Robust Industry Prevails at Premier Sale

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Robust Industry Prevails at Premier Sale

The pace picked up steadily throughout the second day of New Zealand Bloodstock's 2009 Premier Sale at Karaka, to conclude with some good results for the industry.

In total $53,330,000 worth of bloodstock changed hands over the course of the past two days, down from last year's record $77,115,500, with 366 of the 503 lots catalogued sold through the ring. This represents a 77% clearance rate, down from last year's 86%.

The average price fell slightly from day one to finish at $145,710, down 27% from $199,265 in 2008, with a median that remained constant throughout the sale at $100,000.

New Zealand Bloodstock Managing Director Petrea Vela commented on the day's proceedings.

"It started slower than we had anticipated today which rattled our confidence early on but the sale rallied and we saw some very good results over the course of the afternoon. There's no doubt the market was strong in places but buyers are selective, as they can afford to be given the current climate.

"Clearly the market is experiencing a downturn but in light of the fact that our 2007 figures were records at the time, to be in that range is still a good result for the industry. In particular, the activity of our local buyers has been very heartening and demonstrates their confidence in our industry even in these uncertain times."

"The quality is definitely here this year and with the swing in favour of the buyers there is plenty of value and opportunity still to be had over the course of the next six days."

While yesterday's top price of $800,000 (Lot 7) was not surpassed, one lot came close, with the Stravinsky filly at Lot 454 knocked down to local bloodstock agent, Dean Hawthorne, for $775,000. From Cambridge Stud's blueblood family, the filly is the second foal of the Zabeel mare Diamond Smile, a three-quarter sister to Octagonal, Mouawad and Shower of Roses.

"I've purchased this filly for a Victorian client who is looking to build up a nice broodmare band. We rated her as one of the top fillies in the sale on type and with such a strong family so close up in her pedigree she's a filly anyone would love to have in their paddock," said Hawthorne.

"There aren't many opportunities to buy into the family and we were helped by the exchange rate in our favour."

David Ellis, Lance Noble and Roger James were also amongst the line-up of local buyers who competed hotly for some of the top priced lots.

The leading buyer of the Premier Sale was prominent local buyer, David Ellis of Te Akau Racing, now the leading New Zealand buyer at this Sale for the past four years in a row. His 12 purchases (for $4,475,000) included a top price of $750,000 paid for the Encosta de Lago colt from Wyndham Special (Centaine). This was one of four colts purchased by Ellis for a syndicate of local and international owners.

"I thought this was Cambridge Stud's best colt. The plan is to take advantage of the good stake money in New Zealand and race these colts here and, with stallion pedigrees, they have the potential to stand at stud.

"There was a lot of competition here on good colts but the value available to buyers at Karaka this week represents a unique opportunity to get into the industry at this level."

A broad international buying bench has been active at Karaka, with the Hong Kong Jockey Club leading the overseas contingent with 25 yearlings purchased for $4,055,000. These will be distributed between the HKJC's International Sale in December and its Subscription Griffin Scheme.

Also amongst those active from Hong Kong were Mr Li Fong Lok, Dominic Li, Willie Leung and Apollo Ng.

Australia has been well represented on the buyers' sheets by Danny O'Brien, Mick Price, Troy Corstens, Bart Cummings, Anthony Cummings, John O'Shea and John Chalmers amongst others. At a glance, Australia has accounted for 142 horses purchased for just under $20m in total.

Also present and active were buyers from Singapore, Macau, Japan, England and South Africa.

It was no surprise that Redoute's Choice and Encosta de Lago have featured prominently in the final analysis, between them responsible for six of the top ten lots sold over the past two days.

The leading vendor of the two-day Premier Sale by aggregate has been Sir Patrick Hogan's Cambridge Stud with 52 yearlings sold for $10,432,500. Cambridge sold two of the top three lots of the Sale, including today's top lot.

ends

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