S.L. 342.1 Art. 8Reserved price.

(1) When a lot is marked as having a reserved price, the auctioneer cannot declare a lot sold if no offer at least equal to the reserved price has been made.

(2) When no reserved price has been set against a lot and a bid is made for that lot, the auctioneer may not withdraw the lot from the auction or declare it "bought in".

(3) A lot may not be bought in if the reserved price thereof has been equalled or exceeded by the last bid, and the auctioneer shall not declare a lot as "bought in" if a bid at least equivalent to its reserved price has been made.