Legal Question in Technology Law in Iowa

Re: Sellers failure to complete a closed internet auction.

This depends on the rules of the auction. Some auctions are held with reserve, which means there is a minimum amount the seller will accept and that the item will be withdrawn if that amount is not reached. There is generally no need to announce what the reserve level is in advance; after the auction, the seller can simply withhold the item if no bids were high enough. If this is what happened, then even the high bidder has no claim.