Experts agree: eBay sniping works
Harvard Economics Paper
Roth, Alvin E. & Ockenfels, Axel (2000), "Last Minute Bidding and the Rules for Ending Second-Price Auctions: Theory and Evidence from a Natural Experiment on the Internet", NBER Working Paper No. W7729.
Physical Review Statistical Study on Online Auctions
"These results imply that bidding at the last moment is a rational and effective strategy to win in an eBay auction.",
Bidding process in online auctions and winning strategy: Rate equation approach
I. Yang and B. Kahng
School of Physics and Center for Theoretical Physics, Seoul National University, Seoul 151-747, Korea (2006)
Wikipedia on eBay Sniping
"Experienced bidders of online auctions with fixed ending times often prefer entering bids late in the auction to avoid bidding wars"