horse for sale, sell horse

Tim Stewart
President of the FBBA

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The Federation of Bloodstock Agents Australia Limited was formed in 1988, with the specific aim of developing standards for the protection of Vendors and Purchasers, who engage in either private or auction transactions.

With 28 members throughout Australia, the Federation membership consists of both major Australian auction houses and private agents who  

deliver consulting and managerial services, assistance with transactions at auction, broodmare matings and private sale transactions. Members are available on a fee for service basis to inspect and provide valuation services for bloodstock at auction or by private treaty.

On formation, the Federation developed a Code of Ethics to which members abide, and has available standard contracts for use by members.

In 2011, the Federation has assisted in development of further integrity measures:-

Australian Thoroughbred Sales Code of Practice:

Adopted by Magic Millions Pty Ltd, William Inglis & Son Ltd., Thoroughbred Breeders Australia Ltd., Australian Trainers’ Association, Australian Racing Board, Equine Veterinarians Australia, NSW Trainers Association Ltd., and the Federation of Bloodstock Agents, the Code represents policy as to standards which should prevail in bloodstock trading in Australia, both at auction sales and private treaty.

Although the Federation had a long standing Code of Conduct, and there has not ever been cause to take action against any member for lack of business integrity, the new Code seeks to develop increased understanding of integrity requirements to all industry participants. The Code sets out obligations that any person has in acting on behalf of a principal, their obligations in disclosing any fees or rebates, and disciplinary action that may be taken. The Federation welcomes this endorsement of policy which should see a greater understanding of standards that in many cases are set down in common law.

Steroids in horses offered for sale:

Application of steroids is a widely debated issue worldwide, and stances have been adopted in major thoroughbred centres internationally, and other athletic regimes, to prohibit steroids where they enhance performance, or offer unfair sales advantage.

In April 2011, the Federation resolved to present a policy on this issue, which states:

“The FBAA has resolved that steroids should not be used in yearlings offered for sale. It is the Federations view that vendors should make written notification of such treatments to the selling agents, and disclosure then made to the public prior to auction. It is understood that in rare circumstances steroids may have been administered as a necessity for the health of an individual yearling”.

On behalf of its members, the Federation will continue to participate in any issues that will enhance the integrity of the thoroughbred industry.