What indicates the completion of an auction sale?

The statement "SOLD" made by the auctioneer signifies the completion of an auction sale. This verbal cue indicates that the bidding for that item has concluded, and the auctioneer is formally recognizing the highest bid as the winning bid. This moment is pivotal in the auction process, as it communicates to all participants that the item is no longer available for bidding and a transaction is recognized as binding.

Upon the auctioneer announcing "SOLD," the responsibilities of both the buyer and the seller begin, including the buyer's obligation to pay and the seller's obligation to transfer ownership. This point serves to finalize the auction for that particular item and establishes a clear point of transition from the bidding phase to the post-auction procedures such as payment and transfer of goods.