| Commentary

9 Sales without reserve

| Commentary

9 Sales without reserve

Where property is put up without a reserve, it is the duty of the auctioneer to sell to the highest bidder, subject to revocation of his authority or withdrawal of the prospective buyer’s bid, which may take place at any time up to the fall of the hammer, since a bid is only an offer and the acceptance is signified by the hammer-blow or in another customary manner1. It is clear law that in the case of a sale which is not announced to be without reserve, neither the auctioneer nor the seller is

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