William Inglis & Son, a leading auction house in Australia, announced it will begin paying a subsidy to overseas visitors who make purchases at the 2006 Australian Easter yearling sale in Sydney.
A story on the AAP Web site said Inglis is offering a travel subsidy that will be based on the amount an overseas buyer spends on yearlings at the company's major sales.
A buyer must spend a minimum of $50,000 to be eligible with the amount of the subsidy ranging from $2,000 to $10,000 based on the amount spent and the distance traveled.
"For the first time, the introduction of our International Buyers Travel Subsidy will officially recognize and reward the support and participation of our valued international buyers," Inglis managing director Reg Inglis said.
"We hope it will encourage and facilitate wider interest and attendance in the future."
In order to qualify, a buyer must submit the required registration form to no later than one week prior to the start of the sale.
The subsidy will be paid once the buyer's account is settled within 30 days of purchase.
Buyers from New Zealand or any domestic travel from within Australia are not covered.
The Inglis International Buyer Subsidy program begins in February.