You can change all details of an auction item once it is live, except the images. Once an item is live the images cannot be changed, however you can delete an item up until it receives its first bid.
Quick Steps: Go to Auction > Listings > Edit
Editing a Listed Item:
1. Within the Management Console, select Auction from the top menu, then Listings from the left menu.
2. Find the item that you wish to edit.
3. Click Edit next to the item's name.
When editing auction items, you can make changes to any details except for the images. You also have the ability to remove items up until the point that they receive their first bid.