During the Auction: Duties at the Sale
For maximum efficiency, be well-organized and stay focused on your
objectives.
1. Inspect the horses.
Physically inspect the horses on your first-look list. To avoid
confusion, take notes and assign a grade on the corresponding
catalogue page. Based upon the inspections, it is quite probable
that you will further cull the list of potential purchases to a
short list. Inspect your final candidates several times. Don't be
afraid to go back for a second or third look.
2. Consider performing pre-purchase veterinary examinations.
Depending upon the degree of interest in a horse on the short list,
your budget, and the estimated sales price, you may wish to have a
veterinarian perform a pre-purchase exam. Such an examination may
include x-rays, an endoscopic exam and a physical exam.
On occasion, a veterinary examination may be required by the sales
company before a horse is accepted or offered for sale. The type of
examination required can be found in the Conditions of Sale. If a
consignor offers x-rays and/or other test results, such as
endoscopic exams, for your review, be certain to inquire as to the
age of the information, as the information only has value if it is
truly recent. Remember, horses are not machines, their physical
condition can change overnight.
3. Bid.
It is easy to get caught up in the excitement and atmosphere at a
sale. Do not permit yourself to get carried away when bidding. It is
imperative that you follow your initial plan and stay within the
identified budget. Bid only on horses on the short list, exercise
control and stay within the pre-determined price limit for that
horse.
Remember, both title and risk pass at the fall of the hammer. The
buyer becomes totally responsible for the horse and its actions at
that moment.
After the Auction: Post-Sale Procedures
Successful bidders must make the necessary arrangements for the
board and care of their purchases. This includes purchasing
insurance, where appropriate, making payment and securing
transportation and boarding accommodations.
1. Make payment.
Payment should be consistent with the arrangements made with the
sales company. If credit was not established prior to the sale,
payment is generally due within 30 minutes of the fall of the
hammer. It is not uncommon for consignors to continue to care for
the horse while the buyer makes settlement with the sales company
and secures transportation services. Ensure this is the case by
asking the consignor. Upon settlement, buyers will be given a stable
release and later the proper Jockey Club Registration Certificate
from the sales company.
2. Remove the horse from the sales grounds.
Van companies have representatives at almost every sale. Select a
carrier and provide them with a copy of the stable release. The
carrier will need that form to remove the horse from the grounds.
Note: Taking possession
constitutes delivery and acceptance. Consequently, it is imperative
that, prior to removal of the horse, a veterinarian examine the
animal as to the conditions warranted in the Conditions of Sale.
Persons purchasing mares in-foal should confirm their pregnancy
status. Under most Conditions of Sale, the purchaser's right to
rescind a sale is prefaced upon a veterinary examination occurring
on the grounds.
