The most common and most likely answer to this crossword clue is the 6 letter word PASSED
I've seen this crossword clue in Financial Times
P
A
S
S
E
D
Buddy explains!

The straight part
We know that "Failed to bid" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case failed to bid = passed.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does PASSED mean?
PASSED verb- To change place.
- To change in state or status
- To move through time.
- To be accepted.
- In any game, to decline to play in one's turn.
- To do or be better.
- To take heed.
- That has passed beyond a certain point (chiefly in set collocations).
- That has passed a given qualification or examination; qualified.