HOW MUCH DOES IT COST TO LIST MY HORSE OR SHARE?
The listing fee per Lot is $385 (inc GST).
ARE THERE ANY VENDOR (SELLER) FEES?
Sale commission is charged at 5.5% (inc GST) of the Final Sale Price of the Lot.
All lots sold are subject to a compulsory Thoroughbred Breeders Australia (TBA) levy of 0.385% (inc GST) of the final sale price, which Magic Millions passes onto the TBA.
There are no fees charged to the vendor on unsold lots, except the initial listing fee.
HOW DO I LIST A HORSE TO SELL?
Click ‘ENTER A HORSE’ and you will be directed to the Magic Millions Online Entries system. You can enter Lots for both digital and live auctions via the one facility. Enter your email address under ‘Register (new user)’ and follow the steps. If you have already utilised this interface to enter Lots in a previous Magic Millions auction, please use your existing user details. Photos, videos and documents can all be uploaded to the Magic Millions Online Entries facility.
If you have forgotten your log in details to the Online Entries facility, enter the email address that you used to register and we will send you an email with your password.
Forgotten your Online Entries Facility Username and Password?
If you require technical assistance, please email support@magicmillions.com.au.
LISTING SHARES FOR SALE IN NAMED RACEHORSES
If you are selling a share in a named racehorse, the Managing Owner MUST complete & sign the Managing Owner’s Declaration (page 6) on the Racing Australia Named Racehorse Transfer of Ownership form, and submit to Magic Millions prior to the share being listed for sale in the auction. This is a requirement from Racing NSW and the share cannot be offered for sale if this Declaration is not made.
UPLOADING A VIDEO IF NOT THE VENDOR
Vendors can add videos and photos via the Magic Millions Online Entry system. If you are engaged by a vendor to create a video please use our alternative video upload method.
If you require technical assistance, please email support@magicmillions.com.au.
MY LISTING SOLD. WHEN DO I RECEIVE THE PROCEEDS OF SALE?
Vendors will receive proceeds of sale of a Lot within ten days of the purchase, provided the sale of the Lot is completed in accordance with published terms and conditions.
HOW DO I BID?
I have an existing Magic Millions Bidder ID
If you have registered to bid online at a Magic Millions live auction conducted in the sale ring by an auctioneer, and been granted bidding approval, you can use your existing Bidder ID and password to log in to the Magic Millions Digital site and start bidding. You can bid from either the Listing, Gallery or Lot view pages on Magic Millions Digital.
I have purchased at a Magic Millions live auction sale but I’ve never bid online
If you have an established account with Magic Millions, you are required to register for a Bidder ID so this can be linked to your main account. Go to Register for Online Bidding and enter your email address under ‘Register as an online bidder’ and follow the steps.
I have never bid or purchased at a Magic Millions live auction or digital sale
If you are a new client to Magic Millions, you are required to complete a Buyer Registration form including the provision of photo ID. This should be completed prior to registering for a Bidder ID. Go to the Buyer Registration form.
For further assistance on bidding approval or buyer registration contact the Magic Millions Finance Team on +61 7 5504 1200 or email credit@magicmillions.com.au.
WHAT ARE THE BIDDING INCREMENTS?
Start | End | Increment |
$600 | $999 | $100 |
$1,000 | $4,999 | $250 |
$5,000 | $9,999 | $500 |
$10,000 | $19,999 | $1,000 |
$20,000 | $49,999 | $2,500 |
$50,000 | $499,999 | $5,000 |
$500,000 | $999,999 | $20,000 |
$1,000,000 | & up | $25,000 |
HOW DO I INCREASE MY CREDIT LIMIT?
You can request an increase to your approved credit limit via the Credit Limit window by selecting ‘Request Credit Limit increase’ and submitting your new requested limit amount.
If your request is urgent, please contact the Magic Millions Finance Team on +61 7 5504 1200 or email credit@magicmillions.com.au.
I HAVE PURCHASED PREVIOUSLY AT LIVE AUCTIONS CONDUCTED BY MAGIC MILLIONS, WILL I BE APPROVED FOR THE SAME PAYMENT TERMS?
Your regular payment terms for live auctions do not automatically apply to purchases via Magic Millions Digital Sales. Payment of purchase is required on receipt of invoice, unless otherwise agreed. Please contact the Magic Millions Finance Team on +61 7 5504 1200 or email credit@magicmillions.com.au
before bidding if you are unsure of your terms upon successful purchase.
CAN I INSPECT THE HORSE AND ARRANGE A VET CHECK PRIOR TO BIDDING?
Yes this is highly recommended. Vet checks and inspections can be arranged by contacting the vendor throughout the duration of the sale. Once logged in you will have access to vendor contact details via the Inspection section.
HOW DO I RECEIVE TEXT OR EMAIL NOTIFICATION IF I AM OUTBID DURING AN AUCTION?
- Log In
- Click ‘My Account’
- Tick ‘Yes, I would like to receive Outbid SMS notifications’
- Tick ‘Yes, I would like to receive Outbid Email notifications’
- Click ‘Save Settings’
- When you are next outbid, you will receive a text and/or email alerting you as requested.
WHAT IS AN AUTO BID?
The auto bid is the top dollar amount you are willing to pay for a Lot. This will allow the software to continue to bid on your behalf if the next bid increment is met by another bidder. It will save you from being outbid in the final minutes of the auction and allows you the freedom to step away from the auction and let the software do the work for you.
