Online Auction of Unborn Foals Set for Australia
Australian company EquineUnited will conduct the world's first online auction for unborn foals on August 1.Headed by Niall Power and Damien Antico, EquineUnited has established a partnership with IT provider Yahoo to operate the online auction. Power said that while selling unborn foals was a new concept in Australasia, it was established elsewhere."Selling unborn foals is an established industry practice in Japan," Power said. "By setting up an online auction facility, EquineUnited and Yahoo are bringing the already proven concept to a far wider market. We're opening a new market entry point for people who have previously only been yearling buyers. Now, they can become yearling sellers."We expect the unborn foals we auction to bring prices, on average, around one-and-a-half times their sires' service fees."Power said buyers had the advantage of being able to buy an untampered-with foal at the earliest stage possible, knowing as much about it as the seller.