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Can a Buyer offer less than the reserve price on a horse?

buyer horse Offer price Reserve
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Can a Buyer offer less than the reserve price on a horse?

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All recorded offers made prior to 4:00 PM on the second day of the Sale must meet or exceed the reserve price on the horse. After 4:00 PM on the second day of the sale Buyers may place offers lower than the reserve only on horses that have not received any offers at that time.

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