The short answer to this is, Yes.
As referenced in several of my articles here, including most notably Does bid calling form contracts?, bid calling is a series of contracts contingent upon the high bidder not retracting his bid.
- Does it matter the type of auction? No.
- Does it matter the terms and/or conditions? No.
- Does it matter if the auctioneer says, “Sold!?” Yes.
Once the auctioneer says, “Sold!” this right of retraction no longer exists. No different than the right to accept a higher bid — once “Sold!” the right to accept a higher bid also no longer exists.
One interesting situation can arise in regard to bidder retraction. Let’s say the auction is without reserve and a bid has indeed been received within a reasonable time. So, as we know from Different types of auctions once a bid is received, the auction cannot be canceled. What happens if that bid is retracted? The UCC 2-328 indicates that still, without any high bidder present, in this case the auction cannot be canceled.
So, can the auction buyer say, “Never mind?” No, but the auction bidder can indeed.
Mike Brandly, Auctioneer, CAI, AARE has been an auctioneer and certified appraiser for over 30 years. His company’s auctions are located at: Mike Brandly, Auctioneer, Keller Williams Auctions and Goodwill Columbus Car Auction. His Facebook page is: www.face book.com/mbauctioneer. He is Executive Director of The Ohio Auction School.