At an auction with reserve Matt bid $$50$ for an antique lamp. While the auctioneer was seeking higher bids, Matt's wife was busy telling him what an idiot he was to have bid so much. Matt said: "I withdraw my bid." The auctioneer could not get any further bids and claimed that Matt had bought the lamp. Which statement is correct?

Matt can withdraw his bid even after the auctioneer says "Sold",

Matt cannot withdraw his bid once it was made.

Matt made an offer in the form of a bid which can be withdrawn anytime prior to acceptance by the auctioneer.

Matt cannot withdraw his bid until after a reasonable amount of time has lansed