Production Sales Question.

[Lizzie]

I have been watching the Reece Family production sales and the lovely horses offered there. I wonder though, if someone could explain to me how these sales work. (Or are they all different?)

For example, I thought the sale would go on until the end date and the highest bidder at that time, would win the horse if the reserve was met of course. I noticed today, that one horse is already sold and going to England. I know someone who was waiting to bid on that horse. Not me unfortunately. So do the consigners in these type production sales, just wait until they have had a bid which comes up to what they decided the horse was worth and then that high bidder is the winner, even if the end sale date is not yet reached? I have never watched these sales before, so could someone explain it all to me please?

Thanks.

Lizzie

 

[ruffian]

Legally an auction has to follow it's own rules. Unless the seller's noted that horses could be sold before the end of the auction, or has a "Buy it Now" price, they should not be able to mark it sold. Their rule #6 states: "Auction will run through the date and time determined and designated. All times will be governed by Eastern Standard time. We will post as prominently as possible." So if someone really wanted that horse, they would be able to protest or contest the sale.

The Little King sale currently going on is "make an offer," for each horse, so it's not an auction, it's an on-line sale. So they would be able to mark a horse sold if they agree on the price.

 

[valshingle]

Interestingly, 4 horses are listed as sold. I have no idea what that's about.

 

[WhiteTailsMinis]

Interestingly, 4 horses are listed as sold. I have no idea what that's about.

Where are you seeing sold? I just looked at both sales and don't see that. None on Reece auction says sold when I scroll through. They have the last bid (or opening bid) stated.

Are you sure you're on the auction page and not their regular sale page? They are two different things. Toni's been doing auctions a long time I can't see her not following her own rules she posted. She's always done a first class job at her sales. I just don't see any marked sold - and I'm watching that auction dozen times a day.

As for LKF, the previous post is correct in that it's first come first serve, not an auction. You make an offer and negotiate on the horse of your choice. They accept, or counter, or decline - whatever and if you both agree, they will mark it sold (that's my understanding anyway). If you don't act quickly, you can miss out as there is no deadline on the sale like an auction has. And looking at that page tonight, there is still the only one stallion marked sold that was the same yesterday.

Personally I'm waiting to see the rest of them posted before I decide on any, and will likely miss one of the ones on the page currently, that's the chance I'm taking.

I'm not fussing at all, I just don't see the same thing others are - I don't see any marked sold.

 

[WhiteTailsMinis]

To ensure you are on the auction page and not her website sale page ... this is the link:

http://www.whirlwindproduction.com/auction/reecefamilysale/

 

[minimomNC]

There were horses marked sold on the auction, the sold is now removed and I know I saw it on three horses myself. But again, those horses now do NOT have sold on them now.

 

[RockRiverTiff]

I saw it earlier today also. #31 is still marked sold (in the red information). I wonder if, on the other horses, they just meant to say that the reserve had been met?

 

[WhiteTailsMinis]

I saw it earlier today also. #31 is still marked sold (in the red information). I wonder if, on the other horses, they just meant to say that the reserve had been met?

That's how I missed it I guess. I was not looking in the red, but at the bottom where the bids are - where normally the sold would appear. I stand corrected sorry. I have scrolled again and see only the one. Not sure how its sold already as that bid could go really high - he's a fabulous colt and could go alot higher as I'm sure most folks are waiting till the last day of the sale to throw in their bids on their favorite hopefuls (heehee). Perhaps it's just a mistake.

 

[JMS Miniatures]

I went on there eariler this evening and I saw several marked down as sold as well. I was wondering if you could buy the horses now for their sale price but couldn't find any info on it.

 

[StarRidgeAcres]

I saw several on the AUCTION page earlier today marked as sold. I haven't looked since. I'm not sure its good business to do such a thing, but to each his own. The Reeces are smart folks so I'm sure they handled it exactly as they wanted.

 

[supaspot]

that looks like another fantastic sale with real quality horses ! you are all so lucky having all those beautiful horses to choose from (in both sales) and what a hard choice with so many great ones to choose from !!! I know we could still bid but the cost of quarantine , shipping and taxes makes them so much more expensive for us , there arent even any airlines that carry horses into Ireland , they have to go to the Uk or Europe first and then an added expense of a ferry to Ireland , I do think adding the prices/current bid make it easier... I mean how would you know how much to bid ? nobody wants to pay more than they have to in the current financial climate but you wouldnt want to offend with too low a bid either or risk missing out to a higher bidder

 

[LindaL]

#31 still shows as being sold and going to England.

Also, I think they added "Reserves" on their horses (at least noted as such after the auction started...I could be wrong, but I just don't remember reading that at the beginning of the auction...)

 

[kaykay]

I really think these online auctions are more like a silent auction verses a real auction.

 

[muffntuf]

Well I was wondering about that as well. There is a Reserve put on most of the horses and a bid is entered, but no bidder number. And some have the same verbage, but the bidder number that is currently winning is added next to the $$. So I take it the reserve not met is the beginning $$ with no bidder on it?

 

[~Lisa~]

being that it is a Auction on line or live it should go until the ending date if that is specified in the auction rules. I wonder if it is a computer glitch that when a horse reaches a res bid it marks it as sold?

Who knows I guess the only way to know for sure if you are interested would be to email Reece Family Miniatures and ask?

 

[Mulligans Run]

If there is no bidder number listed and there is only an amount, that is the starting bid you have to meet to start. The mention of reserve prices on the horse descriptions was already there at the beginning of the auction.

I am sure the rules will be modified for the next auction so that things are clearer. You are welcome to email myself, Toni or any auction owner if there are questions or concerns regarding the auctions.

 

[JMS Miniatures]

If there is no bidder number listed and there is only an amount, that is the starting bid you have to meet to start. The mention of reserve prices on the horse descriptions was already there at the beginning of the auction.

I am sure the rules will be modified for the next auction so that things are clearer. You are welcome to email myself, Toni or any auction owner if there are questions or concerns regarding the auctions.

Yes the reserves were already there. I really wish also they could just put down what they want as a reserve price.

 

[Reble]

Yes, the reserves where already there.

Years have changed when Auctions where Actions. NO Reserves.

I think when their is reserves might as well, give the price.

Too me this is not an Action, maybe change it to selling horses.

Not any different than selling private.

Sorry just my opinion.

At Grays Action for our minis, finally they have to bid up their own horses, no more reserves.

 

[Sandee]

Actually the "reserve" tells me that they believe the horse is "quality" and they're not going to "give it away". The reserve has to be held back because maybe the high bid will be close enough that they would take it or maybe the bids will go higher and go over the amount they feel necessary. So not listing the reserve doesn't bother me at all.

 

[ruffian]

The price listed is the starting bid. Just the place to start. A reserve is what they would like to sell the horse at, but they can change their mind and sell it for lower - it's their choice. Legally a reserve in a live auction means that the seller does not HAVE to sell an item for less than that amount. If there's not a reserve, then whatever is bid is the selling price and the seller has to sell the item to the bidder.

So if I have a Kangaroo for sale, and I want to sell him at auction, I can set the starting price at $500, with a reserve of $5,000. So if someone bids $500, I don't HAVE to sell him at that price. However, if someone bids $5,000 (my reserve) I am legally bound to sell it. If someone bids $4,900, I can CHOOSE to sell it, but don't have to.

That's why reserve prices aren't usually listed.