do we do our horse auction legal?

good luck for all the clan who try buy the horse today i think you have big job to beet the guy who now who the hottie are but never any garentee in these game. today in the citizen news paper in the auction department is the very interesting article about the laws of auction. one thing that i see and i wonder does these happen with our auction is it say if no reserve price is set and announce then no vendor buyback can take place. perhaps these is now change but 2 year ago i go to auction in germiston and never no reserve is announce on any horse. do any one now what is the story?

Buyers that regularly attend public auctions internationally are acutely attuned to the verbiage of the auctioneers.

When an announcer says "He's on the market now," or "he's been on the market all along," bidders know what this means.

barry once again i respect what you say but i do no talk of international auction. if a law of a country is in place then surely even you must agree that law have to be respect? so if a horse have the reserve price in south africa no lexington kentucky, then these must be made the public knowledge or the vendor he can no buy back. i ask if these is happen hear is the simple question

By law every vendor can have up to three bidders bidding on their horses.
Vendors do not have to set a reserve price.
Vendor buy backs is a concept from Europe we introduced to give transparency.

tom please read the citizen article in today paper. it say diferent to what you say

Bloodstock SA Wrote:

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> By law every vendor can have up to three bidders
> bidding on their horses.
> Vendors do not have to set a reserve price.
> Vendor buy backs is a concept from Europe we
> introduced to give transparency.


The very notion that THREE bidders can push a price up on behalf of a vendor is in bad taste and any normal person that wishes to buy a horse that does not know how auctions are manipulated in South Africa will run a mile if they see this. This is WRONG - Online auction sites like EBAY and Bid Or Buy outlaw such actions - Shill bidding is paramount to fraud as your intention is to deceive the buyer and not to buy the horse!! Announce your reserve and move on

LINK

Sometimes I wish South Africa would start acting like a First World Country!!

mr hawaii Wrote:

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> Bloodstock SA Wrote:
>

---

>

---

> > By law every vendor can have up to three
> bidders
> > bidding on their horses.
> > Vendors do not have to set a reserve price.
> > Vendor buy backs is a concept from Europe we
> > introduced to give transparency.
>
>
> The very notion that THREE bidders can push a
> price up on behalf of a vendor is in bad taste and
> any normal person that wishes to buy a horse that
> does not know how auctions are manipulated in
> South Africa will run a mile if they see this.
> This is WRONG - Online auction sites like EBAY and
> Bid Or Buy outlaw such actions - Shill bidding is
> paramount to fraud as your intention is to deceive
> the buyer and not to buy the horse!! Announce your
> reserve and move on
>
> LINK
>
> Sometimes I wish South Africa would start acting
> like a First World Country!!


Agree Mr H, I also never knew a Vendor could have 3 bidders pushing up their prices, so if they don't get the bid from the public they want they just buy it back. I will certainally never by a horse on one of these sales again. :

Ghost bidders are found on every auction it is a unfortunate fact which creates a skew picture of the market buy backs should be banished a every item or animal on a auction have known market value even before auction

Our auctions are reserve auctions that as stipulated in the Consumer Protection Act (CPA), can have the auctioneer bidding up to that reserve price. The vendor may also directly, or through his agent, buy his own horse back.
We make these announcements from the rostrum just before the sale starts and these conditions are in our Conditions of Sale.
We use Vendor Buy Backs (VBB ) for transparency and also not to inflate the actual sales figures. Vendor Buy Backs are shown as 0 value so as not skew vendor, stallion and our sales statistics. We feel this gives a truer reflection of the sale as a whole which benefits buyers and vendors.

Me thinks so what if a vendor buys back. An ingenious way to qualify a well bred/well conformed horse to an exclusive race.

If you think a particular lot is a buy-back just watch the charade or go for a beer.

Buy-back's are a great way to disslve a partnership.

But yes a waste of time for the other bidders. And why are'nt reserve prices advertised? This will save time from the other bidders wasting their time.

This does not happen at any horse auction anywhere in the world.
Most reserve prices are decided as the horse enters the ring and is a factor of the how the sale is going at that time.
We feel we are being as transparent as possible as outlined above.
An experienced bidder will work out what is happening early on in the bidding and bid accordingly.