Can you cancel a winning bid or return an auction purchase?

In most cases a winning bid is a binding contract. You usually can't change your mind afterwards, so the time to be certain is before you bid.

A winning bid is a commitment

When you register to bid, you normally agree to the auction house's terms, and when the hammer falls on your bid, you're bound to buy. UK conditions of sale state this directly, and auction houses can charge you, and resell the lot, if you don't pay.

What about the 14-day cancellation right?

Online purchases from a business usually come with a 14-day right to cancel under the Consumer Contracts Regulations 2013. That right does not apply to contracts made at a public auction. The Regulations define a public auction as a method of sale where consumers attend, or are given the possibility to attend, in person, with a transparent competitive bidding procedure run by an auctioneer. A Trading Standards guide lists items sold at a public auction, where bidders can choose to attend in person or bid online, as having no right to cancel. The Regulations are at legislation.gov.uk.

Online-only sales are different

If bidders can't attend in person, the sale may not count as a public auction, and the 14-day right may apply if you're buying from a business. The right generally doesn't apply to private sellers. Whether it applies to your purchase depends on the details, so check who the seller is and how the sale was run.

If you bid by mistake

• Tell the auction house immediately, before the sale ends if you can.
• Don't expect a cancellation. Some houses may agree to re-offer a lot, but they're not obliged to.
• Check the terms, which may say what happens to the fees if you don't proceed.

How to avoid needing to cancel

• Know your all-in total before you bid.
• Leave a commission bid at your limit instead of bidding in the heat of the moment. See commission bids explained.
• Read the conditions of sale first.
• Check the lot isn't a mistaken click, particularly on timed online auctions.

General information only, not tax or financial advice. Auction houses set their own fees and terms, so always check the conditions of sale and confirm the details with the auction house before you bid. This is not legal advice. If you have a dispute, speak to Citizens Advice, Trading Standards or a solicitor.