TED TALKS... Computer says slow!

Ted has been getting very tech savvy through the winter and has been experimenting with ChatGPT getting the bot to give him suggestions as to how we can try and shorten bloodstock sale days.

It seems that, while there are methods for the auction houses to speed things along, it is also incumbent on all of us to look at how we work so we can avoid selling thoroughbreds well into the night

EVERYWHERE I LOOK there are articles on ChatGPT. This chatbot was launched late last year and will change many aspects of day-to-day life.

The days of “googling” will be replaced with Openai, and Google has already developed its own bot to be launched later this year.

I thought I would take ChatGPT for a test run and get it to answer a very current topic of conversation swirling around the sale grounds –how to avoid long sales days?

To start my research I asked Openai: “How to increase the rate at which auctioneers sell at public auction?”

Instantly the following response was generated :-

“Here are a few suggestions to potentially increase the rate at which auctioneers sell at public auction:

1. Improve the auctioneer’s skills and performance to help keep the bidding process moving quickly and smoothly.

2. Encourage competitive bidding by setting fair reserve prices and creating a sense of urgency among potential buyers.

3. Provide clear and detailed information about the items being auctioned, including their condition, history, and provenance, to help generate more interest and confidence among buyers.

4. Consider auctioning off items in smaller lots or groups, which can create more excitement and competition and may result in quicker sales.

5. Use technology to streamline the bidding process and provide real-time updates to buyers, which can help to keep them engaged and make the auction more efficient.

6. Market the auction more effectively to attract a larger and more diverse group of potential buyers, which can increase competition and result in quicker sales.”

A pretty good first attempt for a “non-horsey” bot!

Some of the solutions are not applicable so I streamlined the question: “How do auctioneers speed up the rate of selling?”

ChatGPT wrote: “Here are some common ways that auctioneers can speed up the rate of selling at public auctions:

1. Keep the pace of the auction moving quickly, with good rhythm and clear, concise calls to encourage bidders to keep up with the process.

2. Encourage competitive bidding by setting an attractive initial bid and continually increasing the bidding increments.

3. Provide clear and detailed information about each item being auctioned, including any relevant background information or features, to generate more interest among bidders and make the bidding process more efficient.

4. Utilise bid assistants to help manage the bidding process and assist the auctioneer in identifying and responding to bidders quickly.

5. Be aware of the level of interest in each item being auctioned and adjust the pace of the auction accordingly, slowing down or speeding up the process as needed.

6. Utilise technology, such as online bidding platforms, to help increase the number of bidders and speed up the process of selling items. (Edit: not sure bot is correct here – the anecdotal evidence so far shows that an internet bidding platform slows things down).

7. Anticipate common bidding patterns and work to keep the auction on track, keeping bidders engaged and focused on the items being auctioned.”

The rate of selling of thoroughbreds at public auction has long been openly criticised by purchasers, but not as much by the vendors who want a fair amount of time in the ring with their horse.

WE ARE ALL responsible for speeding up the selling rate at a sale and the dilemma we have to face, amongst other things, are staff working hours together with human and equine welfare.

The days of starting work between 4am and 5am and selling to around 10pm are just not possible anymore for various reasons, and nor are they right.

The sales companies have the option to catalogue less horses per day, though obviously that would reduce their income per day.

The sales calendar is already full to bursting point so increasing the number of sales days is also a limited option.

There are options for the auctioneers to consider, including shortening the introduction of each lot or using a bit less theatre.

They could also abolish the announcement when a horse is on the market.

They could accept bids through a bid spotter without identifying the actual person bidding.

Furthermore, the horse could be knocked down before the exit rope, or, conversely, the auction could start as the horse is walking in.

The current rate of sale at most select sales is 20-22 lots per hour, by the end of Keeneland that rate increases to 40 lots per hour.

I have marvelled at the auctioneers in the US who never look at the stock they sell but sit with consignors to be briefed in an office environment.

It could save time if auctioneers know to what level the sale is at, and who might be interested.

The purchasers could bid quicker, they could value the horse and bid a reasonable amount instead of waiting for the auctioneer to start at zero, as is the case when large drafts of horses sell without reserve.

IT IS DIFFICULT to have clients on the phone and bid as it slows the pace, but bidding to a pre-agreed budget would save time. Vendors have the ability to work more closely with the auction houses to spread entries over various sale days instead of all of us trying to sell on the best days even with stock, who are unlikely to attain the sale day average.

We need to adapt by resting horses during the selling days so giving time for employees and equines alike.

The winter days are easier to create working shifts, but rotas will become more common – provided we can find enough people.

Prompt sale ring entry also enables auctioneering to begin sharply.

We all have a part to play, and we need to do it before employment and welfare law does it for us with sets of rigid guidelines.