Tommy--
I don't think you did anything wrong. I often bid low on things to keep an eye on them, too. And someone who thinks the bids are going to go through the roof in the first couple days . . . well, I don't think that's realistic.
I looked over the bid history, and the "explanations" offered seemed pretty rude to me. My feeling is this: a reserve is a reserve, but if he starts the auction way low, he can't expect everyone to rush to bid the reserve. If that's what he wanted, he should have started the bidding at the reserve so that no one could insult him.
A comment by someone who recently left feedback for the insulted Masi owner is telling, I think: "Neutral : No transaction. Error on both of us re: item description . Very rude on email."
Maybe he's simply had a silly bike moment lately and is compensating for the embarrassment with auction cancellations.
nath "i like to watch by bidding low" dresser