Lexington Sale Lawsuit

[Parked]

I would love to see the auctioneers catalog.  That should show all the reserves.. Years ago I bid on a horse to $24,000. They asked $26,000 I walked away and they were yelling “ the guy didn’t bid, you were in at $24,000 , right ?.  “.  I said no, lets try $12, 000 and they knocked it down to me and he turned out to be a decent horse. 

[Brown jug]

what do you mean buyer beware, ??how does that fit in this case
the only buyer bid $15k , was the last bid and was awarded the horse as he should have been

[The Answer]

what do you mean buyer beware, ??how does that fit in this case
the only buyer bid $15k , was the last bid and was awarded the horse as he should have been

The auctioneer made a mistake in not recognizing the reserve immediately but there was a reserve put on the horse by its owner. The owner has right to sell his horse at what he thinks it worth not what the buyer is willing to pay.Reserves are common in all auctions. Buyers need to be aware that going to the auction that there could be a reserve on a horse they are bidding on. Buyer beware.

[Calhoun]

The auctioneer made a mistake in not recognizing the reserve immediately but there was a reserve put on the horse by its owner. The owner has right to sell his horse at what he thinks it worth not what the buyer is willing to pay.Reserves are common in all auctions. Buyers need to be aware that going to the auction that there could be a reserve on a horse they are bidding on. Buyer beware.

Why don't they just set a minimum bid at the reserve price?

[The Answer]

Why don't they just set a minimum bid at the reserve price?

Because they want to screw the buyer. Buyers would back off if they knew some of the actual reserves. This is why I said buyer beware because you never know who you’re bidding against. It’s not just horse auctions either major auction houses have reserves that aren’t disclosed before the auction starts.