2006 New York Code - Sale By Auction

 
  Section 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  on an article or lot, that article or lot cannot be withdrawn unless  no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.