First time Keeneland sales...

[SG4]

Sorry for a thread mini-hijack, but since we're on the topic of the sales & reserves with some people involved, perhaps someone can comment on this for me - so there was the whole deal with the horse who "sold" for $1.9 million but ended up as an RNA due to what Mandy Pope says was a clerical error on her end as seller. So all the quotes afterwards were about what a screw up this was & she's distraught & what are they going to do with the horse etc etc....why doesn't she go to the guy with the winning bid, say my bad, and sell it to him for the same price or maybe throw in like an 100k discount for the oops. What else is involved here to prevent this from just being an easy fix for the party who wanted to sell & the party who wanted to buy at this price?

[Saratoga_Mike]

Originally Posted by SG4

Sorry for a thread mini-hijack, but since we're on the topic of the sales & reserves with some people involved, perhaps someone can comment on this for me - so there was the whole deal with the horse who "sold" for $1.9 million but ended up as an RNA due to what Mandy Pope says was a clerical error on her end as seller. So all the quotes afterwards were about what a screw up this was & she's distraught & what are they going to do with the horse etc etc....why doesn't she go to the guy with the winning bid, say my bad, and sell it to him for the same price or maybe throw in like an 100k discount for the oops. What else is involved here to prevent this from just being an easy fix for the party who wanted to sell & the party who wanted to buy at this price?

She'd need to find the last legit high-bidder. I had this happen at the OBS sale about 15 years ago. I wanted to bid on a low-end filly. I didn't think there was much interest in her. I went into the auction, thinking I'll buy her for $5k max. The bidding went to $27k, which I thought was crazy. I walked out of the auction and the consigner ran after me, asking "are you still interested in buying her?" I said yes, but not for $27k. He said the RNA was put in the system incorrectly. He wanted it set at $2,700, not $27,000. I offered him $2,500 and he took it. I suspect the seller (Pope) could do the same thing in this case, assuming the interested parties emerged after the RNA mix-up.

[ReplayRandall]

Originally Posted by Saratoga_Mike

She'd need to find the last legit high-bidder. I had this happen at the OBS sale about 15 years ago. I wanted to bid on a low-end filly. I didn't think there was much interest in her. I went into the auction, thinking I'll buy her for $5k max. The bidding went to $27k, which I thought was crazy. I walked out of the auction and the consigner ran after me, asking "are you still interested in buying her?" I said yes, but not for $27k. He said the RNA was put in the system incorrectly. He wanted it set at $2,700, not $27,000. I offered him $2,500 and he took it. I suspect the seller (Pope) could do the same thing in this case, assuming the interested parties emerged after the RNA mix-up.

It's just the same ol' song and dance. Had almost exact scenario happen to me in 1983. A friend had it happen to him just last year....Some things never change, especially when the auction is playing the "phantom" bid game.

[SG4]

Are reserves announced before bidding starts, or is that only known to people who ask the seller direct? Why doesn't bidding just start at the reserve price instead of wasting everyone's time with bids that won't matter?

[Saratoga_Mike]

Originally Posted by SG4

Are reserves announced before bidding starts, or is that only known to people who ask the seller direct? Why doesn't bidding just start at the reserve price instead of wasting everyone's time with bids that won't matter?

No, they aren't announced before bidding starts. The auction atmosphere creates excitement and momentum, which allows the price to more easily exceed the reserve than just announcing it upfront.

[SG4]

Originally Posted by Saratoga_Mike

No, they aren't announced before bidding starts. The auction atmosphere creates excitement and momentum, which allows the price to more easily exceed the reserve than just announcing it upfront.

Figured the show part of it was an important deal, especially when you hear all the stories of bidders who couldn't help themselves in going wildly over budget. Do the auctioneers know the reserve and does that guide them in where to begin to ask for opening bids?

[Saratoga_Mike]

Originally Posted by SG4

Figured the show part of it was an important deal, especially when you hear all the stories of bidders who couldn't help themselves in going wildly over budget. Do the auctioneers know the reserve and does that guide them in where to begin to ask for opening bids?

Yes they know the reserve, and I assume it dictates their opening bid (but I've never asked). The auctions are open to the public. If you're ever in Ocala, Saratoga or Lexington (and other places) around auction time, you should stop in.

[Cholly]

Originally Posted by SG4

Sorry for a thread mini-hijack, but since we're on the topic of the sales & reserves with some people involved, perhaps someone can comment on this for me - so there was the whole deal with the horse who "sold" for $1.9 million but ended up as an RNA due to what Mandy Pope says was a clerical error on her end as seller. So all the quotes afterwards were about what a screw up this was & she's distraught & what are they going to do with the horse etc etc....why doesn't she go to the guy with the winning bid, say my bad, and sell it to him for the same price or maybe throw in like an 100k discount for the oops. What else is involved here to prevent this from just being an easy fix for the party who wanted to sell & the party who wanted to buy at this price?

(http://www.bloodhorse.com/horse-raci...-9-million-rna)

sort of hints at the "bidders" who ran the price up to one-point-nine being shills; question is who employed them: Pope or Keeneland?

[outofthebox]

Bodiemiester colt #2813 going @30 min. Limited interest as he is a late foal and on the small side.. Unless something freaky happens, we'll probably bring him home to race.

[thespaah]

Originally Posted by Saratoga_Mike

Yes they know the reserve, and I assume it dictates their opening bid (but I've never asked). The auctions are open to the public. If you're ever in Ocala, Saratoga or Lexington (and other places) around auction time, you should stop in.

auctions are fun. I have been to a few at Meadowlands and at Saratoga...
I remember the first one I went to. I was afraid to scratch my head thinking someone would think I made a bid. What did I know....LOL

[outofthebox]

Originally Posted by outofthebox

Bodiemiester colt #2813 going @30 min. Limited interest as he is a late foal and on the small side.. Unless something freaky happens, we'll probably bring him home to race.

Well, we put a reserve of 125k and the last live bid was 95k, so he is coming home to La..A very nice sale for us totaling 430k with the two we sold.

[JustRalph]

Originally Posted by outofthebox

Well, we put a reserve of 125k and the last live bid was 95k, so he is coming home to La..A very nice sale for us totaling 430k with the two we sold.

Keep us up to date on how he races👍

[outofthebox]

Originally Posted by JustRalph

Keep us up to date on how he races👍

Will do. Probably break him in Nov and bring to track next summer. He is a may foal..No hurry...

[Tall One]

Originally Posted by Saratoga_Mike

Yes they know the reserve, and I assume it dictates their opening bid (but I've never asked). The auctions are open to the public. If you're ever in Ocala, Saratoga or Lexington (and other places) around auction time, you should stop in.

First, congrats, outofthebox...!

And to go along with Mike's post, I'd recommend looking to see if any of the area farms might be having an "Open House" that usually coincide with the sales, and particularly before breeding season.

These are a bit more detailed than the normal farm tours, and worth the effort.