When is the sale considered complete at auction?

The sale at auction is considered complete when the auctioneer announces it via the fall of the hammer. This moment signifies the finality of the bidding process, indicating that the auctioneer has accepted the last bid made and is effectively closing the sale. The fall of the hammer is a traditional and recognized signal indicating that no further bids will be accepted, and therefore, a contract is formed between the seller and the highest bidder at that moment.

Other options may represent stages in the auction process, such as the calling for bids or the making of the final bid, but they do not constitute the legal conclusion of the sale. The agreement on price by bidders, while important, does not finalize the sale without the auctioneer’s declaration. The announcement is crucial in ensuring clarity and legal standing for both the buyer and the seller.