Auction sales
60 Auction sales
In the case of a sale by auction:
where goods are put up for sale by auction in lots, each lot is prima facie to be the subject of a separate contract of sale;
the sale is complete when the auctioneer announces its completion by the fall of the hammer or in other customary manner, and until such announcement is made any bidder may retract his bid;
where the sale is not notified in the conditions of sale to be subject to a right to bid on behalf of the seller, it is not lawful for the seller to bid himself or to employ any person to bid at the sale, or for the auctioneer knowingly to take a bid from the seller or any such person, and, if the sale contravenes this rule, the sale may be treated as fraudulent by the buyer;
the sale may be notified in the conditions of sale to be subject to a reserved price, and a right to bid may also be reserved expressly by or on behalf of the seller; and
where a right to bid is expressly reserved, but not otherwise, the seller, or any one person on his behalf, may bid at the auction.
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