Record album sells for $155,401

[Redskins Win]

I wonder who bid $155,400. then some guy comes over the top and bids $155,401
the other guy must've been like DOH, curses you bruce wayne

Or.... maybe not.

NEW YORK (AP) -- The cyberspace saga of The Velvet Underground's 40-year-old first recording was to continue after fetching a false eBay bid of more than $155,000.

The vintage Velvet was to be auctioned online again starting Thursday afternoon. The original bid bit the dust earlier this month when a young man in California e-mailed the seller and confessed he doesn't have enough money to buy the rare recording.

"Seriously, I can barely afford gas for my car to get to work," reads part of the message the seller says he got via eBay.

I've never bought from ebay. what's deal on something like this.
do people have the legit right to back out of buying something they've bid on?

I know sellers and buyers have rating and stuff, clue me in.

[Matthias]

I wonder who bid $155,400. then some guy comes over the top and bids $155,401
the other guy must've been like DOH, curses you bruce wayne

Or.... maybe not.

NEW YORK (AP) -- The cyberspace saga of The Velvet Underground's 40-year-old first recording was to continue after fetching a false eBay bid of more than $155,000.

The vintage Velvet was to be auctioned online again starting Thursday afternoon. The original bid bit the dust earlier this month when a young man in California e-mailed the seller and confessed he doesn't have enough money to buy the rare recording.

"Seriously, I can barely afford gas for my car to get to work," reads part of the message the seller says he got via eBay.

I've never bought from ebay. what's deal on something like this.
do people have the legit right to back out of buying something they've bid on?

I know sellers and buyers have rating and stuff, clue me in.

I'm not sure, either, since I've paid for the few things that I've bought on there. My guess is they say that it's a contract. But having contract damages is one thing: collecting is something else altogether. And if he really doesn't have money for gas, may as well just put it up for auction again and not bother with suing him.

Under general contracts, though, they would be awarded the $155,000 that he initially agreed to less the amount that they sell it for in the second auction. But, as I said, if you can't collect it, you don't bother.