You did right to bid an amount based on current values. Then there are those that really have no idea but have an emotional crisis not to be out bid. When you see irrational bidding, best to ignore the sale and just watch. Then there are those who enjoy just driving the price up to ridiculous amounts simply for the joy of having a buyer grossly overpay. I've seen this before, a few times from someone that actually knew me and I would not take the bait, thus destroying their evil game. So you did the right thing, bid your limit and maintain your sanity. Happy Hunting !!