I did that Randy . . . if memory serves me well, it was a Superior auction circa 1989, and he had a PR64RD Small Motto 2c (PCGS I think). I dropped out one or two bids short of hammer . . . I was an idiot for not buying that coin.
I've done the same thing. But I also learned how not to get caught up in a bidding war. Set a price you're willing to pay and bid no more. It can be hard but, if you get into a bidding war you may regret doing it.