arch13

The answer is yes, you are in contract to release the item to the highest bidder. Ebay takes every opertunity to point this out to sellers, and both ebay and buyers have won court cases on this many times.
Ebay is based on free market economy, where an item is never going to be sold for more than the public, not the seller, thinks it's worth.
Reserve price has it's own issues, but experiance buying and selling is that reserve prices tend to cause people to lowball bid on purpose and more items with reserves go unsold than without.
If your selling, try to remember that what you think an item is worth is possibly not what the buyers will see as it's worth.
As a good example, a car placed on ebay for it's keely blue book price will never be bought. Why? Because you haven't offered the buyer anything they couldn't get in the local classified.

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