I was a bidder and this is the reason given on the listing:
"Cancelled: AU $600.00
Explanation:The seller ended the listing early and cancelled all bids."
So it seems he had MORE than 24 hours to run (and so was in a position to cancel the listing) and wasn't happy with the level of interest.
This has become a major problem with eBay as most expensive items are now sniped. I certainly don't show my hand until the last seconds apart from a small early bid. Sellers really have no idea what an item will bring. As a seller I have let things run with bids of $100 on an item worth $1000 and at the last second it has shot to $1200 - it's impossible to know.
eBay is no longer the place to sell IMO. The major changes and forced use of PayPus has destroyed what was once a very good place to buy and sell. Corporate greed has destroyed another great idea!