The successful buyer must regard himself as fortunate in being the only bidder, and for getting the medals as the lower estimate. I would have expected there to have been competition from "investors" wanting to add this rare group to their portfolios.
Recently, I was also the beneficiary of a surprising result on a medal purchase. I seldom bid on Internet auctions, but an astute local collector alerted me to an Army of India Medal with a Natal connection that was recently on offer - another 'must have' for me, and a completely unexpected one. I sacrificed some of my City Coins Fund, and was amazed to get the medal at the starting price (about 850 GBP). I had expected some competition from South Africa and more from abroad, but I was the only bidder.
It is such experiences that make it enjoyable (and rewarding) to be a medal collector!