http://news.bloodhorse.com/viewstory.asp?id=34505
About the first million-dollar yearling sold, back in the '70s. Check out the final paragraph on how he did at the races...
Question for the buyers-- in the first paragraphs, a bidding strategy of opening at a million is planned by one group of buyers, but it said the colt had a "reserve of 500,000" so that foiled that plan. How does having a reserve lower than the considered opening bid ruin that? Is it because the auctioneer must start the bidding at the reserve bid, while if there was no reserve the bidders could shout out their starting bid? Me no understandy... education, please?