NZB Karaka Yearling Sale
Cambridge Stud’s Sword Of State colt makes $1.1 million as Karaka delivers record-breaking Book 1
Tayla Dyke and Lloyd Jackson
ANZ News
Cambridge Stud’s burgeoning young sire Sword Of State (Snitzel) delivered the defining moment at the 100th New Zealand Bloodstock (NZB) National Yearling Sale, taking centre stage at Book 1 when his colt out of Las Brisas (Shamardal) realised $1.1 million on Monday.
NZB’s decision to offer a more refined Book 1 offering over two days was richly rewarded on Monday as the premier sessions delivered record numbers.
What's On
Over the two days of trade, the auction house reported 422 yearlings sold at a clearance rate of 81 per cent. Book 1 reached a record average of $187,257, a 14 per cent rise, while the median of $140,000 also set a new benchmark and was up 27 per cent on 12 months ago. The aggregate finished at $79,022,500, a five per cent increase on last year’s figure.
NZB’s managing director Andrew Seabrook said he was delighted with the results.
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“I am really thrilled. The turnover has gone up $3 million with 94 less horses catalogued. The sale has gone from three days to two days so to exceed the turnover by $3 million is huge.
“The support we've had from Australian [buyers] in the last couple of days and a lot of people returning that haven't been for a while to support the 100th sale was fantastic. It's just gone so well from the race meeting on Saturday night with that wonderful atmosphere.
“The crowd yesterday for the opening day on Sunday was amazing and it's just continued today and to have a clearance rate of 80 per cent on sale day, that'll continue to go up, but we haven't done that for a number of years. The average being well up around $185,000, it's all gone really well.
Regarding the change in format, Seabrook said: “We were very conscious of wanting to make sure that the Australians stayed here for Book 1 and 2, and we couldn't do that under the old format. They haven't got the time to spend away from Australia, especially with the Magic Millions sale being so close this year. So it's worked really well. We've sold more horses each day, but Book 2 horses have been all available there for everyone to see, and I think that's been a huge help for the sale, and the response and the feedback we've got from Australians in particular is that they love the new format.”
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Despite the healthy results, one figure that might be cause of some alarm was the dramatic drop in spend from New Zealand buyers. Twelve months ago, the home team bought 224 yearlings for an aggregate of $32,407,500, while this year they bought 166 lots for total receipts of $26,377,500.
On the other side of the coin, spend from the Australian contingent rose by around $3 million to over $41 million.
“I am really thrilled. The turnover has gone up $3 million with 94 less horses catalogued. The sale has gone from three days to two days so to exceed the turnover by $3 million is huge
Seabrook said that he expected New Zealanders to be active during the one-day Book 2 sale on Tuesday and during the Summer Sale on Thursday.
He said: “The domestic spend was down $6 million in Book 1. I haven't analysed those results in full, so that's a little bit surprising. I would expect them to kick in tomorrow and Thursday. There'll be plenty of Australians here, still bidding tomorrow, they've had the opportunity to see the horses on the ground, so if they're not here in person themselves tomorrow, they'll be still bidding. I think Book 2 will be a pretty strong sale tomorrow.”
Half to Group 1 star shines at Karaka
The $1.1 million Sword Of State sale-topper is a half-brother to four-time Group 1 winner Ceolwulf (Tavistock) and will join Ciaron Maher’s powerful stable after the operation’s head of bloodstock, Will Bourne, landed the winning bid following a spirited duel that had the auditorium at capacity.
Auctioneer Steve Davis opened proceedings at $200,000 before bidding surged in $100,000 increments. Te Akau’s David Ellis, seated in his customary ringside position, was the underbidder, but Bourne, standing alongside Yulong’s Jun Zhang, held firm to secure the Cambridge Stud-consigned colt.
“[David Ellis] is a hard guy to beat, especially here on his home deck,” Bourne said. “When you're wearing the white shorts with David Ellis, it's never a good sign.”
The majority of the youngster will be raced by Chinese owner Mr Sanxiong Gao, who was active at Karaka’s 2025 Ready To Run Sale when purchasing two colts for a combined $1,425,000.
