(810 ILCS 5/2-328)
(from Ch. 26, par. 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on an article or lot, that article or lot cannot be withdrawn unless no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 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.
(Source: Laws 1961, p. 2101.)