Sorry for your woes my friend but there's another victim in this....the next highest bidder.
I've just took a look at your listing and the bidding activity suggests that this guy was pretty keen on getting your watch.
I'm pretty sure that you can contact this bidder with a 'second chance offer' due to non-paying bidder. This way you won't have to re-list the item, the guy gets his watch and you still get more than you were expecting.
That's the way it used to work anyway. Hope this helps.
Cheers, have a good weekend.
Paul