“He is a lovely horse and we had great support from Mr Gao, it’s the first one we have had,” explained Bourne. “I'm thrilled to have him on board. I sent Ciaron the videos of the horse when we did a short list five days ago and he was one of Ciaron’s picks. He’s delighted, I’ve just got off the phone with him and he wants me to sell the last share, so I'm getting on to that now.”
While being a half-brother to Joe Pride’s Ceolwulf was undoubtedly a main selling point, the strong-bodied colt’s pedigree also boasts elite-level international winners including Cerulean Sky (Darshaan), Moonstone (Dalakhani), Full Count Felicia (War Front) and Wellington (All Too Hard).
“When you're wearing the white shorts with David Ellis, it's never a good sign
“This colt had a lot of strength. He was very much a yearling sales horse. When we looked at him from behind the saddle, there was a lot of power there,” said Bourne.
“There's a few similarities [to Ceolwulf], but I feel like he's a different horse. He was very imposing. He was a proper colt, so hopefully didn't get him home and turn him into something.”
Bourne confirmed Maher’s stable were keen to continue backing Sword Of State, having purchased a filly by the stallion at Karaka last year. Now named Temple Of Venus, she has yet to make her racing debut, but has shown encouraging signs at home.
Sword Of State has made a good start with his first runners this season. The son of Snitzel (Redoute’s Choice) has sired three winners, headed by the exciting Warwoven and Debutant Stakes (Listed, 1000m) scorer Torture, who finished third in the Karaka Millions 2YO (RL, 1200m) and is being considered for Group 1 targets this season.
“We bought a filly last year who’s shown really good ability at home and we obviously saw Bjorn Baker’s colt [Warwoven],” Bourne continued.
“[For Sword Of State] to start like he has, it's a credit to Cambridge Stud to get a stallion to kick like that already. We are happy to support them, they do such a good job. They're so supportive of the industry here and the community.”
The $1.1 million result eclipsed the previous record for the current Cambridge Stud owners Sir Brendan and Lady Jo Lindsay and marked the first seven-figure yearling sold since they bought the historic farm from the previous owner, Sir Patrick Hogan, in 2017. It was a brilliant result given Sword Of State stood for just $15,000 (plus GST) in 2023 when the colt was conceived.
“He’s been a hype horse for us,” Cambridge Stud’s Scott Calder said. “We got on the ground and he’s a horse everyone has been talking about. He’s been a big part of our publicity, but you never know what’s going to happen at that level. To see Te Akau and Will go toe-to-toe, it was incredibly exciting.
“It was a first for us in the Lindsay era of Cambridge Stud. To have a million dollar yearling, and that was something synonymous with Patrick when he had Cambridge, those big million dollar lots were something he was a pro at, so to add our little bit to that sales record in the 100th year is a really great part of the story. I guess now we just hope he goes on to be a star on the track like Ceolwulf and we will follow him with great interest.”
Calder said Sword Of State’s early commercial success reflected the confidence breeders had shown in the stallion.
“Sword Of State was a massive money spinner last year,” he said. “The colt was so popular but you have to keep your feet on the ground because he was off a $15,000 service fee, admittedly out of a very nice mare.
“It's hugely rewarding for us, there's a lot of breeders around who have done well out of the stallion, and that makes my job much easier. As an industry, we need our young horses to put their hands up.
“We are a country of breed to sell breeders mainly and these young horses can really contribute to keeping people in the game and keeping their businesses going. It's nice to be able to have some success, not just us but for everyone. What we have seen so far it's easy to see why people are so excited about him.”
Cambridge Stud’s colt was the headline act of a brilliant Book 1 for Sword Of State, but far from his only strong result. The son of Snitzel (Redoute’s Choice) had 20 yearlings sell for total receipts of $5,205,000 and a final average of $260,250, over 17 times his covering fee.
Sword Of State’s momentum was evident earlier in the sale when Stephen Marsh Racing and Dylan Johnson Bloodstock went to $420,000 for Lot 325, a filly out of the Stravinsky (Nureyev) mare Botanic, another offering from Cambridge Stud.
“We are not surprised that she sold so well,” Calder told ANZ News. “There was a lot of interest as she was a standout all through her prep. She is also as nice a type as you could expect and sold accordingly.”