For example, the next necessary bid for a Lot is $1,000 but you know you are willing to pay $2,000 for that horse. When placing your bid, you would enter a $2,000 auto bid. The software will show that the current bid is $1,000 and the next necessary bid is $1,250. Bidder B bids $1,250. They receive a message that they have been out bid, the software bids $1,500 on your behalf and now the next necessary bid is $1,750. Bidder C bids $1,750, they are informed they are out bid, the software bids $2,000 on your behalf and now the next necessary bid is $2,250. If the auction ends, you would win that Lot for $2,000. If Bidder D places a bid of $2,000, you are still the current winning bidder as you placed your $2,000 auto bid first.
An auto bid will get priority over other bidders for the same amount.
NOTE: If a Lot is under reserve, your Auto Bid will automatically increase to meet the reserve price – when your bid is ABOVE or EQUAL TO the reserve price.
Auto Bids are counted towards the Credit Limit.
Please contact Magic Millions for further clarification directly or through our Contact Us page.
WHAT IS A DIRECT BID?
By placing a Direct Bid a bidder can surpass the current applicable increment. Enter a bid of any amount (up to your approved limit) to increase the current high bid directly.
NOTE: All bids are binding and cannot be changed or retracted once placed.
WHAT DOES OVERTIME BIDDING MEAN?
Each auction listing has a designated Auction Close time BUT, if a bid is placed on a Lot within the final five (5) minutes prior to Auction Close, the Auction Close will be changed to five (5) minutes remaining from the time that bid is placed. The Auction Close will not occur until such time that no bid is placed within the final five (5) minute period. For example, if the Auction is scheduled to end at 8pm and a Bidder places a bid at 7.59pm, all other Bidders will be granted five (5) minutes from that time to place a final bid. The Auction Close will therefore be postponed to 8.04pm, if no other bids are placed.
HOW DO RESERVE PRICES WORK?
A reserve price is the minimum amount the vendor is willing to accept for the Lot. This means that a final bid that is equal to or greater than the specified reserve amount will be accepted as a winning bid.
For example, if an entry has a reserve price of $10,000 – a bid that equals $10,000 or greater will be accepted.
HOW DO I KNOW IF I’M SUCCESSFUL IN PURCHASING A LOT?
If you are the winning bidder at the end of an auction, you will receive an automated email from Magic Millions Digital confirming that you are the winning bidder and providing you with further important instructions to complete the purchase process. In addition, when you are logged in the Credit Limit window will highlight lots won with a green tick underneath the bid breakdown. Please note, that all bids are considered binding and if you are the winning bidder, you will be responsible for paying the purchase amount regardless of notification from Magic Millions. By using the website you acknowledge that you have read and accepted the terms and conditions of sale.
I HAVE BEEN SUCCESSFUL IN PURCHASING A LOT, WHAT STEPS DO I NEED TO TAKE NOW?
Shortly after the auction you will receive an invoice for your purchase and contact details of the vendor via email.
Immediate payment of your purchase is required unless otherwise agreed prior to the sale commencing.
Magic Millions Digital will notify vendors to release a sold Lot once the purchase has been completed.
A period of five (5) days following completion of purchase, is available to Buyers to make all necessary arrangements for their collection of the horse. After the first five (5) days the vendor is entitled to charge the Buyer for ongoing expenses such as agistment and feed. We recommend Buyers keep Vendors well informed of their plans for the transport of the Lot.
IS MY PURCHASE INSURED FROM THE FALL OF HAMMER?
No, ‘Fall of Hammer’ insurance is not available for Digital auctions.
We highly recommend you contact one of the helpful team at Howden, the official insurance partner of Magic Millions, to arrange insurance of your purchase. Tel 1300 145 830 or email: equine.aus@howdengroup.com.
BUYER GST ON SALE PRICE
Australian GST applies to the sale price and is usually 10%. On some lots the GST will be stated as 100% GST now applies which means the full 10% applies as all sellers are registered for GST whereas when initially listed that may not have been the case. If for instance 50% GST is listed that means half the GST applies (effectively 5%). The GST that applies can be lower than the standard 10% in a situation where one or more of the sellers runs a hobby business and therefore is not eligible for GST (the ratio depends on the shares involved). Most businesses can claim GST on their Business Activity Statement (BAS). If buying as a hobbyist without an ABN you cannot. Those exporting horses may also be exempt from GST if they lodge an export declaration in a timely manor.
Please seek further advice from a tax professional if you need further information. The Australian GST will not exceed 10% of the purchase price and if no percentage of GST is mentioned specifically it would be 10%.
WHAT IF I FORGET MY BIDDER ID AND/OR PASSWORD?
If you have forgotten your log in details to bid, simply follow the link below and enter the email address that you used to register as an online bidder and we will send you an email with your Bidder ID and password.
Forgotten your Bidder ID or password?
If you require technical assistance, please email support@magicmillions.com.au.
CAN I CHANGE MY CONTACT INFORMATION?
If you need to change your contact details please email info@magicmillions.digital or telephone +61 7 5504 1200 and we will do the rest.
IS THIS SITE SECURE?
Yes. Your transactions are protected by the latest encryption technology.
CAN I BE LOGGED IN TO MULTIPLE DEVICES AT THE SAME TIME?
No, for security purposes, you can only be logged into an account on one device at a time. Be sure to logout, when switching from a phone to a computer or iPad. It’s a good security practise to logout when you leave your device.
DIGITAL ONLY SALES
“Digital” or “Online” Sales might be terminology you hear from time to time. This simply means the sale is totally conducted online and doesn’t have a sales ring component with a live auctioneer.
Still have questions?