Section 64 of SOGA : Section 64: Auction Sale

Explanation using Example

Imagine attending an art auction where a collection of paintings is being sold. Each painting represents a separate lot and is therefore considered a separate sale contract:

• If you place the highest bid on a painting, your purchase is not final until the auctioneer confirms it by striking the gavel. Before that moment, you can change your mind and withdraw your bid.
• The auction house has announced that the seller has the right to bid on the paintings. This means the seller can place bids to potentially increase the final sale price, as long as it's clear to everyone involved.
• However, if the auction house did not announce that the seller could bid and you find out the seller was secretly bidding on their own painting, you could legally treat the sale as fraudulent and back out of the purchase.
• The auction might also have a minimum price set for a painting. If bids do not reach that price, the painting will not be sold.
• If it turns out that the seller used fake bids to drive up the price of a painting you won, you have the right to void the sale and get your money back.