In the history of Dynamic Syndications, I do not recall heading to a major sale with the intent to purchase quality yearlings and having the budget to match and coming home empty handed. However there is a first time for everything and Dynamic Syndications returned to Sydney without buying a yearling at the 2012 NZ Bloodstock Premier Yearling Sale.
Day 2 got off poorly for us when a meeting with our Veterinarian Dr Tim Roberts revealed that the 9 lots we had on our list on Day 2, 6 had failed x-ray reviews. This included 2 with major problems and 3 with high risk issues and 1 with moderate issues. As readers are aware we have a zero tolerance policy as to x-ray issues and if in doubt we rule it out.
That left us with just 3 yearlings to bid upon.
Early on Day 2 we went for an Encosta de Lago filly which was a top sort and had a good pedigree. I had valued its ceiling price at $150,000 NZD. It was on the market at $80,000 and the bids steadily rose. I was still on her at $160,000 and was countered by a bid at $165,000. Oh well ! So I let it go at $165,000. Strike 1.
About an hour later I was very keen to buy a More Than Ready filly out of a Danehill mare. I thought she was worth $180,000. She was on the market at $120,000 but the bids kept going. I went to $190,000 but the bids kept coming and she was knocked down for $225,000. Strike 2.
Then I was on another Encosta De Lago filly from a top family. I had $200,000 for her but held out little hope. She was on the market at $80,000 and ended up at $325,000. Strike 3.
That was it - Nothing else to buy!
The sale itself was not strong with the average finishing down 11.6% from 2011 sales. The pass-in rate was up to 29% and the median fell to $120,000. However that was based upon many factors. When the catalogue is weaker the demand for premium lots grows as more buyers concentrate on the premium lots and this was the market where we are shopping.
We don't want a horse for the sake of it. We have built a reputation on racetrack results and 81% Runners : Winners and 96% Runners: Earners. We don't buy anything that's not a candidate for achieving good results. No doubt Stakes Winners will come from this sale but we simply will not chase a market as we need to ensure value for money and our clients get high quality. There was no point buying Kiwi bred horses that were not eligible for our rich bonus monies on offer with BOBS or Super VOBIS.
As for the Select Session catalogue, we had only 6 yearlings pass on pedigree rating and all 6 were poorly conformed.
So we patiently wait for sales in Melbourne, Adelaide, Gold Coast and Easter to come. After we purchased 6 outstanding yearlings at the Magic Millions we will not settle for second best under any circumstances.