In line 3, (above) Michel's max bid was 3.11, but only 2.50 was needed to take the lead. If you had not bid, Michel would have won the auction for 2.50.
Since the displayed price on eBay was only 2.50 just before your bid, a 3.10 bid was valid and accepted.
Another way to look at it... Lets suppose the max you entered was $5.00. You would have won for 3.36. Now suppose someone was able to bid after you and entered a bid of 4.00 (that's also a valid bid since the current price is 3.36) You still win even though your bid was not the last one entered. You win for 4.25. If that had happened, this is what the auction would have looked like. Notice line 4, (below) you are in the lead with a price of 3.36 which makes the $4 bid valid and accepted.
* = Winning bid. (may be less than actual maximum entered.)
Max Current Winning
# Bidder Bid Day & Time Bid & Bidder
(US $)
1 michel-west 1.99 27-Jul 09:13:02 1.99 michel-west
2 myfrott 2.25 28-Jul 17:36:16 2.24 myfrott
3 michel-west 3.11 01-Aug 09:59:44 2.50 michel-west
4 jen731 *4.25 01-Aug 14:15:31 3.36 jen731
5 added-bidder 4.00 01-Aug 14:15:33 4.25 jen731
End 01-Aug 14:15:36 Remember... It's the highest bid that wins, not the last.
Get it?