To be honest, I enjoy it the most when we throw all the names in a hat, and draw for $5 or $10 each. The only drawback being you can only let the first 9 people in. The auction can get out of hand. It's fun to not be able to pick your horse. It also allows the players to participate without any worries about tampering because the purse isn't anywhere near as big as 1st prize in the tourney.