(Edited Magic Millions press release)
Officials of Magic Millions, an Australia-based auction firm, announced a new commission structure for the national weanling and broodmare sales. The weanling auction is scheduled for May 25-29, and the broodmare sale will be held June 1-5.
According to Magic Millions managing director David Chester, the structure was designed to give breeders something back during tough economic times.
"It's a tough time at the moment for our vendors and breeders and we think these new commission structures are first class," said Magic Millions managing director David Chester. "They are the best commission rates in Australasia and we think being able to give something back to broodmare and weanling sellers at all levels this year is important. We want to be able to support those clients who have supported us over many seasons. We are proud of today's announcement and are confident breeders will be impressed."
The new commission structure is as follows:
NATIONAL WEANLING SALE
• Prices up to and including $100,000 – 6%.
• Prices between $100,001 and $150,000 -- 4%.
• Prices of $150,001 and over – 2%.
NATIONAL BROODMARE SALE
• Prices up to and including $100,000 – 6%.
• Prices between $100,001 and $150,000 – 4%.
• Prices of $150,001 and over -- 2%.
The commission rates will be charged on the total sale price and are not a sliding scale.
"As has been the case for many years there is no pass in commission charged for the weanling and broodmare sales," Chester said. "And Magic Millions does not charge extra commission for an inward buyers scheme."