Horse Auctions and the CPA

Anybody know if you are protected against shill bidding under the CPA?

....and what about a cool off period for buyers remorse....:S

And is there some sort of Gamblers' Anonymous for those poor souls that buy horses at the public auction that wind up with a horse that cannot run that would explain to them the risks inherent in being hooked on owning racehorses?

And is there any insurance to protect buyers from buying lousy horses that they thought were good but really cannot run a lick?

Horse buying has always been a risky affair but now if you feel that you got "handled" and find out that the bidding process was flawed or you were bidding against a ghost. bidder you can now reverse the sale... mmmm

Hi all

See legalities pertaining to auctions recetnyl released

part 2 tofollow in enxt message

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part2

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So - in terms of these docs the reserve price can be set by a breeder and he/she does not have to disclose the reserve. It seems that the TBA conforms to most of these requirements - maybe one or two small changes.

The interesting aspect of this legislative requirement is that a 'paddle or other device to which the bidder number is attached' must be displayed when making bids.

I have long argued that this requirement should have been introduced years ago as it will quickly stop auctioneers plucking non-existent bids out of thin air in order to run up prices into the price category that vendors were hoping to attract.

Although cynics might argue that there is nothing to stop interested parties still planting registered 'bidders' at the venue to bid up horses it will enable other competitive bidders to check the identity of these bidders with the auctioneer and quickly determine what their real role might be once they are seen to habitually bid on horses from only one (or selected) vendors.

Obviously caution, common sense and tactics will still be required but this requirement goes a long way towards eliminating the uncomfortable feeling one often gets that a legitimate bidder is often in competition with any one of either the auctioneer, breeder or representative of the breeder/owner.

I am open to correction but it may now also be illegal to accept bids from 'out the back' as it is a requirement that competitive bidders are able to see the paddle of the other bidder. So unless CCTV is able to successfully zoom in on that bidder it is likely that all bids will have to be made from within the auction hall in full view of all participants.

This can surely only be good for legitimate buyers.

Using this system will make a two day sale last two weeks. Auctioneers pluck phantom bids out of the air to speed things up. Who wants to wait while people bugger around bidding with paddles at 20 or 50k when the reserve is 200k? We'll need to bring sleeping bags.

.....Gotta wonder when certain bloodstock agents start chasing up bids.... at what point are they bidding on behalf of the farm....and when does the price really become the buyers territory

mr magic if reserve is R200000 why would any body with a half brain start any where below this? auction over in half the time and no waste time looking at R200000 horse when the budget is R100000

F H, that is what I asked for or close to it at the beginning of this thread to help the smaller buyer and save time but some of the bigger players with unlimited money and time did not like the idea. It would speed things up and more buyers would attend and possibly buy. It would also make the sale far more transparent as at the moment it is like trying to understand what is happening in the middle of a Super 15 scrum! It is extremely boring to some of the new clients that I have tried to introduce to sit there for 4 mins or so for 1 horse where the bidding eventully comes down and starts at R20000 then the horse is sold(possibly) for R500000.It probably had a reserve of that anyway.