If a bidder retracts his/her bid, does it automatically revive the previous bids?

When a bidder retracts their bid, it does not automatically affect or revive any previous bids made during the auction. The process of retracting a bid is a unilateral action taken by the bidder and is generally governed by the auction's rules. In most cases, when a bid is retracted, only the current standing bid remains, and prior bids remain unaffected.

This means that the auctioneer will not reinstate or consider earlier bids unless specifically stated in the auction rules or if agreed upon by all parties involved. The integrity of the auction relies on the bids made at the moment they are placed, and retracting a bid simply voids that particular bid from consideration without altering the status of bids that have come before it. This is vital to ensure that bidders can trust the bidding process is fair and consistent.