That poor horse has a whole combination of things going on. First off, he's 2 years old. He's still a baby. He's not going to have the muscle control and stamina needed to keep from tripping and falling when he's made to move like that.
Second, he's been pulled down way too slow too quickly. He's not using his body properly (thus the huge head-bob and the severe over-canting). He's landing hard on his toes on the front end in every gait because they've got his stride so shortened down. If he continues to travel like that, then I'd say that Navicular is a very real possiblity in the near future.
Not to mention that they might have a crappy farrier. Just because a horse is expensive and gets shown doesn't mean that the owner/trainer/farrier has a clue about how to shoe a horse correctly. But that's just a possibility, not a guess since I can't see his feet.