Looks to me like you got caught at your own game.
You only upped your bid by a $1.00 and were outbid by 50 cents.
Of course there is now way in knowing what the winning bidders high bid was.

My advice once again put in your HIGHEST bid sometime during the auction.

You aren't losing anything if you aren't willing to pay the price. If you are however, don't think you will win it for a buck. Most times it just dosn't happen