"Guessing Games" - There's your problem, David:
You sound like you don't know the difference
between an auction and a "Guessing Game!"

Why would anyone even consider guessing in an
auction?

Auctions are designed for a seller to list an item
and for a buyer to offer the seller what he is
willing to pay for the item. That's it... nothing
more. A bidder should not be concerned with what
any other bidder is going to do. This practice
wastes time.

Should not the bidders know how much they are
willing to pay for the item (providing, of course,
the buyer knows the market)?

All a bidder needs to do (reserve or no reserve)
is bid to the level in which they are willing to
pay for the item.

Granted, I can understand there are bargain
hunters out there who would like to purchase at
the lowest possible level (myself included).

I do not believe auctions should be looked at as Guessing Games.

JB