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I'll answer my own complaint. The last bid was an hour prior to my trying to place a snipe. Ebay however had not updated the bid to it's current value of $79.01. Thus the message that the bid was below minimum. I discovered this by once more returning to the item after had I had posed my question.
Ebay's delay in updating can be frustrating - you see a Rolex watch for peanuts, click on it only to find that it's increased to Rolls Royse proprtions since it was last indexed. Roll Eyes

It's the same when you're selling - you place an advert only for it to not appear in searches for several hours. Grrrr!

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