It's either 24 hours from start of bidding or 12 hours from the last bid - whichever comes later.
So there's more than 9 hours left unless all post 'pass' before that.
Am I missig something here? OP clearly mentions either 12 hours since last bid or if everyone has passed. No one bid for 12 hours since my bid so I get Gavaskar, surely.$110,000 then