Little or no interest does not mean that your house wont sell. It means that we might not have yet, met the right buyer. Cancelling the auction sends the wrong message to the market - your best way forward is to run the campaign all the way through to auction day and then trust your agent!
Price can be the biggest deterrent for a potential buyer wanting to purchase. If the price is seemingly to high, the likely buyer may not even inspect. A better process to follow is simply to remove the price form the equation and let the buyers firstly understand how the home may best suit their needs before discounting it because the fail to see value at the sellers initial range.