What would happen at most auction houses is that you'd get hold of the auctioneer, explain the issue, and probably have your bid canceled if there was a legitimate reason.
I don't think we can conclude from the facts as presented that the bidder is necessarily a bad guy. People cancel bids for a lot of reasons and we don't know his [or hers]. Getting all pissy and vindictive about someone doing the honorable thing [for once] is not the right attitude.
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