Manuel made some valid points above and it is open to abuse. But so too is ebay. If a seller gets a higher offer post auction there is no stopping them from cancelling the sale for what ever reason. Same applies when the price is not to the sellers liking. Buyers also have the ability to renege on a completed ebay sale. We see many watches re appear after a straight auction and a clear winner.
So in essence and like all transactions of this nature you are buying the seller. I for one believe that if such a process is done with honesty and transparency (regular price updates and a clearly defined end point) its a great way to sell a watch and avoid the traditional auction house fees (ebay included). Just my 2c.
regards
Paul
www.heuerworld.com