Yoshida: Virtual Auction A Step Forward For Industry

By nature of circumstance, Inglis will host its flagship Australian Easter Yearling Sale on Apr. 7 and 8 in virtual form. While many view this as an inconvenient but necessary way for trade to get done, Marie Yoshida sees it differently.

Yoshida, who is French-born, resides in Kentucky and does business globally, said some of her Hong Kong-based clients partook in Inglis's test auction on Friday. And she had very positive feedback.

“William Inglis has done an amazing job,” she said. “They've harnessed the top technology, and they listened to the feedback of vendors to tailor the product to offering 'masterpieces'. It's like participating in an auction with Sotheby's or Christie's. It's a real top-quality auction, like where you'd buy a Ferrari or a Van Gogh. It's so democratic. Anybody with a bank account and enough money can use it. There are no more social or traditional barriers.

“I am so amazed by what William Inglis and the Australian breeders have done. You have the power at your finger tips.”

Yoshida went so far as to suggest virtual auctions should be espoused not just during a pandemic but at the best of times, too.

“I don't know why this hasn't been done before,” she said. “This will bring much-needed fresh air, new technology and reality to the business.

“Maybe having younger children gives me a different mindset, but I see the world as being so small now, and this is really an opportunity to learn something, and to change old habits for the better.”

Yoshida, a regular buyer at Australian sales, returned to Kentucky on Wednesday after completing inspections on farms in the Hunter Valley. She stressed that technology doesn't alleviate the need to see a potential purchase in the flesh, but said the quality of information available won't leave one wanting.

“Yes, we have to see the horses,” she said. “But the work William Inglis and the breeders have done with the videos and photos, with all the x-rays and video scopes available; if you have your team of your agent and your vet, you have no excuse.”

Vets, as per usual, have access to Inglis's online repository for video scopes and x-rays reports. Yoshida said she has now sent her vet to the Hunter Valley with her shortlist to do any necessary physicals and secondary scopes.

“Buyers still have to do their homework,” she said. “It's like with paintings; you need to have a reliable source of authenticity and proof of this and that. You cannot just buy a painting because it's supposed to be a Rembrandt. You have to do your due diligence.”

Yoshida said her clients were “very happy” after test purchasing a horse on Friday.

“Some clients of mine in Hong Kong 'attended' the test auction,” she said. “They were in their office and they watched a few lots and even virtually purchased a test horse. They had a page to fill out which is very similar to the iPad they give you at the auction. They ask you if you want a scope, a blood test; it's so easy to use, just exactly like if you were at the auction. All the stress is gone because they know they can do it. You don't need to be a scientist or a technology nerd. It's very accessible to anybody.”

Yoshida suggested the platform will also put owners more at the forefront of the action.

“It's more freedom for the buyers,” she said. “I've been frustrated at other sales before because it can be a very traditional, old-school style of selling. A client may be bidding through me on the phone and watching online, but the live stream can be 20 or 30 seconds behind. With this, they could be involved in the auction in real time. It would put more power in owners' hands, I think.”

Yoshida said she has done her typical pre-sale duties of whittling the catalogue down to a shortlist for her clients, but that she'll now let them conduct the bidding.

“With my owners, I won't be involved in the bidding,” she said. “In some ways that's liberating for them. Owners should be fully involved in buying. They can say, 'I recruited a team and paid them to do the pre-sale work, but buying this horse was my decision.'”

The ease of using the system, too, could help push trade to new levels.

“It's exciting to follow each lot and see what happens,” Yoshida said. “You could be following it and say, 'I like this pedigree, this is not that expensive.' Rather than having to call an agent, maybe some people will be tempted just to press the button.

For younger people who have discretionary income who want to find an exciting investment, to buy a filly or a colt-it should open this industry to a younger audience and more investors.

“In other parts of the world, the biggest problem is that this is a closed industry. To gain access you must go through a tiny door. This online platform is exciting, you can buy directly-it doesn't mean you don't need to pay your agent or veterinarian to do their job and give their advice, but it means there is no monkey business-it's quite clear trade.”

Yoshida said the quality of the process means there is no reason the sale should suffer.

“I really want this to be a success, because for these Australian breeders this is all their income and investments,” she said. “To go to waste because of a virus does not make sense. The horses are extraordinary and people can buy with confidence, that's for sure. It's not absolutely perfect, but it's very genuine.

“Everyone in the world should be watching because William Inglis will have the leadership, and they might have a monopoly. This technology that they have works. This could be very momentous.”