The seller has the option of lowering the reserve at any time even with one minute left on the countdown clock.  They can even lower it to below the current bid which would make the highest bidder at that point to become the leader on the bidder board for that item.

Consign.bid does not recommend this.  Consign.bid recommends that you lower the reserve to one bid away from being the winner at that point in time.  Please aware that time passes quickly when bidding intensifies in the last two minutes of bidding.

Always bid within your limits and what you can afford and fell comfortable with.