there a timer, or way to set a "ten minut rule," (if not itll just come down to split second snipe)
personally i dont think i would use it simply because theres too much room for abuse. hell the owner could just drive up the bids. for "real" auctions a huge human element is involved in analyzing bids.
interesting idea but i dont think it will be a hit.