Every auction has a soft close
A soft close means the closing time can move. If someone bids in the last few minutes, the auction is given more time, so everyone else gets a fair chance to answer. Nobody can win just by bidding in the final second.
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The last 1 minute are the late-bid window
Any bid placed in the final 1 minute before the closing time counts as a late bid. The countdown turns red when the window opens.
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A late bid adds 2 minutes
The closing time moves 2 minutes later. The countdown on the auction updates straight away, so you always see the real closing time.
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It ends when the bidding stops
This can happen again and again. The auction only closes once a full 1 minute go by with no new bid.
An example
An auction is set to close at 18:00. Someone bids at 17:59, inside the late-bid window, so the close moves to 18:02. If another bid comes in during the last 1 minute before 18:02, it moves again, to 18:04. When nobody bids in that window, the auction closes and the highest bid wins.
What this means for you
You do not need to wait up for the last second. Put in the most you are willing to pay when you are ready. If someone outbids you near the end, you will still have time to bid again.
Late-bid extension is switched off for new auctions at present. Each auction shows its own closing rules on its page, under the Rules of auction tab.