An auction can be ended after bids have been placed for very limited causes, that is that the item was lost or stolen, or broken. If neither has happened, then the seller is obliged by law to sell to the high bidder, regardless what the highest bid was and whether the seller is satisfied by that. The high bidder can otherwise either claim the item itself, or damage compensation in civil proceedings. BIN is a completely separate matter.
Some time ago I myself had put a few wristwatches and a pocket watch in eBay auctions starting at 1 € and the results were not really pleasing. But I nevertheless gave all items to the high bidders. One was very kind and expressed his joy, I liked that then. Another one offered the item a few days later in an own eBay listing, with my photos and literally my description, for double price. That was less fine and I politely asked him to make own photos and draft an own specification (copyright infringement). What he then did, so OK. Funny was that he requested to be educated about how to open the watch for making own photos; I did of course give him the information for avoiding that he damages the watch.
Last year I won an auction for a gold cased pocket watch. After having received it and weighing the case, it turned out that I had paid about half the scrap gold value of the case. I told this to the seller and offered a return, which he happily accepted, offering compensation for my out of the pocket expenses.
If a seller lists an item in an auction, and if I win it for a completely unreasonable low price, I am open to cancel the sale, since I am no professional reseller and mainly of the buyers side. But I want to be asked. It is - aside the legal aspect, see above - extremely unpolite and respectless to simply delete all bids without notice and to end the auction. He at least could have sent a message saying that he is sorry, the watch had fallen onto a stone floor and now is smashed. OK, he then would have had to cancel the offer in this forum also ...
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But in the instant case I was not all too surprised, because the listing in this forum was not only significantly higher, but in addition with excessive shipping costs (in contrast to the eBay listing). My personal consequence simply is that I blacklist this seller, on whatever sales platform.