Lexington Sale Lawsuit

[Parked]

Ever notice the seller or his agent sits in the booth next to the pedigree reader or salesman (auctioneer) ?  That person can simply say yes to an asking price or be more subtile like putting his hands on the desk as long as he wants the auctioneer to go on, take them off when he is done. 

[AgentQ]

The people that try to justify the games certain breeders play at the sales, are the same people that justify trainers that win at outrageously high rates. Why not give everyone an electronic device before the horse goes into the sales ring that has an interest, you press your device and if you see your corresponding number on the board, then you're the highest bidder. Sounds simple because it is but they will never do it because that way they couldn't fleece the millionaires.

[Stan durbread]

You don’t think the smart sellers would just pay someone to register and bid with your electronic device. WTF. I still don’t understand why you think anyone is getting fleeced. Just like with boats, if you think it is too much buy the next one.

[AgentQ]

You comment makes no sense, anyone bidding with an electronic device would be responsible and every bid could be tracked digitally. That's the professional way to conduct a sale, if a consignor or breeder want to bid up their horse so be it. But when the hammer falls the horse goes to the highest bidder and if they forget to press the button or their consignor forgets to that's on them and no circus and lawsuits. I'm all for breeders placing reserves or buying back their horses if they are not happy with what the market offers but it must be done in a fair manner for the market. You cannot run up horses and play games when people are told they are the highest bidder. Integrity is everything at a horse sale and unfortunately too many breeders have none.

[Foalin at 4]

You comment makes no sense, anyone bidding with an electronic device would be responsible and every bid could be tracked digitally. That's the professional way to conduct a sale, if a consignor or breeder want to bid up their horse so be it. But when the hammer falls the horse goes to the highest bidder and if they forget to press the button or their consignor forgets to that's on them and no circus and lawsuits. I'm all for breeders placing reserves or buying back their horses if they are not happy with what the market offers but it must be done in a fair manner for the market. You cannot run up horses and play games when people are told they are the highest bidder. Integrity is everything at a horse sale and unfortunately too many breeders have none.

 

   

[Brown jug]

good points Q
with todays technology there is no reason to be running auctions they way they were 30 years or more ago
 i know they have the online bidding but putting the live auction in the hands of bid spotter most of whom seem to be over 70 is not as good idea
add in that it allows the auction house to fleece bids and there is no need for it anymore
its all for show  and manipulation

[Calhoun]

You comment makes no sense, anyone bidding with an electronic device would be responsible and every bid could be tracked digitally. That's the professional way to conduct a sale, if a consignor or breeder want to bid up their horse so be it. But when the hammer falls the horse goes to the highest bidder and if they forget to press the button or their consignor forgets to that's on them and no circus and lawsuits. I'm all for breeders placing reserves or buying back their horses if they are not happy with what the market offers but it must be done in a fair manner for the market. You cannot run up horses and play games when people are told they are the highest bidder. Integrity is everything at a horse sale and unfortunately too many breeders have none.

Agreed

What is the legitimate purpose of a reserve?

Why not just set a minimum bid at what would have been the reserve price?

[Parked]

good points Q
with todays technology there is no reason to be running auctions they way they were 30 years or more ago
 i know they have the online bidding but putting the live auction in the hands of bid spotter most of whom seem to be over 70 is not as good idea
add in that it allows the auction house to fleece bids and there is no need for it anymore
its all for show  and manipulation

👍👍👍👍👍👍👍👍

[Parked]

Agreed

What is the legitimate purpose of a reserve?

Why not just set a minimum bid at what would have been the reserve price?

Great idea. The sale (auction) would be over in one day. 

[Stan durbread]

Why not just advertise the price online. Because sellers want the most for their products. Auctions have been around forever and always will be. Nothing better than 2 rich fools both wanting your horse

[AgentQ]

Why not just advertise the price online. Because sellers want the most for their products. Auctions have been around forever and always will be. Nothing better than 2 rich fools both wanting your horse

Nobody has an issue with that scenario. It's when there's only one rich fool bidding and the other is the breeder and consignor running him up. But i get it, you're not for progress.

[The Answer]

Have any of you ever bought anything on EBay? It happens there too. Thoroughbred auctions are worse with agents involved. This isn’t unique to standardbred auctions.

[Stan durbread]

Have any of you ever bought anything on EBay? It happens there too. Thoroughbred auctions are worse with agents involved. This isn’t unique to standardbred auctions.

Throw in car auctions,estate auctions, etc. a good auctioneer knows how much they can push any bidder. And they work on commissions so they gonna push all they can. The one you call a fool has made their own decision on how much the product is worth and is happy to get it for that price. No matter what the people here think

[Grandstand Handicapper]

For those few who believe that the sales ring is an efficient market, so be it. For the many who know the games go on, either you don't play, or you play the best you can against a stacked deck. It's not every horse, but it's far from none of them. In this case here, the auction company got caught making a mistake. They tried to cover it and make it look legit. It wasn't. Even if there was a legit buyer the second time around, and a legit underbidder, etc.-----it doesn't matter. There should not have been a second time around. Not in this case. The horse should have been RNA.