National Sale To Heat Up Gold Coast

The racing season in Australia may be winding down for the winter but the sales scene remains hot, with the Magic Millions National Sale Series on the Gold Coast expected to draw an international cast of participants on May 25 to June 8. The action begins on May 25 and 26 with the National Weanling Sale, with the National Broodmare Sale picking up proceedings from May 30 to June 2. Yearlings go under the hammer on June 6 to 8, with a racehorse section bringing the curtain down on June 8.

The National Sale has earned increased interest from American investors in recent years, with the likes of Stonestreet Farm, Spendthrift Farm, Glen Hill Farm and Mt. Brilliant Farm all spending at the top level the last two years, and Magic Millions Managing Director Vin Cox made a trip to their turf for the GI Kentucky Derby earlier this month.

“I got around to a lot of people that have been investors in the past and talked to some prospective clients about the National Sale,” he explained. “So whether [they come to the sale] this year, next year or in five years' time, it doesn't matter, it was good to get around and see everyone and get their views.”

Of course, it is not only the Americans that have shown increased interest in Australian breeding stock. Other big spenders in recent years at the sale have included China Horse Club, Katsumi Yoshida, and Dermot Farrington.

Global interest combined with robust spending by locals has seen the figures for this sale skyrocket. The average as recently as 2013 was A$71,740; last year it was A$134,309. Figures took a slight hit in 2015 off the back of a blockbuster Teeley dispersal the year before, but leapt back up last year to four-year highs. And while numbers can't paint the whole picture when it comes to a sale catalogue, Cox said the increased number of black-type relations in the broodmare sale this year points to an even better catalogue than last year.

“There are a total of 230 stakes-performed mares-those are stakes winners or stakes-placed–which is up from 181 the year before, so it's up about 27%,” he explained. “It looks like the catalogue on paper is up something like that, 27% to 30%. The number of stakes winners is up from to 124 from 96, so that's up 29%.”

Another figure likely to help the sale is that just over 60% of the catalogue are seven years of age or younger.

“I think that is quite astounding,” Cox said. He noted that Australian racing's propensity towards racing in syndications and partnerships likely helps get young, well-performed fillies and mares on the public market.

“While a lot of breeders do race horses here, there are a lot of syndicates that race horses as well, and people that aren't necessarily breeders,” Cox explained. “The big breeders that race their own fillies tend not to offer the better product, but those syndicates do, and we have a very strong culture of churn in our business. Traders will buy race fillies off the track and put them in foal or buy them here at our sale and turn them over the next year back in foal. There is a big trade culture here in Australia.”

An example of such a mare raced by a partnership includes Group 2 winner Catch A Fire (Aus) (Sebring {Aus}) lot 674, who is part of a strong Bhima Thoroughbreds draft and is offered on behalf of a syndicate of owners headed by Wylie Dalziel. Bhima also offers Group 2 winner Nurse Kitchen (NZ) (Savabeel {Aus}) (lot 758), and other non stakes-performed but well-related mares in the draft include Primavera (Aus) (Redoute's Choice {Aus}) (lot 773), a 3-year-old half-sister to this season's G1 Sires' Produce S. winner Invader (Aus) (Snitzel {Aus}) and Hong Kong and Australian group winner Not Listenin'tome (Aus) (Dylan Thomas {Ire}); and Eyes of Love (NZ) (Tavistock {NZ}) (lot 1197), a winning daughter of Group 2 winner Lovetrista (NZ) (Rock Of Gibraltar {Ire}) and granddaughter of Group 1 winner Tristalove (NZ) (Sir Tristram {Ire}) in foal to Snitzel (Aus).

