can an auctioneer re-sell merchandise

auctions: man goes to an auction...is high bidder on 83 lots...grand total $39,000.
man attempts to pay with personal check. auctioneer requires a letter of verification/guarantee from buyers bank. auctioneer gives 72 hour for man to produce letter. no letter produced. auctioneer deposits check in good faith. man stops payment on check. auctioneer stuck with $39,000 of merchandise. can autioneer re-sell merchadise and hold man resposible for difference? - Is this your question? Add additional information