If the price I expect is not reached, do I have to sell it to the highest bidder

[m25jet]

In future whenever you list something for sale using the Auction format set the starting price at a level that will ensure that you still get the mimimum amount that you want for the item once eBay and PayPal have taken their cut of the selling price, even if you only get one bid.  If do that then you won't lose out financially, and if the item attracts a lot of bids then so long as the winning bidder pays for the item you could stand to make quite a bit more from the sale than expected.  However, the onus is on you as the seller to ensure that you start the auction off at a price that you would be happy with.  As you've now ended up finding out the hard way, if you set the starting price too low in order to try and entice potential buyers to place bids, then in the event that you only receive one bid and the buyer pays for the item the strategy of starting the auction at a price that's quite a bit lower than the minimum amount that you'd actually be happy to sell the item for will end up backfiring on you.