The filly will join the stable of Stephen Marsh, who is fresh from celebrating Well Written’s (Written Tycoon) emphatic victory in the Karaka Millions 3YO (RL, 1600m), with Marquee Bloodstock Agency and Bourbon Lane Stable involved in the ownership.
“Stephen and I were keen to get one by Sword of State and we have had her on our radar since the Cambridge Stud parade,” Dylan Johnson, who acts as a key agent and partner for Bourbon Lane’s New Zealand division, told ANZ News. “We believe she was the pick of them all.
“She moves beautifully, she is a good size and has a lovely head. You could say she is very elegant.”
Calder believes Sword Of State’s appeal is extending well beyond New Zealand.
Milan Park also contributed to the stallion’s strong Book 1 showing, selling two yearlings by Sword Of State on day one, including a colt out of Pussy O’Reilly (O’Reilly) for $360,000 and a filly out of Savvy Dreams (Savabeel) for $425,000.
“I'll bet you Sword Of State will make it as a stallion,” Milan Park’s Tony Rider said. “I'm bullish about him. He just goes with so many New Zealand mares, and they're such great types, I've got one over there, and again, I'm slightly a bit bullish here, but after listening to everybody, Bruce Slade, Henry Field, they've all seen him, and they just said, ‘wow, he's a wow.’”
Cambridge Stud finished the sale as the leading vendor by aggregate, selling 50 yearlings for $10,640,000, recording an average of $212,800.
Top vendors by aggregate
Brendan Linsday said the plaudits had to go to the team at home, who had worked hard in the run up to the sale.
“A lot of hard work goes in behind the scenes, and they are emotional. Jo and I believe in our country, everything we do is about New Zealand,” he said. “It’s the 100th anniversary of an iconic New Zealand event, and we’re a part of it.”
On the top seller, he added: “It tells the industry that you can turn a $15,000 service fee into a million-dollar profit, that’s really encouraging. We’re a great country, and we breed the best horses.
“It’s a moment the team are going to remember for the rest of their lives.”
The Lindsays took over the world-renowned Cambridge Stud in 2017, but wasn’t all smooth sailing for the farm under the new tutelage, losing three stallions early on. Seabrook said the leading vendor title was well-deserved.
“They did it tough there to start losing three stallions, but Sir Brennan, and Lady Jo, gave us the full support very early on in the piece,” he said. “They wanted to support the 100th yearling sale to the maximum, so to see them get $10 million in turnover, which hasn't been done for some time, is fantastic. To see their stallion Sword Of State so popular, and getting that $1.1 million horse, I'm thrilled for them.”
Sale statistics - Book 1
2026 |
2025 |
|
|---|---|---|
Catalogued |
567 |
661 |
Offered |
520 |
588 |
Sold |
422 (81%) |
457 (78%) |
Aggregate |
$79,022,500 (+5%) |
$75,332,500 |
Average |
$187,257 (+14%) |
$164,841 |
Median |
$140,000 (+27%) |
$110,000 |
Top Lot |
$1,100,000 |
$2,400,000 |
Sponsored by IRT
Well-related Justify colt joins Waller fold
The powerful buying combination of Guy Mulcaster and Chris Waller were active over the two days of Book 1 trade at Karaka, combining to purchase ten yearlings for $3,715,000 and the most expensive of the cohort was a well-related Justify (Scat Daddy) colt who they bought for $950,000.
Bred by Coolmore, the colt boasts an elite international pedigree. He is out of the Zoffany (Dansili) mare Heart To Heart, a juvenile winner in Ireland and a half-sister to Camille Pissarro (Wootton Bassett), France’s champion two-year-old of 2024 who has since joined the Coolmore Stud stallion roster in Ireland.
Bred by Cn Farm, Heart To Heart is out of Entreat, a winning Pivotal mare, and alongside Camille Pissarro she is also a half-sister to Group 1-winning sprinter and stallion Golden Horde (Lethal Force), as well as stakes winners Exhort (Dutch Art) and Line Of Departure (Mehmas).
The Justify youngster is the second foal out of the mare, with her first, a colt by Frankel (Galileo), having sold to Busuttin Racing for $100,000 at the last year’s Inglis Easter Yearling Sale.
