personally i think id prefer anonymous proxy bid auction
with auctions done in order of descending highest bidder with shared money pool (per char)
The highest bidder auction first means that people bidding lots of money are dealt with first and are removed from all other auctions (char can only win one plot/lair) and the shared pool means you can bid on more than one plot/lair with the same money, so if you are beaten in one auction you can use the same pool of money in your bids in other auctions.
unfortunately i don't think there is much that can be done about multiple accounts/subscriptions or people with huge amounts of money other than removing them from the auction process quickly
So I think that this would basically result in people getting lairs/plots for what people think they are worth (or lower)