KRS 355.2-328: 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.

(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withdrawn unless no bid is made within a reasonable time.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.