Just Missed Out with 1 Sec to Spare

I have just missed out on buying a very important book. I was the highest bidder for some time, with a generous maximum bid posted. At 1 sec left, someone came in over the top of me and won the book by $2.50 over my maximum bid. However, there was no record of this bidder having an early bid, only their final bid. Is this sniping? Why does ebay allow valid long term customers, who play by the rules to be cheated by this practice? Thanks for the advice. OAB.

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