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If i put an item for auction asking for 10m and after few hours the best offer i get is 5m, what happens when the auction is over? The person who placed a bid of 5m, buys your item for 5m.
The item is automatically sold for 5m even if i asked for 10m? Yes, it is sold for 5m if you had it set as an auction.
I get to choose if i sell the item or keep it? No, you do not have a choice to accept or deny the offer. The item is sold to the highest bidder.
The item is automatically NOT sold and i get it back? No, the item is sold to the highest bidder, in this example, for 5m.
Like Greta said, your best bet if you want 10m for the item and do not want to take less is to just put it for sale not auction.
@CalmWinter
That sounds like an awful system.
You can't put something valuable but without demand, it would definitely under-sell, if not sell for a pittance.