This blog outlines the advantages and disadvantages of buying a horse at auction and how to prepare yourself for buying a horse at auction, as well as your rights if you discover the horse you purchased isn’t suitable.
What are the advantages and disadvantages of buying a horse at auction?
Advantages:
- For sellers it is a fairly quick and easy process
- For buyers you often save money compared to a private sale and there is often a wide range of horses in one place, rather than having to visit a number of individual sellers
Disadvantages:
- There is more risk of buying a horse that is unsuitable for your needs. You have less opportunity to trial the horse and assess its behaviour and/or physical soundness.
- You have to make a decision about whether to buy straightaway, unlike a private sale where you can consider the purchase for a day or two
What should I do before buying a horse at auction?
If you are looking to buy a horse it is important to be prepared before going to auction:
- Read the auctioneer’s terms and conditions on their website or in their catalogue so you know your rights and limits if there are problems with the horse you purchase. There often aren’t the typical consumer rights protections such as a ‘cooling off’ period when buying second hand items at auction, so it’s important to know whether you will be able to pull out of the sale if the horse is not right for you.
- If you are going to an international auction, be aware of the law in that jurisdiction for the contract you are entering in to, as it could be different to English laws-check the auctioneer’s terms and conditions as these often contain a jurisdiction clause.
- Consider how much you are willing to bid and check which payment methods the auctioneer accepts.
- Check whether there are any additional fees to be paid on top of the hammer price, such as an auctioneer’s fee or a cost for having the horse vetted on site, and whether this is subject to VAT. The auction catalogue or auctioneer’s website should detail any additional fees to pay.
- Arrive at the auctioneer’s premises early-this will give you time to register as a potential buyer and inspect your lot.
- If you see a horse that you are interested in buying, make sure that you do a physical inspection of the horse, including asking the vendor for it to be run out or ridden if it is backed.
- Ask to see the horse’s passport before you make a bid and check that the passport matches the horse you wish to bid on. Most auctions will only allow a horse entry after scanning the microchip and ensuring the number accords with the number in the passport.
- You could also ask for a vet to inspect the horse; in some cases, veterinary inspections will be available at the auction site, or the seller may have had the horse vetted prior to the auction. A veterinary inspection is especially important if you are buying the horse by phone or through an online auction.
What should I take with me to the auction?
It is recommended to take an experienced friend or trainer with you to provide a second opinion before you make a bid.
In the event that you do buy a horse, you will need to have transportation ready to get it home, so take a trailer with you if you have one, along with hay and water.
What should I do after buying a horse at auction?
Since the horse is your responsibility once you have purchased it, if you do not have transportation to get the horse home you will need to organise some. Horse auctions usually have good transport companies in attendance; however it is useful to do some research in advance of the auction so that you know which laws apply, who is liable if the horse injures itself in transit, and the appropriate insurance is in place.
How can I protect myself if the horse I purchase isn’t suitable?
We would advise you to retain all information you are given about the horse you are interested in purchasing-including the description in the catalogue or online, and recording the horse whilst it is in the sales ring as well as recording the auctioneer’s description and declarations about the horse. As a result, if you need to bring a claim this information and these recordings may form proof that false statements were made about the horse or it is not as described.
If you need further advice on buying a horse at auction, please contact our Equine Law team on 03456 465 465 or email enquiries@rotherabray.co.uk
Disclaimer: This blog is for information only and does not constitute legal advice. If you need legal advice please contact us on 03456 465 465 or email enquiries@rotherabray.co.uk to get tailored advice specific to your circumstances from our qualified lawyers
