diff --git a/ironicclient/common/http.py b/ironicclient/common/http.py
index b78c5a673..9fab68bec 100644
--- a/ironicclient/common/http.py
+++ b/ironicclient/common/http.py
@@ -118,7 +118,11 @@ class VersionNegotiationMixin(object):
                                 str(self.os_ironic_api_version).split('.')[0])
             else:
                 base_version = API_VERSION
-            return self._make_simple_request(conn, 'GET', base_version)
+            # Raise exception on client or server error.
+            resp = self._make_simple_request(conn, 'GET', base_version)
+            if not resp.ok:
+                raise exc.from_response(resp, method='GET', url=base_version)
+            return resp
 
         version_overridden = False
 
diff --git a/releasenotes/notes/fix-negotiate-version-503-c3cb8d1d4901541a.yaml b/releasenotes/notes/fix-negotiate-version-503-c3cb8d1d4901541a.yaml
new file mode 100644
index 000000000..0b13e2557
--- /dev/null
+++ b/releasenotes/notes/fix-negotiate-version-503-c3cb8d1d4901541a.yaml
@@ -0,0 +1,8 @@
+---
+fixes:
+  - |
+    Fixes an issue where some failure modes of communication with the Ironic
+    API could result in an exception that circumvents the client's retry
+    mechanisms. In particular this includes HTTP 503 service unavailable which
+    is seen when Ironic operates behind a load balancer, and no backend is
+    available to handle the request.