Reserve Prices at CTS

www.sportingpost.co.za/2014/02/05/mailbag/case-value/

I found this interestting - especially the response by the COO

All lots weren't subject to a reserve price but subject to a minimum bid of 50k......it's the sellers prerogative if he wants to put a reserve down before the bidding starts on his lot.

WESTERN EXPLORER Wrote:

---

> All lots weren't subject to a reserve price but
> subject to a minimum bid of 50k......it's the
> sellers prerogative if he wants to put a reserve
> down before the bidding starts on his lot.


Of course it is the sellers prerogative to put a reserve price on a lot, but that's not the point - as I understand it, based on the information in the letter, reserve prices MUST be displayed / annouced - and they were not :S

Frodo Wrote:

---

> WESTERN EXPLORER Wrote:
>

---

>

---

> > All lots weren't subject to a reserve price but
> > subject to a minimum bid of 50k......it's the
> > sellers prerogative if he wants to put a
> reserve
> > down before the bidding starts on his lot.
>
>
> Of course it is the sellers prerogative to put a
> reserve price on a lot, but that's not the point -
> as I understand it, based on the information in
> the letter, reserve prices MUST be displayed /
> annouced - and they were not :S

I'm not so sure here - I think what must be announced is that you have put a Reserve on your horse but that price does not have to be disclosed. When I auction items on a local Auction site a letter "R" comes up to inform the bidder I have a reserve but my price is not shown-

mr hawaii Wrote:

---

> Frodo Wrote:
>

---

>

---

> > WESTERN EXPLORER Wrote:
> >
>

---

>
> >

---

> > > All lots weren't subject to a reserve price
> but
> > > subject to a minimum bid of 50k......it's the
> > > sellers prerogative if he wants to put a
> > reserve
> > > down before the bidding starts on his lot.
> >
> >
> > Of course it is the sellers prerogative to put
> a
> > reserve price on a lot, but that's not the point
> -
> > as I understand it, based on the information in
> > the letter, reserve prices MUST be displayed /
> > annouced - and they were not :S
>
> I'm not so sure here - I think what must be
> announced is that you have put a Reserve on your
> horse but that price does not have to be
> disclosed. When I auction items on a local Auction
> site a letter "R" comes up to inform the bidder I
> have a reserve but my price is not shown-


Yip, read the CPA extract again and that seems to be correct - so the 'disagreement' is about whether this fact (and also the 'bidding by vendor / auctioneer') was being displayed , maybe the author of the letter just did not see the notice :S

Frodo Wrote:

---

> mr hawaii Wrote:
>

---

>

---

> > Frodo Wrote:
> >
>

---

>
> >

---

> > > WESTERN EXPLORER Wrote:
> > >
> >
>

---

>
> >
> > >

---

> > > > All lots weren't subject to a reserve price
> > but
> > > > subject to a minimum bid of 50k......it's
> the
> > > > sellers prerogative if he wants to put a
> > > reserve
> > > > down before the bidding starts on his lot.
> > >
> > >
> > > Of course it is the sellers prerogative to
> put
> > a
> > > reserve price on a lot, but that's not the
> point
> > -
> > > as I understand it, based on the information
> in
> > > the letter, reserve prices MUST be displayed
> /
> > > annouced - and they were not :S
> >
> > I'm not so sure here - I think what must be
> > announced is that you have put a Reserve on
> your
> > horse but that price does not have to be
> > disclosed. When I auction items on a local
> Auction
> > site a letter "R" comes up to inform the bidder
> I
> > have a reserve but my price is not shown-
>
>
> Yip, read the CPA extract again and that seems to
> be correct - so the 'disagreement' is about
> whether this fact (and also the 'bidding by vendor
> / auctioneer') was being displayed , maybe the
> author of the letter just did not see the notice
> :S

Look I for one think they would save masses of time if they did announce the Reserve price - With my online Auction site the reserve may not be more than 20% higher than your starting price(bid) so you have an idea what the Reserve is

If you ask me they are breaching their own rules

hibernia Wrote:

---

> If you ask me they are breaching their own rules


The rule is a Statutory Law I think that covers Auctions(the CPA Act I think) - You must tell the buyer that you have placed a reserve but I don't think you have to disclose the Reserve

All lots weren't subject to a reserve price but subject to a minimum bid of 50k......


What is the difference to that, or saying there is a 50K reserve (at least) on all horses?.......:S



Mac Maharaj. would have loved that statement........

Mr H, I love the idea of the starting bid being not more than 20% lower than the reserve. Hate the time wasting when the Auctioneer starts at R300000 say and then drops to R20000/R50000 and then goes all the way back to R300000+.:S

Craig Eudey Wrote:

---

> Mr H, I love the idea of the starting bid being
> not more than 20% lower than the reserve. Hate the
> time wasting when the Auctioneer starts at R300000
> say and then drops to R20000/R50000 and then goes
> all the way back to R300000+.:S


WHY NOT JUST ANNOUNCE THE RESERVE before every lot and starting price there?

The sales would take an hour and a half then Hibs....... people need more time to run around getting trainers to bid up horses that they have no intention of buying