If the 2009 Conrad Jupiters Magic Millions Yearling Sale lacks the frenetic
pace and electric atmosphere that prevailed last year, there is nevertheless a
rising sense of optimism at the Gold Coast sale complex, as Australasia’s first
major indicates that the industry is standing on impressively solid ground in a
climate of global economic uncertainty. Buyers and vendors alike seem unanimous
in their view that the sale is stronger than anticipated, and the clearance rate
has steadily improved to close to 80 percent, with the average on A$134,711
ahead of the fourth and final select session, starting Saturday after
the sale company’s A$5 million raceday across the road from the sales complex.
Gross receipts total A$58,578,500 with 420 sold, and buyers believe that they
are getting value for money, by and large, but there is genuine competition on
sought-after yearlings, particularly just below the top tier of the market.
The top price of Friday’s third session was the A$1.2 million for Hip No. 515, a
high-profile
Redoute’s Choice–Kapchat (Centaine) colt consigned by Widden
Stud. The colt, a half-brother to Group 3 winner Kaphero (Danzero) and a
three-quarter sibling
to multiple stakes victress Princesa (Danehill)) as well as the stakes-placed Keeneland (Danehill) and Wasimah (Danehill), was knocked down to Victorian owners Peter Devitt and Les
Gordon,
who have had considerable success on the racetrack over many years. The same
pair
purchased the colt as a weanling for A$630,000 as part of Adam Sangster’s
Swettenham
dispersal at Magic Millions last June. The impeccably bred youngster will join
the stables
of the leading trainer of juveniles in Australia, David Hayes. The conditioner
has been
quiet on the buying end of the business at this sale, having announced last year
he would be curtailing his purchases substantially in 2009 for his Lindsay Park
operation
during a period of restructuring.
Demand for yearlings by Coolmore’s champion sire Encosta de Lago, who has
had
22 go under the hammer to date at an average of A$332,955, was among the
dominant
themes Friday, with Scone-based bloodstock agent Kieran Moore snapping up Hip 531, an Encosta
de
Lago filly from Group 1 heroine Larrocha (Danehill) for A$750,000. Moore was
acting on behalf of Hong Kong owner Deborah Ho. Consignor Bill Benson of Emerald
Thoroughbreds gave A$680,000 for the filly as a pinhook prospect from the
Swettenham
dispersal.
“We bought her in an ‘up’ market, and we put her back in unprotected,
we
didn’t play any games,” Benson commented. “We had about three people bidding on
the
horse, and in the end Deborah Ho bought her. It is a happy situation, we made a
little bit
of profit. Some good judges said in a normal market she is a A$1.5- to
$2-million filly. I
think she is a magnificent, scopey filly, a potential Oaks winner.”
Her
full sister, the Guy Walter-trained Rocha, was last seen out when a gallant fifth to
Samantha Miss (Redoute’s Choice) in the VRC Oaks (Aus-G1) November 6, after
winning the Wakeful S. (Aus-G2).
Magic Millions Managing Director David Chester said the biggest surprise of the
day was A$600,000 given by Queensland trainer Alan Bailey for a colt by
Commands,
the highest price for a yearling to date by the Woodlands-bred son of Danehill.
The colt
was offered by Ashleigh Thoroughbreds, a Scone farm that combines with fellow
Upper
Hunter Valley nurseries Riversdale and Byerley to sell under the banner of
Southern
Cross Breeders. The colt had a reserve of just A$90,000, and his breeders were
crossing
their fingers, hoping for A$200,000 after he was inspected frequently. The
previous
highest price for an offspring of Commands was A$520,000 for a filly sold to
John
O’Shea at this sale in 2006, although stakes heroine Commands Nothin’ sold for
A$620,000 as a broodmare.
Trainer Gai Waterhouse remains the leading purchaser with 21 secured for just
more than A$6
million, but the Hong Kong Jockey Club is also snapping up horses at an
eye-catching
rate, with 17 bought for a total of A$3,040,000, including Hip 574, an Encosta
de Lago colt out of Golden Slipper winner Merlene (Danehill) for A$510,000. The Hong Kong Jockey Club’s Mark Player said the club would do
everything it could to ensure the colt remained an entire.
“Last year we gelded
the
majority, but kept five as colts, and we are very hopeful they might go on to be
stallions.
This is another one we would do everything we could to leave him as an entire,”
Player
said. “He is by one of the best sires in the world, he has got a great page
— the
mare has
had one really good horse (South African filly Merlene de Lago), and a
couple of
others who were very promising but just didn’t quite go on with it. When you
really look
at him, he is an outstanding individual.”
The colt will be prepared
for the
unique Hong Kong International Sale of ready-to-run horses and will be marketed
to a
handful of licensed Hong Kong owners. The HKJC never looks to turn a huge
profit, but
would obviously welcome a return on their investment.
“We think we have got good
value, but we have got to resell him,” Player explained. “The market is stronger
than we
expected it to be. We expected to see a bigger decline…we are trying to find
the right
horses to make good tough sprinter-milers, (and) the market on those horses is
not very different to what it was last year. Encosta is the sire of
wonderful horses
like (Group 1 winner) Sacred Kingdom, and our members want to race horses of that
caliber. The dollar is in our favor at the moment, but foreign currency — it is
swings and roundabouts. This year it has helped us, last year it hurt us a lot.”
Chester commented on the current state of trade.
“The whole sale is a lot better than anyone expected
and it
has showed the way for the rest of the sales coming up right up to Easter,”
Chester said.
“Two or three vendors have
100 percent
clearance, as the clearance rate has crept up — 79 percent is a fantastic result
at any time. Maybe things aren’t as bad as everyone thought. The
Japanese
are surprised how strong the sale is. Some buyers have been blown out of the
water, but
let’s not delude ourselves, the sale is still down from $157,000 to $134,000.”