An auction is a sales device whereby members of the public or a designated group come together to compete,by means of bids,for the purchase of goods or realty.Auctions are usually conducted by professional auctioneers or by public officials and may be of two types.In auction without reserve,the object must be sold to the highest bidder.
Under UCC Section 2-328,an auction is considered to be with reserve unless it is expressly stated to be without reserve.Because at lest one court has held the phrase "will sell to the highest bidder" is insufficient to make an auction without reserve,the actual words "without reserve" should be used in announcement to ensure that the auction is of that type.
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