Title 11, Chapter 2, Section 328
Sale by auction.
(1) In a sale by auction if goods are put up in lots each lot is the
subject of a separate sale.
(2) 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. In sales
by auction the auctioneer shall be considered agent of both parties
so far as to dispense with any further memorandum in writing than
his own entries.
(3) 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cannot be withdrawn unless no bid is made within a reasonable time.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.
(4) 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.