N.Y. Uniform Commercial Code Law § 2-328: Sale by Auction

Section 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on an article or lot, that article or lot cannot be withdrawn unless no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.