3 minute read

Heading into Magic Millions, we talk to some of the agents attending this year’s sale.

The forthcoming Magic Millions Gold Coast Yearling Sale will be the first sale conducted since your review of the Code of Ethics and membership criteria. What were the driving factors that led you to a full review of these? 
The FBAA has been operating since 1988 and has not had a thorough review done on its Code of Ethics and Membership Criteria in recent times. I've been a member for several years and always had a desire to modernise its principles and integrity practices to be in line with standards expected today. This year due to the Covid travel restrictions, I had the time to put in the necessary research and analysis to produce what I consider to be best practise for bloodstock agents in these areas.
 

In reviewing the codes of other businesses / industries what were the main things you learnt?
It became quite clear that a very thorough set of standards was needed, with specific details around membership and what is expected of members to lift the FBAA to a higher level. We're lucky in our industry to have close relationships with many very smart business people, so I spent a lot of time on the phone canvassing their thoughts and opinions on a wide range of areas relating to bloodstock transactions and business dealings. I also spent hours reading Codes of comparative Associations in other industries to gain a wider perspective on how their standards were outlined and then how those standards are upheld. That last part is important - if we were to impose strict standards, they needed to be held to account or it doesn't really mean much. The establishment of a disciplinary panel was part of that new standard.
 

Turning your attention to Magic Millions, with most international buyers unable to attend the 2021 sale, do you think this will present additional opportunities for domestic buyers? 
This past year has shown that there are fantastic opportunities there for those that put in the work. The majority of farms are producing extremely good content which they are putting online and this has assisted buyers that are unable to attend whether it is from overseas or domestically.
 

Have you had more enquiries this year with overseas agents / buyers, or equally domestic buyers, unable to travel to Queensland for the sale? 
I have the same level of interest from overseas clients leading into the sale season this year although there appears to be an increased level of interest from domestic clients. Australia has fared well comparatively to other countries around the world and our racing hasn’t missed a beat which is underpinning the interest, in my opinion. Australia has led the way with increased information and transparency around bloodstock sales. 
 

Do you think there will be any other positives come out of the global Covid pandemic and how do you feel this will change the industry over the coming years? 
The online sale platforms have benefited greatly from the Covid pandemic with buyers speeding up their adjustment and acceptance through necessity.  I think there has been around a two to three years jump in that form of sale transaction, given the urgent need to pivot and adapt. Many of my clients are willing to buy horses online for six figures, sight unseen, given the full disclosure vendors are providing, the transparency offered around vet reports, and the high quality of videos and photos produced. Vendors have been reporting high numbers of on farm inspections this year. 
 

Do you think these are becoming an increasingly important part of the inspection process and how do they help you? 
I think the on farm inspection numbers are up this year due to the uncertainty of State borders. Many buyers were concerned that they might not be able to get to the sales and this has pushed many of them to visit the farms that otherwise would not normally.  I find it beneficial to see them on the farm around a month before the sale to see the development that takes place and the ones that are really advancing through the sales prep. It also is an advantage with a catalogue as large as Magic Millions from a time management point of view.