The story as I heard it (approximately, the figures might be +- a bit) was that a high bid of 80,000 GBP was received but the bidder was only imagining he had the money.
The next bid down was something like 50,000 GBP, but that person was also delusional about his bank balance.
That left a bid which did not even meet the reserve price.
In the meantime, enter Glyn Johnson with a big ad in MPH advertising new built to order Black Shadows and now the Club bike, which was promised to be the one and only, is no longer at all unique.
I agree that the people who enetered the false bids should be identified. I have dealt with people like this and it is quite annoying , even financially dangerous if you lose a solid buyer while wasting time with a grandiose dreamer.
This experience does seem to support a survey I read of which shows most people greatly overestimate their own net worth and their income level.
In part, this is how the Subprime mess developed, borrowers were permitted
to simply list their income level without any formal check done by the lenders.