When can a buyer retract their bid in an auction?

A buyer can retract their bid until the auctioneer says "sold" because this marks the moment when the auction contract becomes binding. Until the auctioneer concludes the bidding with that final declaration, there is still room for negotiation and changes. This applies not just to the buyer’s intent but also sets a clear boundary in the auction process, indicating that all bids prior to that moment are subject to retraction.

This understanding is crucial in auctioneering, as it allows participants to adjust their strategies without being locked into a decision until the auctioneer officially completes the sale. The other options present conditions that do not align with standard auction practices, such as allowing retraction at any time before the end of the auction or during a specific phase of bidding, which can create confusion and undermine the integrity of the auction process.