MM SALES - SOBERING OPENING DAY FOR VENDORS

By Graham Potter | Thursday, January 7, 2010

The first day of the Magic Millions 2010 Yearling Sales proved to be a sobering one for vendors.

The clearance rate of only 73% told part of the story and the session aggregate of $16.5 million, with an average price of $125000, backed up the disappointing trend. While the spin doctors do their job and correctly point out the positives ... in this case it is for the buyers in ‘a buyers market’ ... sales results invariable provide a barometer into the overall health of the industry and, as such, any downward trend is a concern.

Having said that, it was time, global recession or not, that purchase prices started to back off their inflated levels and return to figures that are of a more realistic value.

One day doesn’t make a sale, and what happens in the sales ring in the next four days at the Magic Millions might end up being an encouraging enough result in the context of where the industry stands. But the signs are there that 2010 will carve out its own measuring stick against which wise players will re-set their expectations.

There are no victims here. Those who enjoyed the boom times are less entitled to decry the turnaround than those who missed out. Like those who are just getting started, they will have to make do with the cards they are dealt. After-all, the breeding side of things, from conception to sales-ring, is as big a gamble as any sector within a money-driven industry.

For the record, 200 lots were catalogued for day one.
132 lots were sold.
49 lots were passed in.
19 lots were withdrawn.
Sales total - $16.5 million (down 17% on the 2009 figure).
Average price was $125000 (down 4.7% from last year’s opening session).
Top price was $500000.

Lots which sold for $300000 and more were:
$500,000 - Charge Forward-Chatelaine colt. Purchased by Peter Moody Racing . Lot 122.
$470,000 - Redoute's Choice-Covertly filly. Purchased by Darley Australia. Lot 151.
$350,000 - Encosta de Lago-Crowned Glory colt. Purchased by HKJC. Lot 158.
$340,000 - Fastnet Rock-Cathie's Lane filly. Purchased by Bill Mitchell. Lot 118.
$340,000 - Starcraft-Burningwood colt. Purchased by Peter Caporn. Lot 107.
$300,000 - Fastnet Rock-Diamond de Triano colt. Purchased by Mark Kavanagh. Lot 180.
$300,000 - Redoute's Choice-Anigma colt. Purchased by Mark Pilkington Bld/stock. Lot 44.

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