Other black-type winning mares set for sale include South African Group 1 winner Happy Valentine (SAf) (Silvano {Ger}) in foal to More Than Ready (lot 1248); G1 Tattersalls Tiara victress Miss Cover Girl (Aus) (Monashee Mountain) (lot 748); dual New Zealand Group 1 winner Soriano (NZ) (Savabeel {Aus}) (lot 881) in foal to Tavistock (NZ); dual group winner Gregers (Aus) (Commands {Aus}) (lot 1240) carrying to Written Tycoon (Aus); G2 Matriarch S. winner Jessy Belle (Aus) (Rock Of Gibraltar {Ire}) (lot 728); G2 Thousand Guineas Prelude winner Miss Gunpowder (Aus) (Pendragon {NZ}) (lot 750); and five-time group winner Tycoon Tara (Aus) (Written Tycoon {Aus}) (lot 639). The supplementary entries include G2 Blue Diamond Prelude winner Samara Dancer (NZ) (Hinchinbrook {Aus}); G2 Sweet Embrace S. winner Scarlet Rain (Aus) (Manhattan Rain {Aus}); Stresa (Aus) (Real Saga {Aus}), an unraced half-sister to G1 Golden Slipper winner Capitalist (Aus) (Written Tycoon {Aus}); Inspired Estelle (Aus) (Manhattan Rain {Aus}), a winning half-sister to champion sprinter Lankan Rupee (Aus) (Redoute's Choice {Aus}); and Group 2 winner Kebede (Aus) (Redoute's Choice {Aus}).

Also among the race fillies are four 3-year-olds–to be offered by Arrowfield Stud–owned by Californian John Kelly, which he purchased two years ago as yearlings at the Gold Coast sale. Three of the four are stakes performed, headed by the Group 3 winner Thyme For Roses (Aus) (Redoute's Choice {Aus}) (lot 633). Cox said, “John has done remarkably well to purchase as good of horses as he has, and we look forward to offering those four fillies.”

Among the proven broodmares set for sale are the dams of three Group 1 winners: the 12-year-old Condesaar (Aus) (Xaar {GB}), the dam of G1 Sires' Produce S. and G1 Spring Champion S. winner Yankee Rose (Aus) (All American {Aus}) offered in foal to Redoute's Choice (Aus) (lot 1124); Breccia (NZ) (Fastnet Rock {Aus}), offered in foal to Brazen Beau (Aus), is the dam of this season's G1 All Aged S. winner Tivaci (Aus) (High Chaparral {Ire}) (lot 1078); and Bubble Below (Aus) (Hussonet), whose son Lucky Bubbles (Aus) (Sebring {Aus}) won the G1 Chairman's Sprint Prize on May 7. Bubble Below is offered carrying a full sibling to him.

“This sale has produced so many incredible results for both vendors and buyers–the dams of this season's stars Winx, Foxplay, Montoya's Secret, Rapper Dragon, Heavens Above and Lasqueti Spirit were all purchased here providing buyers with impressive returns on investment,” said Cox. “We've had a couple nice updates since we've taken entries, Lucky Bubbles being a Group 1 winner in Hong Kong, which is just fantastic, and also Tivaci won the G1 All Aged S. at Randwick. His dam is in the sale as well, so those are a couple of big updates that won't hurt at all.”

Progeny of Frankel (GB) are sought after worldwide, and after a handful of his first yearlings sold successfully at Australian and New Zealand sales last year, six mares are offered in foal to the Juddmonte great at this sale. Three are from Yulong Park, one from Aquis Farm and Coolmore offers two: Etched (Ire) (Dansili {GB}) (lot 1188), a winning 3-year-old filly from the immediate family of G1 Investec Derby winner Pour Moi (Ire) (Montjeu {Ire}); and Enchanted Dawn (War Front) (lot 1184), a full-sister to stakes winners Intelligence Cross and Sweet Orange.

Eight mares are catalogued in-foal to American champion sire Tapit; four are offered by Newgate Farm and four by Vinery Stud. Among the mares in foal to Tapit are Grade III winners Caminadora (More Than Ready) (lot 1093) and Best Behavior (Into Mischief) (lot 1068), as well as multiple graded stakes winner Heart Stealer (Speightstown) (lot 1256). Best Behavior was bought by SF Bloodstock from last year's Fasig-Tipton July racehorse sale for $250,000, while Heart Stealer was a $650,000 buy at the 2015 Fasig-Tipton November Sale. Newgate last year sold one mare in foal to Tapit at this sale, which realized A$620,000 from Sheikh Mohammed bin Khalifa al Maktoum's agent Tim Stakemire.

