§ 4-2-328 — 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withdrawn unless no bid is made within a reasonable time.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.

Legislative History

Source: L. 65: p. 1318, � 1. C.R.S. 1963: � 155-2-328.