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1 If you are new to purchasing it is strongly recommended that you take the advice of a trainer or a bloodstock agent with the necessary expertise and knowledge.
2 You need to decide on the type of thoroughbred you wish to buy and how you wish to buy your thoroughbred. In Britain, the three main ways of buying a thoroughbred are:
At the sales
There are different sales for all types of thoroughbreds and you will need to decide the most appropriate sale from which to purchase your thoroughbred. Each sale is governed by the Conditions of Sale (or Rules) which:
- protect the rights of all parties
- ensure the fairest deal for everyone.
Privately
You buy the horse from an individual, usually following private information from its current owner or trainer, or your agent, that the horse is for sale. When purchasing in this way it is important to check what you are buying by at least having it looked over by a vet and to determine whether there is any comeback or cover in the agreement with the vendor. Through this means, you pay a negotiated price, arrange conditions to suit your specific mutual requirements and confirm the purchase in your own time.
Claiming and selling races
These are races in which all runners are potentially for sale. In Claimers the price at which each horse in the race can be claimed is advertised in the racecard. The winner of a Selling race is offered for public auction in the unsaddling enclosure immediately after the weighed-in signal for that race has been given. With both claiming and selling races the horse is sold as seen.
3 At a sale (also known as a public auction) you bid the amount of money you are prepared to pay. The prices are dictated purely by market forces. All the horses to be sold will be stabled during the sale within one area, so you can readily compare one potential purchase with another.
4 In Britain the currency used for bidding at the sales is the guinea, which is the equivalent of UK£1.05. However, Doncaster Bloodstock Sales (DBS) are due to change their bidding currency to UK Sterling (£) as of January 1, 2008. Anyone can make bids during the auction, but it is recommended that before bidding you:
- Ask the sales companies any questions you may have on the Conditions of the Sale or other issues.
- Establish payment terms with the sales companies
- Inspect the horse
Buyers do not pay any additional commission to the sales company. However, in line with the change of their bidding currency, Doncaster Bloodstock Sales (DBS) will also change their commission structure as of January 1, 2007. DBS will charge a Vendor's commission of 1.5% of the hammer price as opposed to the current 5% whilst a Buyer's Premium of 6% will be added to the hammer price with no need to convert the price from Guineas to £s Sterling as has been the case to date.
If an agent is acting on your behalf they will usually charge 5% commission on the purchase price.
5 Sales catalogues are available from the appropriate sales company about one month before the advertised sales dates. Tattersalls sales catalogues are also on their web site at www.tattersalls.com
they have a live audio and video link for all their sales. Doncaster Bloodstock Sales (DBS) catalogues are also on their web site at www.dbsauctions.com.
6 All purchasers are covered by the Conditions of Sale. It is recommended that you are aware of these conditions before attending a sale, which are laid out in full in the sales catalogues, or ask your agent to explain them to you. It is also recommended that you read the notices and general instructions which are featured in the catalogues for the benefit of all prospective purchasers. They are legally binding and cover all aspects of the sale including the purchaser's rights.
7 Payment terms vary according to the individual sales company and you should read the relevant Conditions of Sale and notices in the sales catalogues for guidance. Alternatively, your professional adviser, trainer or agent may have already established credit with the sales company.
8 In respect of veterinary checks before bidding for a horse, your agent will be able to appoint an appropriate vet who may examine the horse prior to sale subject to the vendor’s prior consent. Some categories of horse are subject to various post-sale veterinary examinations which are explained in the relevant catalogues under the conditions of sale.
9 Once you have purchased your horse you will be requested to sign the acknowledgement of purchase form which confirms the sale.
10 Purchasers are reminded that from the Fall of Hammer, or time of private purchase, horses are at your risk, and as such you are responsible for keep, transport and insurance. It is recommended that you get immediate insurance cover against mortality and theft. The sales companies will be pleased to make such arrangements. Alternatively, you could approach the specialist insurance agents, bloodstock agents or Weatherbys on site at the sales to arrange cover. Your professional adviser, trainer or agent should also be able to assist you.
11 For more detailed information on purchasing at the sales, both Tattersalls and Doncaster Bloodstock Sales (DBS) produce a "Guide to the Sales" which can be viewed on their sites at www.tattersalls.com
or www.dbsauctions.com
12 If you are travelling from outside Great Britain then take advantage of our BHB/TBA Inward Buyers Initiative to subsidise your travel expenses to the sales. Further details of the Initiative and application forms can be found in the
Inward
Buyers page.
13 If you intend to export your thoroughbred overseas appoint an agent to arrange all export and transportation matters on your behalf. The major transporters also have offices at Doncaster Bloodstock Sales (DBS) and Tattersalls during the sales.
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Ownership
Getting there
