Tattersalls Ireland will launch a new online service aimed at the point-to-point market later this month.
Named Bidpoint, the facility allows someone entering a horse in a point-to-point to indicate that their horse is available for sale. Tattersalls Ireland will then market the horse with a view to attracting bids online, and ultimately securing a sale under conditions of a sale that are similar to a sales ring transaction.
Bidders can remain anonymous until their bid has been accepted. The most innovative aspect of Bidpoint is the return to the hunt committee of 1% of all sales generated from their meeting. These committees, which form the grass roots of National Hunt racing, have never before been able to benefit from staging races that see horses subsequently sold for considerable prices.
Tattersalls Ireland's managing director Roger Casey said: “Bidpoint is a fantastic new initiative whereby vendors now have a simple and cost effective opportunity to promote their horses as available for sale to a wider Irish and UK market with the added protection of the Tattersalls Ireland conditions of sale and in a private and confidential way.
"Over 1,000 races in Ireland and the UK were won by former Irish pointers in 2014 and prospective purchasers from far and wide will now be aware of exactly what form horses the market has to offer on a weekly basis and again can transact in a discrete and private manner.
"Uniquely and importantly, Bidpoint will also benefit the hunt committees, as every hunt committee will benefit from the return of 1% of all sales generated from their meeting. We are excited about this new initiative and are confident that it has the potential to revolutionise the way business is done in the Irish point-to-point market place.”
Brian Kavanagh, CEO of Horse Racing Ireland said: “The point-to-point field is a very strong source of National Hunt talent. This initiative is an imaginative way of promoting sales and also benefitting the clubs that are running point to points and I wish it well."
Trainer Donald McCain said: "I’ve had great success with Irish pointers over the years and this gives me as a buyer even better access to buying every type of horse. The way it is structured could really suit owners and it should ensure we are aware of what is for sale on a weekly basis.2
Denis Murphy, one of the leading point-to-point handlers, said:” Bidpoint is a great concept that is beneficial to all people involved. There’s simply no reason not to be part of it."
Josh Byrne of the Turf Club said: “The importance of the Irish point-to-point industry is recognised by everyone in racing. Bidpoint will serve to increase the profile of the industry to a wider audience and will reward the hunts and committees that are integral to the success of the sport."
Vendors can first sign up for Bidpoint through p2p.ie and corkwaterfordp2p.com when entering horses for fixtures taking place on Saturday, February 28th and Sunday, March 1st. Prospective purchasers can view horses available for sale online as soon as entries are available on p2p.ie.
Click here to read more about Bidpoint
HOW DOES IT WORK?
VENDORS
• When entering for point to points owners will be asked if they want to put their horse
forward for Bidpoint. There is no cost attached to this. Any information which may be
relevant to the sale of the horse will be entered here such as vices – weaver, boxwalker,
windsucker etc. (Vices information will only be made available to bidders and not
publicly.)
• The horse will then carry the bidpoint logo on entries, results and on racecards to
create awareness to potential purchasers and to encourage bids to be lodged.
• Up to approximately 48hours after the race there will be an opportunity for
bidders to lodge a bid. Specific timelines will be available on Tattersalls.ie
• Once bidding closes the Vendor will be contacted and advised of the amount of the
highest bid. The Vendor has a two hour window to accept or reject this bid. There is no
cost to a Vendor to reject this bid.
• If the Vendor rejects the bid they will not be made aware of the identity of the
highest Bidder. However in this instance the highest Bidder will not be aware they in fact
had the highest bid instead being told their bid was ‘unsuccessful’ thus protecting the value
of the horse.
• If the Vendor accepts the bid the purchaser is advised and asked if they wish to vet the
horse and they have approximately 48hours to do so. Purchasers can use their own vet.
• The purchaser must advise Tattersalls Ireland in writing to confirm the deal is
complete. This can be done immediately if vetting is not required. Otherwise once the
horse has passed to the satisfaction of the purchaser then confirmation is provided in
writing to Tattersalls Ireland. Electronic forms of communication accepted eg. email.
• Normal Sales Commissions apply and all sales are protected by the Tattersalls Ireland
Conditions of Sale.
• 1% of the Sale value of the horse will go to the host Hunt or Hunts in the case of
multiple runs over a weekend.
PURCHASERS
• Once Entries become available for Point to Points any horses which are eligible for
Tattersalls Ireland Bidpoint will be clearly identified.
• A Bidpoint Logo will be alongside all eligible horses on entries, results, racecards and
listed on Tattersalls.ie and p2p.ie.
• Alongside each horse there will be a link allowing potential purchasers to lodge a bid.
• Clicking this link will open a form requesting contact details and asking for the
amount the Bidder wishes to place on this horse.
• Before a Bidder clicks to Submit bid they must agree to be bound by conditions of sale
as if he/she were bidding in the sales ring.
• If the horse has a vice this will only be advised once the place bid button has been
pressed. Bidder will then be advised of the vice and asked if they wish to continue or alter
the bid at this point.
• Approximately 48hours after the fixture the bidding process will be closed and
Vendor contacted with the highest bid.
• If the Vendor accepts, the highest bidder will then be advised and asked if they wish
to vet the horse with a vet of their choosing which must be undertaken within another
approx 48hours.
• Tattersalls Ireland must be advised in writing (a) that vetting is not required and the
sale is complete or (b) if vetting is required Tattersalls Ireland will be advised in writing
that the vetting has been completed to satisfaction of the purchaser and then the sale is
complete.
• If a bid is not accepted the Vendor will not be told who the highest bidder was. This
protects the identity of the Purchaser.
• The value of the horse will not be made public and therefore cannot appear in any
media in the future attached to the horse.
HUNT COMMITTEES
• Every Hunt Committee is being offered the opportunity to benefit from horses being
sold from their meeting courtesy of Tattersalls Ireland Bidpoint.
• There is no cost to a Hunt Committee to sign up to Bidpoint.
• There is no exposure to the Hunt to sign up to Bidpoint.
• Tattersalls Ireland will actively market the horses eligble for Bidpoint at each meeting
with a view to maximising sales at every point to point.
• 1% of the Sale value of all horses sold at a meeting will be returned to the Host Hunt
Committees.
• Normal Sales Commisisons apply and Sales are protected by Tattersalls Ireland
Conditions of Sale.
More on this story in The Irish Field on Saturday. Online from 9.30pm Friday