I bid on high profile auctions for this same reason, BUT, it's not a bad reason if you intend to pay. Heck why else do you think Golden Palace bids on this stuff? To get their name out. I
have never and
will never bid on an auciton without intending to pay if I win. I have never retracted a bid in my entire life. If my name shows up in your auction, you can rest assured that I will pay should I be the winning bidder at my bid price.
I think allowing people to retract their bids whenever they want is stupid. People should have 5 minutes to review their bid, and then retract it WITHIN 5 minutes of listing it.
I had someone do this to my first forehead auction and WIN! That made my day.. Yeah right. I have since left an interesting tidbit on his feedback page.

Maybe that will teach him to try that again!