Vermont § 328 - § 2—328.

§ 328. § 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 or her 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 or she 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  be withdrawn unless no bid is made within a reasonable time.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 or her bid until the auctioneer’s announcement of completion of the
  sale, but a bidder’s 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 or her 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.