We will be adding an amended rule after some consideration and deliberation - a maximum of 10 minipets may have a bid on them from one person. This rule is not retro-active, therefore all previous bids may remain, and while in all other cases retracting bids is not allowed, if it prohibits a player from re-bidding on something outbid, we will allow them to retract a previous bid on a different item. If this is confusing please feel free to IM one of the SC for clarification.
As of this post, the maximum anyone can bid on is 10 minipets. Thank you!