NY Sale Company Voids Purchase of Horses

Credit was not properly established for purchases Oct. 12.

The New York Breeders’ Sales Company voided the purchase of a number of horses that sold during the Oct. 12 Fall Breeding Stock Sale in Saratoga Springs, N.Y., after it was determined the buyer of those horses failed to properly establish credit.

According to statistics compiled by The Blood-Horse at the close of the Oct. 12 auction, Susan Blais spent $171,000 for eight weanlings and one broodmare.

Todd Venetz, New York Breeders’ Sales Company general manager, said he could not comment on the situation, but did state only seven horses were involved and not nine. He could not provide details, such as the hip numbers of the seven horses involved or the total amount spent on the offerings. He also said he could not comment on whether or not the horses were returned to their consignors.

Venetz referred questions to the sale company’s legal counsel, Greg Garoholo, who declined to comment except to say the situation has now been resolved.

The Blood-Horse is now reporting the one-day sale grossed $1,408,850 from 138 horses sold. The average was $10,209.06 and the median $5,000.

According to the New York Breeders’ Sales Company’s conditions of sale, payment is required at the drop of the hammer, unless credit has been extended in advance. If the buyer’s account is not paid in full within 15 days of sale, the buyer is required to pay the auction company a service charge of 2% per month on the unpaid balance of the account, from the date of sale until paid.

The conditions of sale also state that should a buyer fail to comply in any respect with the conditions of sale, the sales company,  in its absolute discretion pursue any remedy available to it against the defaulting buyer, including, but not limited to, taking possession of the horse or reselling the horse either publicly or privately.