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How Am I Outbid by an Earlier Bid?

Him( 63) US $76.99 Jun-08-07 15:07:38 PDT
Me( 8 ) US $76.54 Jun-08-07 18:17:04 PDT

Hi,
Auction Sniper advised me I got a "Proxy Outbid."

On eBay, "His" bid shows up in only one place on the bidders list, at the top. How did this guy beat my bid with a bid placed earlier than mine? If his bid was earlier, why didn't it show up on the bidders list earlier?
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