law: Sale of Goods Act, 1930
  64. Auction sale
  In the case of sale by auction-
  (1) where goods are put up for sale in lots, each lot is prima
  
  facie deemed to be the subject of a separate contract of sale;
  (2) 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;
  (3) a right to bid may be reserved expressly by or on behalf of
  
  the seller and, where such right is expressly so reserved, but not otherwise,
  
  the seller or any one person on his behalf may, subject to the provisions
  
  hereinafter contained, bid at the auction;
  (4) where the sale 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; and any sale
  
  contravening this rule may be treated as fraudulent by the buyer;
  (5) the sale may be notified to be subject to a reserved or
  
  upset price;
  (6) if the seller makes use of pretended bidding to raise the
  
  price, the sale is voidable at the option of the buyer.