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Discussion on How Auctions Work
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Posted on Wednesday, May 31, 2000 - 12:33 pm:
Auctions
I've had some questions about auctions lately; so here's a short primer.
(1) The sale is done when the hammer comes down or similar action like "Sold". This forms the contract as the auctioneer accepts your offer.
(2)Sale is final.
(3) Unless, auction is "no sale" which gives the seller the option to accept or reject the bid after the auctioneer's "sold" indication. In this case, the seller MUST withdraw the sale BEFORE the horse leaves the ring.
(4) Auctions "with reserve" or "without reserve" have different meanings. Once bidding has begun in a "without reserve" auction the horse gets sold to the highest bidder. "With reserve" the seller can withdraw the horses from the sale.
(5) When sellers bid up the prices of their own horses...They can do that IF they reserve the right to do so and gives notice of the reservation of right.
If the seller doesn't give notice, the auctioneer is barred from unknowingly accepting bids by the seller or seller's agent.
(6) When buyer suspects seller had bid up his own horse without notice, he can rescind the sale, so long as its done timely.
(7) Standard warranties of good title and free of communicable diseases and auction company has right to withhold certificates until full payment is tendered. But read the fine print, there are exceptions.
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