47-2328. Sale by auction
A. In a sale by auction if goods are put up in lots each lot is the subject of a
separate sale.
B. A sale by auction is complete when the auctioneer so announces by the fall of
the hammer or in other customary manner. Where a bid is made while the hammer is falling
in acceptance of a prior bid the auctioneer may in his discretion reopen the bidding or
declare the goods sold under the bid on which the hammer was falling.
C. Such a sale is with reserve unless the goods are in explicit terms put up
without reserve. In an auction with reserve the auctioneer may withdraw the goods at any
time until he announces completion of the sale. In an auction without reserve, after the
auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn
unless no bid is made within a reasonable time. In either case a bidder may retract his
bid until the auctioneer's announcement of completion of the sale, but a bidder's
retraction does not revive any previous bid.
D. If the auctioneer knowingly receives a bid on the seller's behalf or the seller
makes or procures such a bid, and notice has not been given that liberty for such bidding
is reserved, the buyer may at his option avoid the sale or take the goods at the price of
the last good faith bid prior to the completion of the sale. This subsection shall not
apply to any bid at a forced sale.
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