AUCTION TERMS FOR SELECTED SALES LIVE AND ONLINE AUCTIONS
1. General
1.1 Selected Sales, operating under the Danish company Manager Group ApS with registration number 43 86 20 49, offers auctions (“Selected Sales”) of yearlings, broodmares, racehorses, breeding rights, and stallion shares. The following are Selected Sales’ auction terms for the online auction, where bids are placed exclusively on Selected Sales’ website www.selectedsales.com, which is an electronic auction site and online marketplace on the internet. These auction terms (“Terms”) serve as standard terms for buyers and sellers participating in an auction organized under the Selected Sales brand.
1.2 In these terms and conditions, “Seller” refers to the owner or the owner’s representative of the horse to be sold at auction. “Buyer” refers to the person who acquires a horse at auction, either on their own behalf or through a representative.
1.3 In addition to what is required by mandatory Danish law, these terms shall comprehensively regulate the relationship between Selected Sales, the buyer, and the seller.
2. Relationship Between the Parties
2.1 Selected Sales facilitates the transfer of a yearling, racehorse, broodmare, stallion share, or breeding right from the seller to the buyer and acts as a mediator of the purchase. Therefore, the relationship exists solely between the seller and the buyer.
2.2 Selected Sales is not responsible for any information provided by the seller or buyer, such as personal information or information about horses.
2.3 It is the seller’s and buyer’s responsibility to complete the purchase by making the payment, transferring the horse, etc., in accordance with these terms.
2.4 Any complaint regarding the purchase must be directed from the buyer to the seller. The buyer thus accepts that any claims related to the purchase are directed against the seller and not against Selected Sales.
2.5 Any dispute related to a purchase must be handled directly between the seller and the buyer.
3. The Relationship Between Selected Sales and the Seller
3.1 Registration of a horse and a binding minimum price bid for the auction must be submitted by the seller to Selected Sales no later than 4 days before the auction or as agreed between the seller and Selected Sales. Subsequent registration is only possible if auction slots are available.
3.2 Selected Sales reserves the right to inspect and select among the registered horses.
3.3 The seller’s registration fee is EUR 0, with a commission of 5% of the sales price, which Selected Sales deducts when settling the sales price with the seller.
3.4 A withdrawal commission applies only if the seller withdraws the horse, even though the binding minimum price bid has been met at the auction. In such cases, the seller must pay a withdrawal commission of 5% to Selected Sales. It is the seller’s responsibility to submit a binding minimum price bid to Selected Sales before the auction. If a minimum price bid is not submitted in writing, and the horse is subsequently sold, the seller has no claim against Selected Sales, regardless of the sales price achieved.
3.5 If the minimum price bid is not met at the auction, the seller will not be charged any registration fee, sales commission, or withdrawal commission.
3.6 The seller is responsible for the information provided about the horse to Selected Sales and the buyer and is solely responsible for any errors or defects in the horse.
3.7 The seller is responsible for ensuring that veterinary certificates, inspection reports, x-rays, and other relevant documents are made available either on Selected Sales’ website and/or to the buyer and is solely responsible for any errors or defects in this documentation.
3.8 The seller understands that Selected Sales does not verify the bidders’ identities or ability to pay when bidding. Selected Sales is not responsible if the bidder withdraws or otherwise fails to meet their payment obligations before the purchase agreement is reached.
3.9 If the seller and buyer agree to an extended payment deadline outside of these terms, Selected Sales will invoice the seller for all the buyer’s costs to Selected Sales, including but not limited to purchase commission and other auction-related costs. The seller is also responsible for invoicing and collecting payment from the buyer.
3.10 Selected Sales reserves the right to design the presentation of the auction.
4. The Relationship Between the Seller and the Buyer
4.1 The seller is always responsible for the information provided about the horses at auction. The information may include specific terms and conditions for the sale of the horse that fall outside the general auction conditions and cannot be held against Selected Sales.
4.2 Any complaint regarding the purchase must be directed from the buyer to the seller. The buyer thus accepts that any claims related to the purchase must be directed against the seller and not against Selected Sales.
4.3 The buyer can only make a valid claim if the horse, at the time of the auction, had a hidden defect that could affect the horse’s usability as a trotting horse. To retain the right to claim a hidden defect, the buyer must, within 30 days from the auction, have made a written complaint to the seller and attached to the complaint a certificate from a veterinary inspection or x-ray showing the defect.
