Amit,
Bidding on 'Famous Blue Raincoat' is tough, because it's always in demand, and prices tend to be high.
A snipe bid is useful when the auction ends at an inconvenient time for us in India - most US eBay auctions are like that. It rarely helps, though, if you've got somebody else doing automated incremental bidding. Fortunately, there are only a few such punters.
If you're in a bidding war and all the other bidders are geared down to the last 15 seconds or so, it's advisable to make your final bid as high as you are prepared to pay, rather than the basic incremental value. The winner of such auctions are always several notches higher than the previous high price.
Best of all is to avoid the 'popular' titles and search out those obscure gems that are musically important to you but not 'collectable' or rare. I've filled in plenty of holes in my collection in auctions where I was the sole bidder, at the start price.
regards,