Bidding opened at $400,000 before accelerating rapidly in $50,000 increments, with Mulcaster, positioned in his customary spot, ultimately outlasting bloodstock agent Peter Twomey and the Waterhouse and Bott axis to land the prized colt.
“He’s a lovely colt, a real typical get up and run sort of Justify,” Mulcaster said. “The dam is a half to a current stallion who was a champion two-year-old in France. Fingers crossed, he can be another Learning To Fly or Storm Boy. We thought he was a beautiful horse and stretched a little bit, but we bought him for a lot of good clients, and fingers crossed, he turns out to be a good one for us.”
The colt will join the Chris Waller stable, with Mulcaster confident the Justify youngster profiles as a sharp, early type.
“Justify is an international sensation and it's only a matter of time when we get another Storm Boy or something like that,” Mulcaster added. “He looked like the type to get up and run for us. He's going to be trained by a great trainer, and we're going to have a lovely group of owners.”
Landsdowne Park owners Dave Duley and Jude Latimer said they had long held high expectations for the colt, whose popularity was evident well before he entered the Karaka ring.
“We knew something was up when we started parading him at the farm,” Duley told ANZ News. “He was the most popular and that carried over to here where he has thrived. He never took a backward step.
“It was as if he owned the joint. He just handled everything like a professional and he is certainly among the best yearlings I have prepped and presented.
“His x-ray hits were huge and all the internationals were keen, on type, plus he has a stallion's pedigree. In the ring we knew he was going to sell well.”
Top 5 Book 1 lots
of
Lot 513: Sword Of State ex Las Brisas colt
Vendor: Cambridge Stud
Buyer: Mr Sanxiong Gao/Ciaron
Maher Bloodstock (VIC)
Price: $1,100,000
Lot 471: Justify ex Heart To Heart colt
Vendor: Landsdowne Park
Buyer: Chris Waller
Racing/Mulcaster Bloodstock (NSW)
Price: $950,000
Lot 265: Snitzel ex Amarelinha colt
Vendor: Cambridge Stud
Buyer: Chris Waller
Racing/Mulcaster Bloodstock (NSW)
Price: $850,000
Lot 383: Alabama Express ex Diva Carolina colt
Vendor: Elsdon Park
Buyer: KPW Bloodstock (QLD)
Price:
$850,000
Lot 516: Toronado ex Les Crayeres filly
Vendor: Pencarrow Stud
Buyer: Barneswood Farm (NZ)
Price:
$800,000
Alabama Express in demand
Alabama Express (Redoute’s Choice) delivered a powerful statement at Karaka on Monday, producing two major results inside a ten-minute window as demand for the Yulong Stud sire peaked in the ring.
The headline act of his five sellers came in the shape of Lot 383, an imposing colt consigned by Elsdon Park who was knocked down to KPW Bloodstock for $850,000, marking the most expensive sale-ring result to date for Alabama Express.
Purchased by Kevin ‘Millie’ Walls on behalf of prominent Australian owners Ron and Judy Wanless, the colt is the first foal out of the winning Tivaci (High Chaparral) mare Diva Carolina and hails from the family of Listed winner and Group 1 placegetter Ombre Rose (O’Reilly).
“He stood out. He’s a very nice horse,” Walls said. “We buy purely on type and I rated him one of the best types in the sale. And once Ron starts, he tries hard.
“We’ve paid a bit more for one or two before, but [Ron] loves the game, loves the racing - it's his hobby and his passion. They love their horses, love their racing, he's been in the game a long time and most other games too.
“This horse will definitely end up in Australia. He has the VOBIS bonus, so no doubt he'll go to Melbourne.”
Yulong Stud’s COO Sam Fairgray said the result reflected Alabama Express’ growing commercial appeal, following strong demand across both sides of the Tasman.
“He’s had some fantastic results,” he told ANZ News. “We saw it at the Gold Coast too, he’s in high demand and he leaves a very nice type.”
The timing of the result added further momentum, coming just days after Alabama Express’ son Alibaba captured the Blue Diamond Preview (C&G) (Listed, 1000m) at Caulfield.
“He had the two-year-old stakes winner at Caulfield on Saturday, so he's doing a great job,” Fairgray added. “He leaves a good physical and it's great to see the results that he's achieving in the sales ring.”
