Popular former Inglis Victorian boss Peter Heagney loses battle with illness.

Inglis is mourning the loss of one of its most iconic figures, Peter Heagney, who on Sunday succumbed to a battle with illness.

Heagney, he son of Australian Racing Hall of Fame trainer Graeme Heagney, joined Inglis in 1994 and served the company with distinction on a full-time basis until 2015 before continuing part-time until his retirement in 2019.

"It is with great sadness we confirm the passing of our dear friend and long-time colleague Peter Heagney, who passed away this afternoon," Inglis said in a statement on Sunday afternoon.

"Peter was one of the industry's most respected and loved characters who left a lasting memory with everybody he dealt with.

"Peter joined Inglis in 1994 and was one of Australasia's consummate auctioneers of bloodstock, selling at Tattersalls, in China and Malaysia and every State of Australia.

"He was a part of Inglis history as an auctioneer, senior manager, Director, mentor and friend to many.

"Our thoughts are with his wife Helen and the entire Heagney family. A memorial service will be held at Inglis' Oaklands Junction in the coming weeks and further details will be advised soon.

"Rest in peace Pete."

Heagney dropped the gavel on many future stars as one of the most recognisable voices in the Inglis saleroom, none better than the Bel Esprit filly who would go on to become Black Caviar, who was sold at the Premier Yearling Sale in Melbourne for $210,000 in 2008.