The Psychology of Horse Bidding is the Third Key Factor
Equine auction sales, traditional or online horse auctions are a staple in the equine industry. People interested in horse breeds and potential buyers attend these fairs expecting to find auction champions, thoroughbred auction champions and future show jumpers. However, apart from the blood line and the producer’s records of these horses, the psychology of horse bidding plays a great role in determining the auction outcomes.
It may be as important to know how buyers act, think and submit their bids as it is to choose the right horse. Now, let us turn to understand why the psychology of horse bidding is the third influential factor for determining the behavior of both horse sales auction and equine online auction.
Auction Environment TriggersPressure and Urgency
Whether in upcoming horse auctions or horse auctions USA, auction atmospheres always create pressure. It is always a race against time, it involves bid, it is tense and so much at risk. Purchasers are commonly on the receiving end of temptation to seize a good horse in the market as fast as they can. This pressure leads to participants reacting emotionally that forces them to bid higher than they set out in the beginning.
While equine online auctions seem to ease certain face-to-face concerns, they put different pressures in place all the same. The countdown timers and the real time updates of other competing bids increase this feeling of competition among the buyers. This competitive advantage results in irrational decisions being made on behalf of companies and business entities.
The Fear of Missing Out (FOMO)
One of the most powerful psychological triggers in any auction is the fear of missing out, or FOMO. Buyers at horse sales auctions are often afraid that if they don’t place a high enough bid, they will miss out on an exceptional horse, and someone else will snatch it up. This fear can lead to inflated bids, driving up the price, and in some cases, buyers paying more than they originally budgeted for.
For instance, in high-profile events such as thoroughbred auctions, where prized racehorses with prestigious pedigrees are up for sale, the fear of missing out on a future champion is palpable. Even if the price goes beyond what seems rational, bidders may still push forward in fear that passing on the opportunity could be a massive mistake in the long term.
The Role of Emotion in Decision-Making
Buying a horse is not just or purely a financial decision but an emotional one. The buyers also have special feelings for the horses which is common in horse sales auctions where they might have been following the horse’s performance or they might have some preference for certain breeds or pedigree of some horses. This particular bond makes rationality hard to come by, and may lead a buyer to offer a price higher than he would for a horse he has no personal feeling towards.
It is therefore probably true that in the online horse auction, the emotional aspect may not be quite as obvious. With the lack of possibility to touch a horse, to feel its temper or look at it using one’s own eyes, the buyers make their choice based only on the horse’s picture and the videos or photos that are shown online. Still, even here, some emotions like bias that the horse is nice or has come from a particular place will make them spend more to bid for the horse.
https://www.youtube.com/watch?v=gqfe_fxVdO0
The psychology concepts of bidding specifically in relation to horse bidding, are applied pressures, urgency, fear of missing out and other psychological elements. Despite being used in traditional horse racing sales or the modern online horse racing sales, the psychological triggers make the buyers make unsound decisions based on impulses of pulling off a better bid than the other interested party hence pushing the prices up. Knowledge on these factors assists the participants make better decisions during horse sales.