“He was never in his box as he did so many parades but never missed a beat
Elsdon Park general manager Kerrie Cox was delighted with the outcome, praising the colt’s physical presence and professionalism throughout the sale.
“On type, the colt simply blew potential buyers away,” she told ANZ News. “He’s a jaw dropper, you’d struggle to find a better mover, plus he has a good brain and he knows his job.
“He was never in his box as he did so many parades but never missed a beat. He may be a first foal but in the end buyers are looking for an athlete, a racehorse.
“All the credit for his appearance is due to our yearling manager Yvonne Shanks. Yvonne has bags of experience and is at the coal face of our operation, she taught me well when she was my boss at Waikato Stud.”
Alabama Express had also featured prominently earlier in the session, namely when Elsdon Park’s filly out of Daniela’s Magic, an unraced daughter of Per Incanto (Street Cry), realised $490,000 after a successful bid from Suman Hedge Bloodstock.
Daniela’s Magic has already produced a stakes performer, with her son Panic (Time Test) victorious in the South Pacific Classic (Listed, 1400m) at Randwick, further underpinning the appeal of the family and rounding out a standout passage of selling for Alabama Express at Karaka.
All told, the son of Redoute’s Choice (Danehill) finished Book 1 with an aggregate of $1,790,000 and an average of $358,000, which saw him finish third in the sires table by that metric.
Pinhooking success for Carlaw Park
Carlaw Park enjoyed a standout pinhooking success on day two of Book 1 when Lot 341, a filly by Darly’s rising international sire Ghaiyyath (Dubawi), was secured for $360,000 by a powerful buying team led by Henry Dwyer Racing, Sam Haggas of Hurworth Bloodstock and Glentree Thoroughbreds.
The filly represented a significant return on investment for Carlaw Park, who purchased her for just $40,000 at last year’s Inglis Great Southern Weanling Sale in partnership with Sullivan Bloodstock, Bevan Smith Bloodstock and emerging Victorian stallion farm Lovatsville.
Carlaw Park principal Nick Fairweather, who runs the operation alongside partner Nicole Brown, admitted the result exceeded expectations for the filly.
“She’s an absolute queen,” he told ANZ News. “We spotted her at the Great Southern Sale in Melbourne and really liked her style. She is a well-bodied filly and has a striking walk. When she parades she almost goes into auto-pilot. She knew what it was about and never put a foot wrong.
“Friends of ours also liked her so instead of bidding against each we formed a partnership. Her sire, who was under the radar at the time, has come on strong since then so we had a lot of interest both locally and from Australia. We weren't about to give her away but her reserve was $150,000.”
The timing of the sale proved ideal, with Ghaiyyath’s son Opera Ballo adding to a second elite-level winner to his sire’s CV with an stylish win in the Jebal Hatta (Gr 1, 1800m) at Meydan on Friday night.
Sam Haggas said he was keen to secure the filly given Ghaiyyath’s growing profile as a sire on both sides of the globe.
“Ghaiyyath is one of the few stallions who's going really well in both hemispheres,” Haggas told ANZ News. “In Australia, he's had a great start. I'm a huge believer in the stallion, ever since he's had his first runners and I've been very keen to get as many of them as I can.
“I think he's got a massive future as a stallion. He was obviously a brilliant racehorse himself and I think he could have a massive 2026 which was kick- started by Opera Ballo winning a group one on Friday. He could be a real top horse for the sire.”
On the filly, Haggis added: “This filly was a very nice, good-looking sort. I just loved the way she moved. She's got a great action and she used herself really well. She looks like she could be quite sharp, which is encouraging for a Ghaiyyath, but equally, she's got loads of scope to go on and improve as she gets older. Hopefully she’s got a nice future ahead of her.
“I think she should be running at two for sure, but she's got plenty of scope to be a really nice three-year-old. She might stay in New Zealand for a little while, and then long term, she'll go over to Henry’s place in Ballarat.”
Ghaiyyath shuttled to Darley’s Northwood Park in Victoria from 2021 to 2024 before remaining in the northern hemisphere in 2025. His southern hemisphere-bred runners are headed by 14 winners and they are spearheaded by four stakes winners including VRC Derby (Gr 1, 2500m) scorer Observer.
Haggas hoped the stallion’s recent success could prompt a return to Australia.
