I recently tried to buy a ring on the auction house by bid and every bid I made was matched by my own bid and caused me to lose the bid. (I think more money dupe in a sense). I got my 21k back but 21k is still going to the ring barer but where the ring will go is unknown to me.
maybe because someone made a one off bid higher than the current ones. for example if the going bid is at 10m Anyone who wants it desperately can make a one of bid of lets say 50m. Which means if your bid is lower than that persons bid you will get that message of being outbid and only your last bid value will be shown.
It's called "proxy bidding". You put in your maximum bid, and the system automatically bids for you up to that maximum. The winner only pays the second-highest bid amount, which is what is listed as the current bid. I suggest you read this support article to familiarize yourself with how it works: