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Originally Posted by Rupert Pupkin
The final bid is often times not even real. There's so much funny business going on that you don't know if the bids were real or not. Sometimes there is one legitimate bidder like in the previous example I gave. Let's suppose you were the legitimate bidder in the previous example. Your final bid was $220,000. you thought that you got outbid by a real person that bid $230,000. Then you go check to see who bought the horse and you see that it says $230,000 RNA(Not Sold). At that point, you realize that you were bidding aginst the reserve. In a case like that, you can go the consignor and make him an offer. The consignor knows that there were no live bids other than you. At this point, maybe you offer him $190,000 for the horse and see if he will take it.
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sounds kinda crappy!! ....of course you'd think most breeders wouldn't set an unrealistic reserve price, as they don't want to take horses home--not good for future business.
thanks for putting that up there, good to know--and i don't think anyone can ever know too much.