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Auctions - Retracted Bid at Last Moment
Okay -- Someone placed a bid on an item I have up for auction and was winning the auction for the last 3 days. There is now less than 20 hours left on the auction and suddenly they retracted their bid. The winning price of the auction fell back far below their retracted bid amount. My questions are: 1.) Is this legal, even if bid was retracted for being a "mistake"? And 2.) Why is winning bid amount not $1 less than the "mistaken" amount they posted if other bidders had bid up the item to the "mistaken" bid amount?
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