4.4 If the horse is returned, the transportation to the seller is paid for by the buyer. Other costs incurred after the auction, such as training fees and the like, are paid by the buyer until the horse is returned.
4.5 If the buyer complains about defects to the seller while Selected Sales is holding the payment, Selected Sales may, at the buyer’s request, refund the payment to the buyer.
4.6 The seller and buyer agree that the horse is not transferred until full payment is made or a credit agreement has been reached between the seller and buyer.
4.7 Any dispute related to a purchase is handled directly between the buyer and the seller.
5. The Condition of the Horses, etc.
5.1 Any horse is sold as is. It is the buyer’s responsibility to inspect the horse either before the auction or within a maximum of 8 calendar days after the sale.
5.2 Veterinary certificates/inspection protocols are only indicative for the buyer and do not exempt the buyer from the duty to inspect. The seller or a representative of the seller can answer questions about the horse.
5.3 The buyer is aware that additional auction information may be submitted via the Selected Sales website. Information provided this way is valid towards the buyer.
5.4 A horse may undergo an ocular inspection before or after the auction by a qualified veterinarian.
5.5 Selected Sales cannot be held responsible for any printing errors and/or incorrect information or functionality on its website.
6. Bidding, etc.
6.1 Selected Sales determines the date and time when the auction takes place. The auction closes on the date and time described on Selected Sales’ website before the auction.
6.2 Bidding is conducted in euros (EUR). The asking prices are listed in euros (EUR).
6.3 The lowest accepted bid is EUR 1,000, but the seller is not obligated to sell if the seller’s binding minimum price bid is not exceeded at the auction.
6.4 Sales take place in catalog number order.
6.5 Selected Sales determines the increment by which a bid must increase to be considered valid.
6.6 Any potential buyer must register for an account on the Selected Sales website with bank-approved ID or a copy of their passport. The person logged into this account (the bidder) and placing a bid is bidding on their own behalf and is bound by their bid until another bid is accepted. To participate in the bidding, registration must have taken place no later than two hours before the auction start time. Foreign buyers may, instead of bank-approved ID, register by submitting a copy of their passport.
6.7 A bidder is bound by the submitted bid until a higher bid is placed by another bidder.
6.8 The buyer becomes the bidder who has placed the highest bid when the auction closes.
6.9 If the bidder receives the winning bid via the auction site, the bidder must make payment according to section 7 below. In case of technical issues leading to uncertainty regarding who holds the winning bid, Selected Sales reserves the right to decide the winning bid or to reopen bidding on the horse.
6.10 Selected Sales reserves the right to plan and conduct the auction in the manner it deems most appropriate. This includes the right for Selected Sales to make adjustments to auction terms, planned layout, program, participating horses, etc. Major changes will be presented on the Selected Sales website for the current auction.
6.11 Should a dispute arise regarding a submitted bid, the buyer not being approved, or a valid purchase not being completed, Selected Sales may, at its discretion, cancel the bid and re-enter the horse into the auction. The same applies in case of technical problems or if Selected Sales staff has made a mistake of any kind.
6.12 At Selected Sales’ sole discretion, the auction may be moved due to force majeure, such as war, strike, infectious disease, natural disaster, or other events (e.g., technical issues related to internet connectivity and site overload) beyond the control of Selected Sales. If a new auction cannot be held within two months of the set time, these Terms will no longer apply between the parties. Selected Sales is not liable for damages, either directly or indirectly, if the auction is canceled or moved.
7. Payment, Buyer Commission, etc.
7.1 Payment for the horse must be made by the buyer to Selected Sales no later than 30 calendar days after the auction, and within 5 days for breeding rights and shares. After the payment is made, Selected Sales will arrange the final settlement and payment to the seller. A buyer’s commission of 5% of the sales price is invoiced to the buyer and added to the amount paid by the buyer to Selected Sales.
7.2 The aforementioned payment for the horse must be made by the buyer to Selected Sales via bank transfer to an account designated by Selected Sales. Extensions of credit and specific payment terms can be negotiated and agreed upon on a case-by-case basis.
7.3 The horse remains in the seller’s ownership and custody until full payment has been completed, and a delivery certificate has been issued by Selected Sales.
7.4 In the event of non-payment, Selected Sales is entitled to receive a commission in accordance with items 3.3 and 7.1 above.
