By admin 
The following is an open letter from horse owner Carlo Vaccarezza to the executive management and auction operations teams of Keeneland, Fasig-Tipton and OBS.
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Subject: Proposal for Auction Policy Adjustment: Commencing Bidding at the Reserve Price
I am writing to you as an active participant and supporter of the Thoroughbred industry to propose an adjustment to the current public auction procedures utilized at your market-leading sales. Specifically, I request that Keeneland, Fasig-Tipton and OBS sales consider implementing a policy where the opening bid for any horse with a declared reserve is set automatically at that reserve amount.
Under the current framework, auctioneers frequently initiate bidding well below the reserve price, occasionally using house bids or opening hooks to drive the momentum upward toward the seller’s minimum threshold. While this traditional method aims to build energy in the pavilion, it often introduces unnecessary ambiguity for buyers, sellers, and bloodstock agents regarding the true level of live, competitive interest in a horse.
Transitioning to a system where bidding starts directly at the reserve price offers several distinct advantages for the modern Thoroughbred marketplace:
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- Increased Market Transparency:
Buyers would instantly know the minimum price required to purchase the horse, eliminating guesswork and fostering greater trust in the integrity of the bidding process.
- Operational Efficiency:
Starting at the reserve would significantly streamline the time each horse spends in the ring. By bypassing nominal, below-reserve bidding cycles, the pace of the sale would accelerate, reducing fatigue for both auction staff and horsemen during long select or breeding stock sales.
- Clarity for Sellers:
Sellers would receive immediate clarity on whether there is genuine market interest in their valuation from the moment the horse enters the ring, allowing for more decisive bloodstock management.
- Time Saving:
The actual time saved on each horse starting at the reserve price is considerably big. The savings will allow sales companies to enter more horses on later books.
This approach aligns with practices seen in various high-value asset auctions globally, where starting the momentum at the actual floor price enhances professional efficiency. As the two premier standard-bearers of the global bloodstock market, a coordinated or individual shift toward this policy by Keeneland, Fasig-Tipton and OBS sales would mark a progressive step forward for our industry.
Thank you for your time, consideration, and ongoing dedication to the advancement of the Thoroughbred marketplace. I welcome the opportunity to discuss this proposal further with your respective auction committees.
Carlo Vaccarezza
Lexington, Ky.
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This story was originally published October 11, 2026 at 12:44 PM.