If the auction ended, and the column did not sell...then as far as I know...that is OK to do.
I personally do it all the time, especially if I think something is priced too high. 9 times out of 10 the seller wants to get rid of it and you are able to get a good deal.
On the column, was it the one I posted a link to about a week ago?
*edit* here is the one I posted...
http://cgi.ebay.com/ebaymotors/ws/eB...category=42609