Top bidder or not?

I am listed as the high bidder on an item which has received just one bid. However, the image of the item in my bids/offers list has a red "outbid" label on the image of the item.  That situation persists after several hours, so it's not just an updating problem.  I have several similar bids on other items by the same seller, and they are all showing as currently winning bids.  What's wrong with the exceptional one?