8. Transfer of Risk, Delivery, etc.
8.1 The seller is responsible for the horse until delivery, after which responsibility for the horse passes to the buyer. Delivery is considered to have taken place when a delivery certificate is issued by Selected Sales for transfer to the buyer. If the horse is not delivered on time and this is due to the buyer or circumstances on their part, responsibility for the horse passes to the buyer.
8.2 The buyer may collect the horse immediately after the auction, once payment has been completed, and the delivery certificate has been issued and presented to the seller.
9. International Buyers
9.1 An export fee may be added for buyers who choose to export the horse from its country of registration. The export fee is paid by the buyer to the relevant Racing Association in the respective country. For international buyers who export the horse within one month from the auction date and who have notified Selected Sales that the horse is to be exported, VAT will be refunded when the export certificate is received by Selected Sales, provided that the export certificate arrives no later than 30 days after the auction date and provided that the law allows VAT-free export.
9.2 Horses sold with the condition of being exported to North America must present a negative test for equine piroplasmosis. If the horse tests positive, the buyer may cancel the sale. The seller is responsible for all costs related to testing the horse for piroplasmosis.
10. Conditions for the Purchase and Sale of Yearlings
10.1 Yearlings are sold under similar terms as any other horse at the Selected Sales auction.
10.2 Once a yearling is sold, the buyer has up to 30 calendar days to inspect the yearling and obtain a veterinary report. The costs for this will be borne by the seller.
10.3 To protect the integrity of yearlings sold at Selected Sales, the buyer will be given protection in the event that it becomes necessary to surgically remove harmful bone fragments from the yearling. In such cases, the buyer must provide veterinary documentation and x-rays within 13 months of the yearling’s birth date. If surgery is required, the costs will be borne by the seller.
10.4 Additional terms regarding the sale of a yearling are agreed exclusively between the buyer and seller with no liability recourse to Selected Sales.
11. Conditions for the Purchase and Sale of Broodmares
11.1 Broodmares are sold under similar terms as any other horse at the Selected Sales auction.
11.2 Once a broodmare is sold at auction, the seller has 3 days to provide Selected Sales and the buyer with a positive pregnancy test and a veterinary report on the broodmare. The costs for this will be borne by the seller.
11.3 Additional terms regarding the sale of a broodmare are agreed exclusively between the buyer and seller with no liability recourse to Selected Sales.
12. Conditions for the Purchase and Sale of Racehorses
12.1 Racehorses are sold under similar terms as any other horse at the Selected Sales auction.
12.2 Since the buyer of a racehorse may not have the opportunity to inspect the horse prior to the sale, the buyer will have up to 8 calendar days to inspect the racehorse and obtain a veterinary report.
13. Conditions for the Purchase and Sale of Stallion Shares
13.1 The seller registers stallion shares for sale after approval from each stallion’s syndicate. Note that different agreements apply to different stallions and syndicates. The seller must submit the syndicate agreement and any relevant bill of sale, assignment of interest, or similar documents. The registration fee for the sale of a stallion share is free, with a 5% commission to Selected Sales on the sales price. The withdrawal commission is 3%, but only if the seller withdraws despite the binding reserve bid being met at auction.
13.2 The buyer signs the Selected Sales auction agreement and then receives the relevant documents from the stallion’s syndicate manager. A brokerage commission of 5% is added to the sales price.
14. Purchase and Sale of Breeding Rights
14.1 The seller registers their breeding right after approval from each stallion’s representative. Note that different agreements apply to different stud managers, stallions, and syndicates. The seller must submit the booking agreement and any other relevant documentation, including the bill of sale, assignment of interest, or similar documents. The registration fee for the sale of a stallion share is free, and a 5% commission on the sales price will apply and be added to the buyer’s payment. The withdrawal commission is 3%, but only if the seller withdraws despite the binding reserve bid being met at auction.
14.2 The buyer signs the Selected Sales auction agreement and then receives the relevant documentation from the stallion’s syndicate manager or managing agent. A brokerage commission of 5% is added to the sales price.
All breeding rights at auctions must be paid within five days after the auction and will be invoiced by Selected Sales after the auction.
The booking fee may vary and is payable by the buyer.
15. VAT
15.1 All amounts and prices are stated excluding VAT. VAT will be added to the amounts.
16. Jurisdiction
16.1 Danish law shall apply both in the relationship between Selected Sales and the seller and buyer, and between the seller and buyer. Any legal acts and disputes concerning international purchases shall be settled by a Danish court.
SelectedSales
Sølperupvej 4
4733 Tappernøje
Denmark
