Hong Kong Ordinances

SALE OF GOODS ORDINANCE - SECT 60

Auction sale

In the case of a sale by auction-

   (a)  where goods are put up for sale by auction in lots, each lot is prima
        facie deemed to be the subject of a separate contract of sale;

   (b)  a sale by auction is complete when the auctioneer announces its
        completion by the fall of the hammer, or in other customary manner.
        Until such announcement is made any bidder may retract his bid;

   (c)  where a sale by auction is not notified to be subject to a right to
        bid on behalf of the seller, it shall not be lawful for the seller to
        bid himself or to employ any person to bid at such sale, or for the
        auctioneer knowingly to take any bid from the seller or any such
        person. Any sale contravening this rule may be treated as fraudulent
        by the buyer;

   (d)  a sale by auction may be notified to be subject to a reserve or upset
        price, and a right to bid may also be reserved expressly by or on
        behalf of the seller.