• Your First Racehorse
• Planning Ahead
• Selecting Your Team
• Purchase Options
  • Public Auction
    • Before the Auction
    • During the Auction
    • After the Auction
  • Claiming
  • Private Transactions
  • Leasing
  • Partnerships
• Business Issues
• Costs of Ownership
• Entering Races
• Vet & Farrier Care
• Conformation
• Pedigrees
• Thoroughbred Retirement

Before the Auction: Preliminary Work

Time is precious at the sales. It is essential that you arrive as prepared as possible. The pre-sale work can often be more important than that done at the sale or on the grounds.

First, review the catalogue. A catalogue can be obtained from the auction company. It is generally available several weeks prior to the sale and is always complimentary. In addition to a horse's pedigree and hip number, the catalogue contains explanations of the Conditions of Sale -- the terms which control the sale's proceedings.

1. Complete the paperwork.

Establish credit. The first section of the catalogue contains information regarding payment, including sales tax requirements. To secure credit with the sales company, a credit application must be completed. If another party, such as your agent or trainer, will bid on your behalf, the Authorized Agent form must also be completed. Copies of both forms are contained in the catalogue.

Review the Conditions of Sale. Each condition should be read carefully and understood. Pay special attention to the warranties and the types of defects that enable buyers to rescind the purchase of a horse, as they differ from company to company and between the different ages of horses.

2. Select horses.

Study the catalogue and select, based upon pedigree, the horses in which you are interested. Nomination information is typically listed at the bottom of each catalogue page. Note, those nominated to state-bred programs and to the Breeders' Cup.

3. Meet with your consultants.

A team of professionals should greatly facilitate the sales purchase process.

• Assign responsibilities. Bidding arrangements, pre-purchase veterinary procedures, pedigree research and post-sale accommodations should be discussed for each horse identified. Each member of the team should fully understand their responsibilities.
• Devise a first-look list. The team should revise the preliminary list, adding to or eliminating horses in a manner consistent with your plan and budget. Keep in mind that the list is likely to be narrowed as each horse is physically inspected.
• Secure the services of a veterinarian. If a veterinarian is not already part of the team, consider consulting one to assist in the selection process. Fees should be discussed and agreed upon in advance.