I doubt there are very many sellers that wouldn't honor their sales (maybe I am wrong?), I will of course...but what it will do is likely be an eye opener that running a straight auction without a high starting bid or reserve just might not be an option for higher dollar items as the risk for something like this to happen is just too high. I know folks will say don't do a 99 cent auction...the thing is, that is what bidders say they like to see (obviously), and for items that have a well established value, they often work better than a starting bid that's higher. It draws more eyes and also puts more eyes on other items that are up for sale at buy it now prices.
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