Posted on Jun-14-14 at 11:58 AM (Eastern) by 126.96.36.199
You make up your own auction and the amount you wish to start it at is up to you.
Yes, some do cancel if it did not sell as expected.
Look over how other's are doing their auctions to get an idea as to how you might like to do yours.
There are no rules really, auctions are free to post, have fun with it!