Strictly wearing on my lawyers hat (i.e. thinking like a lawyer) my legal reasoning and arguments would be:
1) When you were the final bidder at this "reserve" auction, the seller was free to accept or reject your offer, once he rejected it (didnt meet reserve) there's no contract and no cause of action ITS OVER (Auctioneer will argue)
2) HOWEVER you can argue the Auctioneer (Sellers's Agent) in his language extended what amounts to an option or first right of refusal i.e. you had the first right to purchase (or turn it down) provided you were willing to pay whatever price the seller came back with (Thats your legal argument, i.e, auctioneer gave you an option or first right of refusal)
BUTTTTTTTTT auctioneers counter argument to that is estoppel or laches i.e. after you didnt raise your rights or demand satisfaction immediately, you are barred from raising them now, kind of like a kids nah nah na boo boo argument lol
You ask how can they sell it?? The legal answer and their argument is your offer was rejected, no contract took place, seller still owns it and is free to do as he wishes, so thats how he sells it. You had your chance, you made a bid/offer, it was rejected CASE CLOSED (not withstanding your first option argument) now if you wanted to buy it when it was re offered you had the opportunity.
NOTE what Billy Bob may say is you have certain rights by golly and its yours or isnt yours because thats the "law" or what brother Bubba did HOWEVER there are always counter arguments that could be made AND ONLY AFTER A COURT ISSUES A FINDING OF FACTS AND THEN APPLIES THE FACTS TO YOUR STATES LAWS CAN THE FINAL ANSWER BE DETERMINED!!!!!!! THATS NOT WHAT I SAY OR BILLY BOB OR BUBBA SAY, ITS A LEGAL QUESTION NO ONE (lay or professional) CAN DETERMINE HERE.......
If I correctly recall (No warranty its been a while) the law (in some states at least) says the final bid at an open auction is a legal OFFER which the Seller is free to ACCEPT OR REJECT, however if he accepts it and the hammer falls and its sold, its then the Buyers property, because to form a valid binding contract, you need BOTH an OFFER and an ACCEPTANCE..........if the seller rejects the offer its over you have no more rights.
What can you do in a practical and real world PROBABLY NOTHING If I were your lawyer Id advise you sure throw money at me and I will sue buttttttttt you will likely loose AND EVEN IF YOU WIN WHAT DAMAGES CAN YOU PROVE??????????????????????????????? Most lay persons dont realize the Plaintiff needs to show and prove damages, just because you prevail at law HOW WERE YOU HARMED ???? You can win the case but receive no cash award!!!!!!!!! Think about it
So, now see why myself or any lay or even professional person CAN NOT ANSWER THIS HERE, and "opinions" lay or professional and including my own, here are TOTALLY WORTHLESS. However I have laid out the arguments and counter arguments that might be made in a Court of Law, thats "thinking like a lawyer" its a curse and I cant help myself lol lol
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