With small items like model cars the incidence of sniping seems pretty rife, so you really have to sit there and watch it like a hawk in the final minutes of any auction or you'll lose out to someone else.
Broadband has just made it worse, as you can refresh and transmit so fast that you can lose out with less than 10 seconds to go!
But sniping can be good if you're the seller...
I recently put a set of old 14" alloy wheels and tyres off my last 4 cylinder car on e-bay just so I could get them out of my shed.
Put them up for $150 and they sat there for 5 days without a single bid. 2 days to go they finally jumped up to $250 (and I would have been MORE than happy with this price), then a last minute bidding war buy a couple of guys pushed them out to $401 at end of auction!
Paid for all my 1:43 scale Classic Carlectable models I've been buying lately anyway...