“Ghaiyyath is one of the few stallions who's going really well in both hemispheres
"It would make sense for him to come back given how well his early runners have done in Australia,” he said. “They're in high demand and his star is rising as a stallion in both hemispheres. I think Henry has been a big fan of his for a long time. He’s got a good one in his barn, and there aren't many of them selling as yearlings, so they're in high demand. I'd like to think he'll come back given how well he's going down there.”
The purchase continues a successful working relationship between Haggas and Dwyer, which began prior to Asfoora’s (Flying Artie) Royal Ascot triumph and subsequent crowning as European Champion Sprinter at the 2025 Cartier Awards.
“Henry rang me out of the blue in March 2024 to get my view on the sprinters in Europe, when he was thinking about bringing Asfoora out for the first time,” Haggas said.
“We had a good chat about what the sprinters were like in Europe, and he obviously came and he's done a fantastic job, and he’s had a hell of a journey with Asfoora. She's come up the last two summers, and won Group 1s and he's done a fantastic job.
“I understand she's having another crack this summer and she stayed up in Newmarket over this winter instead of coming back to Australia. Henry is going great and having a great time of it's very encouraging.
“He bought a couple of tried horses at the horses in training sale in October and they have stayed up in Newmarket as well, so hopefully it will be an exciting summer for him in Europe.”
William Haggas enjoys Karaka centenary visit as autumn targets take shape
Leading UK trainer William Haggas descended on Karaka this week after being invited by NZB principal and long-time friend Sir Peter Vela to attend its centenary sale.
“I’m enjoying New Zealand very much, it’s been great,” Haggas told ANZ News. “I came 42 years ago to visit some relatives who have since died, or most of them have. So I was determined to come and to coincide with the 100th sale, I'm pleased to be here.”
Haggas soaked in the sale’s festivities and the world-class hospitality offered by NZB and its vendors. He also attended Saturday’s Karaka Millions meeting at Ellerslie and was impressed by the event’s grandeur despite the inclement weather.
He was particularly taken by the performance of the unbeaten Stephen Marsh-trained filly Well Written (Written Tycoon), who dominated the TAB Karaka Millions 3YO (RL, 1600m) with a six-length victory.
“The racing at Ellerslie was great,” he said. “It was a shame for everyone that the weather was bad, we're used to it in the northern hemisphere, but it was a shame because lots of people, especially young people, had made such an effort to dress up and have a party as well. It was well attended, a lovely track and a very good horse [Well Written] won the Karaka Millions.”
Haggas said he will try to resist any temptations made by his Hurworth Bloodstock agent son Sam Haggas to buy at the sale.
“I’m probably not going to be buying,” he said. “But my son Sam is quite involved as a bloodstock agent, so he’ll no doubt be trying to talk me into something. For now though, I’m simply here to have a look around.”
The six-time Classic-winning trainer has long targeted Sydney’s lucrative autumn carnival, believing that the freshness of his travelling horses can give them an edge over local runners deep into their campaigns.
That strategy has yielded top-level success, with Addeybb (Pivotal) capturing the Queen Elizabeth Stakes (Gr 1, 2000m) in 2020 and 2021, while Dubai Honour (Pride Of Dubai) took the same prize in 2023. Both also claimed Ranvet Stakes (Gr 1, 2000m) glory, with Dubai Honour adding the Tancred Stakes (Gr 1, 2400m) last year.
Haggas confirmed Dubai Honour will return to Sydney in the coming months.
“He goes into quarantine on February 15 and he'll be here at the beginning of March. He'll be in Sydney, and we won't go to Melbourne this time.”
Looking ahead to the Melbourne Cup (Gr 1, 3200m), a prize that has so far eluded him, Haggas said he hopes to return if conditions allow. The tight restrictions in recent years have made it challenging for international trainers.
“We've had a few battles over the years with the rather draconian veterinary protocols, which I think are changing a little bit, maybe a bit diluted without making them so relaxed that it's going to cause problems,” he said.
“Nobody wants fatalities in the Cup at all, or any race in Melbourne. I'm sure if the authorities put the focus more on the visiting trainers and veterinarians, then we could get a better conclusion. I will be coming to Melbourne one day if we get the right horse for the Cup, for sure.”
