Since there are various types of listings at eBay, different effects arise when an item is removed from eBay.

If you have listed your item in a Chinese Auction (a single item in a Standard Auction), the Current high bidder becomes the winning bidder. If there are no bidders, your item will be ended as an unsuccessful auction.

In a Dutch Auction (multiple items in a Standard Auction) Current high bidders become the winning bidders and are computed using the normal Dutch auction logic. If there are no bidders, your auction will be ended as an unsuccessful auction.

When a Fixed-Price Auction is ended, all previous transactions are considered valid.

More help on eBay is available here.