I find that by setting my snipe at the level I think the item is worth to me, I produce two results that I consider beneficial. First, if I get it, I didn't overspend. Second, if someone else got it, the reason was that the bidding went beyond where I was comfortable anyway. By avoiding those emotion-driven bidding wars, I curb my own covetousness. Most things on eBay are far from unique, after all.
Then, from another angle, I will note that I have often seen an item get relisted after a snipe of mine failed. The fact that the conventional bidding went higher than the items' probable real value does not always benefit the seller.
Finally, as a seller, I have often seen items I listed sell in the last 10 seconds after getting one or zero bids prior to that. I do not begrudge those buyers their choice of tactics; I'd rather have a barely-in-time bid than none at all.
Bottom line: Sniping supports Berra's Observation.
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