“That's a bit of a new development,” Cox remarked. “Last year we sold one mare in foal to Tapit and she sold extremely well, and this year we've got a bunch more. And Frankel being as high-profile a horse as he is, some investors have purchased mares in Europe and America and put them in foal to Frankel, so they're going to test the market down in this part of the world. It brings a new dimension to our breeding stock sale, which is very exciting.”

The broodmare sale follows on from the weanling sale, which will see just under 600 youngsters go under the hammer. Past graduates of the weanling sale have set a precedent for future generations, with 2-year-old Triple Crown winner and leading first-season sire Pierro (Aus) (Lonhro {Aus}), as well as Group 1 winner and exciting young stallion Zoustar (Aus) (Northern Meteor {Aus}) and Group 1-winning juvenile Peggy Jean (Aus) (Myboycharlie {Ire}), among its honour roll.

“They are great poster horses to have,” said Cox. “They're extremely high-calibre horses that are very commercial, whether they're standing at stud or broodmares in the paddock or still race fillies. They're a wonderful advertisement for that sale.”

In addition to leading sires like Fastnet Rock (Aus), I Am Invincible (Aus), More Than Ready, Not A Single Doubt (Aus), Sebring (Aus), Snitzel (Aus) and Written Tycoon (Aus), the catalogue includes the progeny of 19 first-season sires. Those include Adelaide (Ire), Brazen Beau (Aus), Deep Field (Aus), Dissident (Aus), Eurozone (Aus), Hallowed Crown (Aus), Olympic Glory (Ire), Puissance de Lune (Ire), Rubick (Aus), Shooting To Win (Aus), The Wow Signal (Ire), Toronado (Ire), Unencumbered (Aus), Verrazano and Wandjina (Aus).

Cox noted a recent dramatic shift in perception of weanling sales in Australia that has led to the growth of the Magic Millions National Weanling Sale.

“Once upon a time weanling sales in this part of the world were seen as a cull sale,” he explained. “That dynamic has changed dramatically. It is now seen as a legitimate sale and a legitimate trade market. To that end we have a number of breeders who are selling their entire crop of weanlings, which really speaks of the evolution of that sale over that period of time. We have just under 600 weanlings to offer and the quality has jumped up dramatically this year. It's the coming of age of the weanling market here in the Southern Hemisphere.”

“Another aspect we're seeing a lot more is the end-user being very active in our weanling market,” he added. “People like James Harron, and high profile trainers, that are looking at weanlings and just hanging on to them longer. It speaks to the quality of horse that's being offered.”

Like the broodmare sale, an increase in black-type relations suggests an increase in quality in this year's weanling catalogue. There are 58 total weanlings out of stakes mares or siblings to stakes horses, compared to 41 last year, including 49 progeny of stakes winners, compared to 40 last year.

“Those are big jumps–big statistics that tell you about the quality of the catalogue,” Cox said.

While the major yearling sales for the year are in the books in Australia, the robust trade seen at all levels throughout the season suggest there will still be plenty of action at the Magic Millions National Yearling Sale. While polarization at the top of the market was the buzz phrase at Northern Hemisphere yearling sales last season, Australians have displayed an appetite for horses at all levels of the market, likely helped by its syndication model and excellent prizemoney.

“The market in Australia is certainly very strong at the moment, and that's right through,” Cox said. “It's not only at the elite level, it's in the middle as well and right down to the very bottom. There's just a fantastic market here and it's great to see.”

There are 584 lots catalogued for the yearling sale, with all but six of those paid up for the A$11-million-plus Magic Millions Race Series, and Cox said he expects plenty of competition from domestic shoppers as well as international, specifically those from Asia.

“The yearling sale has also jumped up as a legitimate sale,” he said. “It's at the end of the season but it's far from that in terms of quality. We look forward to plenty of interest from Asia and domestically. There are people who still haven't bought enough yearlings as yet, so we anticipiate the yearling sale being quite strong.”

Cox said he expects the weakness of the Australian dollar to be another positive indicator for Asian spend at the sale.

“Our dollar over the last two or three weeks has dropped significantly, as low as it's been in nearly 10 years,” he said. “That'll have a big impact on potential Northern Hemisphere buyers, and more specifically Hong Kong into our yearling market.”