Strong competition from Australia and abroad continued at the Inglis Easter Yearling Sale in Sydney on Wednesday, with the overall clearance up to 81% the best at the end of Day Two in over five years. The average remained strong at $256,071 whilst the median remains at $200,000.
“We are very pleased to see the progeny of a variety of stallions selling well and such a diverse local and international buying bench competing here at Newmarket,” said Mark Webster, Inglis’ Managing Director.
However from a Dynamic Syndications perspective it was a tough day at the office.
Having “Champagne Tastes on a Beer Budget” when we are competing “head to head” against the biggest buyers from around the planet means that it’s very tough to get set.
On Day 2 we had a crack at 6 yearlings that met our criteria and unfortunately didn’t go close to buying them as the prices skyrocketed into the stratosphere. The bottom line was simple on Day 2 – if they were cheap, the risks outweigh any advantages on pedigree they may have had (a politically correct comment !).
With so many professional buyers at the sale conformational defects which limit racing opportunity were well found by the pro’s. The under $60,000 market in a sale that is averaging $256,071 highlights the obvious. With so many pro buyers on hand ready to spend, every worthwhile yearling is well found.
Middle East money combined when Emirates Park and Sheikh Mohammed bin Khalifa Al Maktoum joined forces to take home the top lot on Day Two last year, and they took the spoils this year. The partnership went to $1,500,000 to purchase the Street Cry x Star on High colt (Lot 224).
Hong Kong based George Moore, who bought HK Classic Mile winner Able Friend from Easter in 2012, went to $1,000,000 to secure Lot 307 – a colt by Exceed And Excel from the family of Golden Slipper winner Mossfun.
28 yearlings have been sold for $500,000 or more across the first two days of the 2014 Easter Yearling Sale. The nine different sires of those lots include Fastnet Rock, Street Cry (IRE), Snitzel, Lonhro, Redoute’s Choice, More Than Ready (USA), Exceed And Excel, O’Reilly (NZ) and Tapit (USA).
Street Cry leads the sires by average (for 3 or more lots sold) with eight of his progeny selling at an average of $520,625, followed by Snitzel, Choisir, Redoute’s Choice, Fastnet Rock and More Than Ready.
Cressfield lead the vendors by average (3 or more sold) having sold three lots at an average of $583,333. Segenhoe Stud, under the new ownership of Kevin Maloney, sit second having sold five yearlings at an average of $448,000 so far.
The third and final day of the 2014 Inglis Australian Easter Yearling Sale starts at 10:30am tomorrow, Thursday 10 April. The remaining Session One lots (369 to 437) will be offered.
Then immediately following will be Session Two (Lots 435 to 550) and the Lauriston Farm Supplementary entries (Lots 551 to 555).
Session Two introduces a lot of stallions not considered commercial enough by the Inglis Sales Company to force their way into the main sale but several nice horses can be found. Alternatively nice types with less black type in the female pedigree are found in here or another reason is cost sensitive vendors pay significantly less to enter their yearlings into this session.
Last year’s average for session two was just $84,000 and a median of $70,000 so potential good buying can sometimes be found. For example we purchased the high quality Peter Moody trained MEDVEDEV from this session along with several other quality racehorses. However you have to work hard to find them. We have our eye on 3 yearlings in this session two that meet our criteria however unless they represent value buying we will leave them for others.
All the live sale ring action can be viewed online via Inglis Sale Day Live.