After reading the rules and opinions and some good points from both sides, I come back to a simple question. If someone offered $400 through eMail, why wasn't there a bid of $400 made? This would protect the seller at the highest level. It would also reflect a best price for the chip, from the highest bidder, just like a real auction should be.

All this discussion is like free advertising. A large number of people went and looked at the chip. If it was such a bargain and undervalued, I'd bet there would have been more bids. It sounds like a fair bid was made, and the buyer and seller both got a good deal.