Was trying to purchase one of the new sky city weapons, and was outbidded on multiple bids. So I decided to wait until the end of the auction and place a final bid. With 1 minute left, I placed a bid and watched the timer count down from 1m to 0m to 0 (which I assumed meant the Auction was over).
However, I was unable to collect my item after this point in time. Had a guildie test what I thought to be happening by placing another bid perhaps 10 minutes after the "end" of the auction, and sure enough his bid went through, giving me the Failed Bid message. Even now, 1 hour after the end of the auction, bids continue to go through on this item.
Just something to be aware of.
approximately 65 minutes after the timer reached zero, the auction actually ended, with my bid at 60 minutes after the end of the auction being enough to win the item