On Wednesday Dynamic Syndications under the draft of Oakwood Farm (as agent) offered 7 of our raced mares for sale to dissolve their ownerships.
The purpose behind the decision at this time of year, is to avail the mares to the open market so buyers can review them at the right time of year, ahead of the upcoming breeding season.
It is the normal situation to offer mares that have done a good job or reached their glass ceilings or have suffered injury that prevents them from racing.
Dynamic Syndications identify this sale as the most logical to offer retiring mares.
On Wednesday we offered 7 for unreserved sale. 5 sold very well but it wasn't all plan sailing with 2 mares disappointing us with limited interest and selling for low single figures.
In the wash up we sold 7 mares for a gross of $615,500 at an average of $87,928.
We led the day off for the Magic Millions at 10:00am with lot 501 MADE TO ORDER which sold for for $160,000 and heads to NZ.
Lot 512 MORE FOR ME was next offered and knocked down for $60,000 to Rheinwood Pastoral. To be fair, we thought that was very well brought, as we had hoped for a little more for the Stakes Placed daughter of More Than Ready. However the price did still fall within our expectations. That’s the uncertainty of an auction. You meet the market and the market determines the price they are prepared to pay.
Lot 607 was to follow. BERGDORF went into the market as a winning daughter of a full sister to Gr1 winner REWARD FOR EFFORT & she was a ¾ sister to 3/4 sister to stakes placed Right or Wrong. However the mare had undergone some major injury trauma to an eye and as a result, was light in overall condition. She was also a chronic windsucker which devalued her commercial worth.
Despite this we were still anticipating a price around $20,000 however when the hammer fell we were devastated she was sold for only $3,500. This result was gut wrenching for everyone but displayed the fickle nature of the bloodstock industry where professional buyers reject the mares that aren't perceived as desirable or commercial.
With the wind out of our sails, the next lot forward was lot 631. Our mare DEFINE by Lonhro was a winner of 3 races, Gr2 placed and over $170,000 prizemoney. We were adamant she would sell well, based upon the number of inspections.
When the bidding was concluded, DEFINE had been knocked down to KIA ORA STUD in the Hunter Valley for $250,000, a result well above our expectations.
Lot 661 was next. Again a close relation to Bergdorf from the same family as REWARD FOR EFFORT, this mare had been placed but took a long time to mature and despite being placed, hadn't lived up to racetrack expectations. She was by Ad Valorem, a Darley Stud sire that we had high hopes for but was a flop at stud. She was knocked down to $2,000 Holbrook Stud. We had expected about $20,000 so again we were left flat.
Lot 666 was JAPONICA a daughter of Encosta De Lago who had raced just 7 days prior. Still a maiden however she had been placed. Out of a ½ sister to Seranade Rose we expected her to be a $20,000 mare so we're delighted for her owners when she was knocked down to Aquis Farm Qld, for $40,000.
This left our 7th and final lot to enter the ring. Lot 673 LAGONDA was a winner of 2 races and the grand-daughter of $5m mare MILANOVA. Also a windsucker, we were hoping a sale of $40,000 - $50,000 could be achieved but when the dust settled she too had been brought by Aquis for $100,000.
So a Topsy Turvey day but the big bucks rolled in for 5 of our 7 mares whilst 2 mares were not received by the marketplace.
We take this opportunity to celebrate with all the Dynamic owners who sold well and we commiserate with those who may feel deflated by the auction system.
However the most important aspect is that many of the owners from these horses have already elected to re-invest into new Dynamic Syndications yearlings in 2016.