A group at my college is having a silent auction for an Ipad tomorrow. What bid should I put down?

They're auctioning it off for charity purposes. I'm guessing it's 2nd gen, but I have no idea about the hard drive size. While I am not in dire need of an Ipad (who is?), if I could take advantage of the situation to end up with an Ipad for a good chunk below its market price, I would be a very happy consumer. Let alone knowing that I will have donated to a good cause. As far as the competition goes, I do not know if any of the faculty will be attending and there seem to be around 100 attending the fbook event. I do, however, go to an Ivy-League college. How likely am I to be trumped by some rich do-gooder who may bid the full amount or more? Should I even bother bidding? Anyone have experience with this sort of thing?

EDIT: It was a 16 GB, so I went up to $415. Then I found out the bid was up to $440 and I was going to bid $450, when the auction closed. I missed it by a minute or so, I think. Oh well. Better luck next time, I guess.