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T206Collector<<So I should tell my consignor that even though there was a bid of $137, I sold his card for $103 because the high bidder (who has good feedback) decided that he bid too much and didn't want to pay for it. If you were the consignor, would you be happy with that explaination?>>
Given the alternative -- no money and a relisting that is likely to earn less than $103 -- and a very basic understanding of ebay, I would be satisfied with that result, if only a little disappointed to learn that the high bidder made an error. The high bidder's good feedback would only serve to reinforce the high bidder's credibility when he states he made an error.
The only purpose behind my originaly post is that 2nd-chance offers can be done well without the fishiness if they appropriately target the margin above the 3rd-highest bidder (as opposed to the inappropriately revealed 2nd-highest bidder's high bid).