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  1. #21
    Join Date
    Oct. 6, 2002
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    Quote Originally Posted by Abberlaze View Post
    Scenario C reminds me of the flipping of antiques that is illegal. A dealer can't buy a lamp for $5 from an old lady, and sell it for its true worth of $50,000 the next week. That's unethical and illegal.

    Why is it legal in the horse world? (or IS it?)
    It's the diamond or topaz/Wood v. Boyton hypo. Hurrah!
    ~Veronica
    "The Son Dee Times" "Sustained" "Somerset" "Franklin Square"
    http://photobucket.com/albums/y192/vxf111/



  2. #22
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    Jan. 7, 2001
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    Quote Originally Posted by Abberlaze View Post
    Scenario C reminds me of the flipping of antiques that is illegal. A dealer can't buy a lamp for $5 from an old lady, and sell it for its true worth of $50,000 the next week. That's unethical and illegal.

    Why is it legal in the horse world? (or IS it?)
    If I take a lamp to an antiques expert asking for an honest appraisal and he tells me "It's worth $20" and he buys it from me for that and he knows it's a rare item and worth $10k, THAT is unethical. If I put the same lamp in a garage sale with a $10 tag on it and someone with years of experience and knowledge comes along and buys it from me without disclosing it's true value, that is not unethical. The difference is that one is hired to give an honest appraisal, and as such has a responsibility to provide honest service. The other is trading on years expertise and has no fiduciary commitment to the seller of the lamp.
    F O.B
    Resident racing historian ~~~ Re-riders Clique
    Founder of the Mighty Thoroughbred Clique


    4 members found this post helpful.

  3. #23
    Join Date
    Feb. 20, 2010
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    All 'round Canadia
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    Quote Originally Posted by Linny View Post
    If I take a lamp to an antiques expert asking for an honest appraisal and he tells me "It's worth $20" and he buys it from me for that and he knows it's a rare item and worth $10k, THAT is unethical. If I put the same lamp in a garage sale with a $10 tag on it and someone with years of experience and knowledge comes along and buys it from me without disclosing it's true value, that is not unethical. The difference is that one is hired to give an honest appraisal, and as such has a responsibility to provide honest service. The other is trading on years expertise and has no fiduciary commitment to the seller of the lamp.
    This.
    Scenario C also reminds me of a home owner selling through a real estate agent. If I enter into a contract with a real estate agent, I expect him to act in my best interest, not in his own. His fee/commission is agreed upon ahead of time - I expect him to get the best price possible for my house, and take him commission from that price.

    If I have a house on the market and am marketing it myself, or even through Real Estate Agent (REA) X, and REA Y comes along simply as a buyer and makes an offer on the house and I accept, REA Y is perfectly fine to turn around and then sell ex-my house to his own client. REA Y had no obligation towards me; only REA X did.



  4. #24
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    Jul. 31, 2007
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    15,957

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    Quote Originally Posted by Abberlaze View Post
    Scenario C reminds me of the flipping of antiques that is illegal. A dealer can't buy a lamp for $5 from an old lady, and sell it for its true worth of $50,000 the next week. That's unethical and illegal.
    Really?

    I did know a woman who took some jewelry to be appraised. They guy have her his opinion.... and than offered to buy one of the pieces at the appraised price. She thought that was whack and didn't take the deal.
    The armchair saddler
    Politically Pro-Cat



  5. #25
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    Jan. 7, 2001
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    In antiques or collectibles or in real estate, it's always best to get a second or even third opinion. The problem is that in the horse world most participants are relying on one opinion, that of their trainer. Unlike a house or a lamp, the horse in in the care of a trainer (in most cases involving commissions) who (along with other pros) have a significant vested interest in the client NOT being full informed.

    Just as it's my responsibility to do some research before selling my grandmother's collection of diner china or Dad's antique tools, the buyer or seller of a horse must do the same.
    F O.B
    Resident racing historian ~~~ Re-riders Clique
    Founder of the Mighty Thoroughbred Clique



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