Welp #2, turns out there were duplication bugs where people were duplicating themselves hundreds of thousands of gem bags.
It would appear Steam has shut down the auction for today.
Edit:
I tried betting on a game earlier but i swear there was a bot outbidding me. Every time i added even 1 gem higher than it it would IMMEDIATELY bid to the nearest 100 available. When i say immediately i mean as soon as it refreshes he is already above me.
You obviously have no idea how the system works.
You set your max bid, and if someone bids higher than your current bid and lower than your max bid it'll keep you as the highest bidder automatically.