धारा 58

Section 58 defines an auction sale as a sale where goods are put up for sale by auction, and the highest bidder is the buyer. The section states: “In the case of a sale by auction ” (a) where goods are put up for sale by auction in lots, each lot is, unless there be evidence to the contrary, to be considered as the subject of a separate contract of sale; (b) the sale is complete when the auctioneer announces its completion by the fall of the hammer, or in other customary manner; and until such announcement is made, any bidder may retract his bid. Judicial interpretations have emphasized the finality of the auctioneer’s announcement.