Lexington Sale Lawsuit

[truthisgrey]

Amazing that it’s taken this long for this to happen:
https://www.thoroughbreddailynews.com/suit-alleges-standardbred-auctioneer-failed-to-notice-45k-reserve-then-reopened-bidding-after-hammer-fell-at-15k/

[Trigger]

Amazing that it’s taken this long for this to happen:
https://www.thoroughbreddailynews.com/suit-alleges-standardbred-auctioneer-failed-to-notice-45k-reserve-then-reopened-bidding-after-hammer-fell-at-15k/

Professional auction companies, auctioneers typically have insurance.  The part of the policy that covers this instance is called E & O (Errors and Omissions).

They screwed the seller, the minimum price was $45k they were willing to accept.  Hammer down at $15k by accident, and lot of other errors at that auction too.  Not sure even if the seller signed a no hold liable, I imagine the judge would toss.

My Bet - The auction company will be ordered to pay if insurance doesn't.  Shocking they don't take responsibility and force the seller to take them to court, just apologize and pay, it's your rep.

Then again it's harness racing, corruption is rewarded!   

[jupiter]

Just pay it, it's not worth the bad publicity. Ya fucked up, just admit it.

[Stan durbread]

So how do you prove that neither the auctioneer or spotters had recognized a bid? The other bidder could have been in a different room,on the phone or online. I can guarantee that none of the bid spotters are going to testify against the auction company. And the owner suing is respected?  By who? He employs every dirtbag trainer that will take a horse for him.

[goblue]

This is disgusting and pathetic by the suing party.

The reserve was $45k. An honest mistake was made hammering the horse for $15k.

To believe it is your right to capitalize on this mistake and get the horse at an undeserving discount is greedy, selfish, and self-aggrandizing

I hope they win the lawsuit, get the horse, and the horse doesn't make a single penny for them. Misers.

[Trigger]

This is disgusting and pathetic by the suing party.

The reserve was $45k. An honest mistake was made hammering the horse for $15k.

To believe it is your right to capitalize on this mistake and get the horse at an undeserving discount is greedy, selfish, and self-aggrandizing

I hope they win the lawsuit, get the horse, and the horse doesn't make a single penny for them. Misers.

Was just a mistake?, auctioneer told one participant take as long as you want to make a bid.

That's a NO NO NO!

Calling it a mistake is giving them the auctioneer the benefit of the doubt.

The auction wasn't kosher.

Seller wasn't selling for $15k, not your money, if they don't want to be shorted....

Fucking crooked Harness racing!   

[Foalin at 4]

The horse is sold at the fall of the hammer to the man in the back! End of the story. The auction company will lose (unless this is heard before a democrat federal judge), but this is purely a state case. If the horse died leaving the auction block, the man in the back would have been on the hook.

[TICKIE TIME]

The Good Guy,that turned out to be not so good when this sale horses sire tested positive for flying testosterone. The case finally adjudicated. Holloway lost.I think Hot Lead found out they sold him a steroid stallion syndicate share and wants his money back. Why would this Val Dor back door and wait two months  to want the horse for free. The plot will untwist with ambulance chasing attorneys  and the not so good guy trainer. Who will get this sting from the "Perfect Sting?"

[mackdiver]

How about the sale company faking bids and walking the price to 44k? Happens all the time and is shady af

[Meadow Ford]

Where is the filly now?
Is it in training?

[Jazzman]

if they would post the reserve before hand this would never happen

[Trigger]

if they would post the reserve before hand this would never happen

Can't, likely wouldn't be competitive.

To the average person a race horse might not have any absolute value, like real estate, precious gems, art, classic cars...supply / demand and their respective market and the economy dictate.

Where as a pure 1 lb bar of gold has absolute value (spot price) in economic trading markets - reflects the same price for everyone in the world.

The auctioneer tries to estimate the fair market value (FMV) before hand.

If it is in line with the Reserve, then the bidding starts at the lowest, typically about 50% of that Reserve.

All of which is totally discretionary despite in line with industry standards.

[Brown jug]

wait, did someone say an honest mistake was made at an auction
now that would be a first
sales company ( david reid) should have acknowledged the mistake and given the seller the $30k difference
for all the money they make doing very little for the industry its the least they could do

[AgentQ]

wait, did someone say an honest mistake was made at an auction
now that would be a first
sales company ( david reid) should have acknowledged the mistake and given the seller the $30k difference
for all the money they make doing very little for the industry its the least they could do

Couldn't have said it better myself. The amount of sheninangans that goes on at two sales in particular is outrageous. Fathom bids are part of the fabric of sales, I've seen it hundreds of times where all of a sudden the 40K bid isn't real and they have to retreat back to 30K. And they don't care two shits if they get exposed from time to time as they have all the control. Just like the folks at OnGait selling all their broadmares now, they have changed the starting price already and it's only been a day. Nobody wants to bid on those things as they know those guys can see who bidding, how many clicks/views a particular mare has, and everything else that goes on behind the scenes. No fucking integrity in the game and I've see lots, including a certain horse being entered into a certain sale with a known heart defect. That sale company told the poor buyer 'too bad' when things went south a week after the sale. And that person had never sold one of their horses EVER at a yearling sale, so figure it out but know they washed their hands and got their lawyers to rewrite the sale agreement.

[The Answer]

The auctioneer is allowed to reopen the auction if there’s a tie bid. It’s going to come down to a legal decision if a reserve is a bid or not. Everyone at the auction knows there are reserves on some horses. Buyer beware.