But all of those companies know that there's a lot of folks who will toss in personal bids of $101. and $500. And that the competitors will only bid $100, so they decide to cheat and offer $101. But the other firms know they'll defect, and offer $102 . . .

There's just too many firms that *could* buy it to rig the auction with a cartel--and cartels are unstable for the reaons above.