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Harness Racing / Re: Lexington Sale Lawsuit
« Last post by Parked on Today at 11:58:40 AM »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.
At a AUCTION the seller has ONE BID !!! BUT in the disclosures it states they can bid so it becomes a show and sale. The easiest way to get around this is to have someone sign for the seller if they bid the horse in. In that The easiest is to give the auctioneer a reserve and the auctioneer takes air bids. Sometimes he or the other bidder backs out or they announce 2 people in at same Price.. If they are bidding for themselves it is reported as not sold. If the reserve is not attained RNA is reported.

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