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Sale by auction - 13 Pa. Cons. Stat. § 2328

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     § 2328.  Sale by auction.
        (a)  Sale in lots.--In a sale by auction if goods are put up
     in lots each lot is the subject of a separate sale.
        (b)  When sale complete.--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.
        (c)  With or without reserve.--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     an article or lot, that article or lot cannot be withdrawn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 announcement by the
     auctioneer of completion of the sale, but the retraction by a
     bidder does not revive any previous bid.
        (d)  Bidding by or for seller.--If the auctioneer knowingly
     receives a bid on the behalf of the seller 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.

Last modified: November 27, 2007