2022 Keeneland September Sale

[Flanders]

There’s more-Apparently he did the same things at the Goffs sale in Sept where he bought 2 horses for millions then did not pay.

OK, I'm confused. And likely because I'm certifiably dumb on things like this! But how does one bid millions of dollars at an auction, sign the tickets, and then NOT pay for the purchases? I honestly thought that the buyer has to take possession of his or her new horses within a certain number of hours after the sale. So, how does the physical transfer of custody of the horses take place in that timeframe without the funds being wired from the buyer's bank account to the sales company account? This guy has to have a line of credit established prior to the sale, or he wouldn't be permitted to bid, right?

If he is a repeat offender, what possible gain does he make by doing this? It just doesn't make any sense to me! Somebody help me!!

While horses are supposed to be paid for within an hour at Keeneland, they do let some buyers, "buy on credit" and they get 14 days to pay in full. I don't feel like pulling Tattersalls Conditions of Sales again but they did they same, though I think the time to pay might have been 30 days. Both these yearlings auctions were in September so neither auction company knew he wasn't going to pay.
He doesn't gain anything, he only loses. Because he has to pay back the difference either way. So if his winning bids were $5 million but now the horses only sell for $2 million, he still has to pay $3 million + other costs.

[Missbeholder]

There’s more-Apparently he did the same things at the Goffs sale in Sept where he bought 2 horses for millions then did not pay.

OK, I'm confused. And likely because I'm certifiably dumb on things like this! But how does one bid millions of dollars at an auction, sign the tickets, and then NOT pay for the purchases? I honestly thought that the buyer has to take possession of his or her new horses within a certain number of hours after the sale. So, how does the physical transfer of custody of the horses take place in that timeframe without the funds being wired from the buyer's bank account to the sales company account? This guy has to have a line of credit established prior to the sale, or he wouldn't be permitted to bid, right?

If he is a repeat offender, what possible gain does he make by doing this? It just doesn't make any sense to me! Somebody help me!!

While horses are supposed to be paid for within an hour at Keeneland, they do let some buyers, "buy on credit" and they get 14 days to pay in full. I don't feel like pulling Tattersalls Conditions of Sales again but they did they same, though I think the time to pay might have been 30 days. Both these yearlings auctions were in September so neither auction company knew he wasn't going to pay.
He doesn't gain anything, he only loses. Because he has to pay back the difference either way. So if his winning bids were $5 million but now the horses only sell for $2 million, he still has to pay $3 million + other costs.

Well, at least I know that I'm not completely clueless about how things work! Thanks Flanders!

Now, about this guy. If he can't really benefit financially from pulling this stunt repeatedly, then the only assumption to make is that he's got a major screw loose! Maybe he just gets off by calling attention to himself by bidding millions and signing the tickets. Sounds crazy, I know, but well.........I guess that's what I'm suggesting!

[Flanders]

OK, I'm confused. And likely because I'm certifiably dumb on things like this! But how does one bid millions of dollars at an auction, sign the tickets, and then NOT pay for the purchases? I honestly thought that the buyer has to take possession of his or her new horses within a certain number of hours after the sale. So, how does the physical transfer of custody of the horses take place in that timeframe without the funds being wired from the buyer's bank account to the sales company account? This guy has to have a line of credit established prior to the sale, or he wouldn't be permitted to bid, right?

If he is a repeat offender, what possible gain does he make by doing this? It just doesn't make any sense to me! Somebody help me!!

While horses are supposed to be paid for within an hour at Keeneland, they do let some buyers, "buy on credit" and they get 14 days to pay in full. I don't feel like pulling Tattersalls Conditions of Sales again but they did they same, though I think the time to pay might have been 30 days. Both these yearlings auctions were in September so neither auction company knew he wasn't going to pay.
He doesn't gain anything, he only loses. Because he has to pay back the difference either way. So if his winning bids were $5 million but now the horses only sell for $2 million, he still has to pay $3 million + other costs.

Well, at least I know that I'm not completely clueless about how things work! Thanks Flanders!

Now, about this guy. If he can't really benefit financially from pulling this stunt repeatedly, then the only assumption to make is that he's got a major screw loose! Maybe he just gets off by calling attention to himself by bidding millions and signing the tickets. Sounds crazy, I know, but well.........I guess that's what I'm suggesting!

Stuff can happen. I'm not sure he wanted to not pay but financial issues can arise out of the blue. As I said elsewhere when the Tattersalls non-payments were announced, this isn't the first time something like this has happened. It just doesn't happen very often, the only other time I remember is back in 1996. The buyer bid on horses, in the meantime there was a boardroom coup and he couldn't pay. He did pay the difference though and apologized profusely. He was allowed to bid on horses again because he made right the situation. And a few years later, won the Kentucky Derby.