8.2-328 - Sale by auction. - Virginia Statutes

§ 8.2-328. Sale by auction.

(1) In a sale by auction if goods are put up in lots each lot is the subjectof a separate sale.

(2) A sale by auction is complete when the auctioneer so announces by thefall of the hammer or in other customary manner. Where a bid is made whilethe hammer is falling in acceptance of a prior bid the auctioneer may in hisdiscretion reopen the bidding or declare the goods sold under the bid onwhich the hammer was falling.

(3) Such a sale is with reserve unless the goods are in explicit terms put upwithout reserve. In an auction with reserve the auctioneer may withdraw thegoods at any time until he announces completion of the sale. In an auctionwithout reserve, after the auctioneer calls for bids on an article or lot,that article or lot cannot be withdrawn unless no bid is made within areasonable time. In either case a bidder may retract his bid until theauctioneer's announcement of completion of the sale, but a bidder'sretraction does not revive any previous bid.

(4) If the auctioneer knowingly receives a bid on the seller's behalf or theseller makes or procures such a bid, and notice has not been given thatliberty for such bidding is reserved, the buyer may at his option avoid thesale or take the goods at the price of the last good faith bid prior to thecompletion of the sale. This subsection shall not apply to any bid at aforced sale.

(1964, c. 219.)