‘I haven’t seen that sort of enthusiasm for the industry for a long, long time’
NZB confident of renewed middle market on back of Entain, Ready to Run investment
The next six days is why New Zealand Bloodstock exists and the auction house’s managing director Andrew Seabrook is for the first time in many years not feeling the pressure.
On the eve of Sunday’s opening session of the 98th NZB National Yearling Sale at Karaka, where it’s been held for nearly four decades, Seabrook is comfortable with how things stand.
With a wave of new announcements for the betterment of New Zealand racing over the past six months, including a raft of initiatives revealed this week, such as the NZ$4.5 million NZB Kiwi (1500m) slot race, Seabrook and his colleagues are witnessing a renewed enthusiasm for the sport.
It will be on show at tonight’s sold-out Karaka Millions meeting at Ellerslie, the perfect entree to New Zealand breeders’ most important week of the year.
“Just walking around the sales ground, there’s a fabulous vibe, everyone’s happy and just looking forward to the sales and I haven’t seen that sort of enthusiasm for the industry for a long, long time,” Seabrook told ANZ Bloodstock News.
“The announcements have been fairly regular and consistent over the past few months with more stake-money, new races and, of course, the announcement on Monday of the NZB Kiwi, which has got people talking.
“It’s been quite a dramatic shift in the whole landscape of the racing industry here in New Zealand.”
Seabrook, who attended the Magic Millions sale earlier this month, paid close attention to what happened at the Gold Coast, a market which provided him with further confidence about how Karaka may pan out for vendors.
“We were encouraged by the results at the Gold Coast – and I know they were down three or four per cent – but I think Gerry [Harvey, owner] and Barry [Bowditch, managing director] would have taken that at the start of the week,” he said.
“So, I’d like to think our figures can hold from last year and, who knows, we may see a small uplift.
“I definitely think the next two, three, four years and into the future is going to be very exciting.”
The renewed enthusiasm for the local industry and the economic benefit to breeders and pinhookers from last November’s NZB Ready to Run Sale is also likely to spur a revived domestic involvement in Karaka’s middle market, a segment that has been declining for years owing to subdued prize-money levels in comparison to Australia’s record returns to owners.
“Are we going to see an immediate impact with an increase in [yearling] prices? I am not sure. I think we could see some uplift and some extra spend from Kiwis, but it might take 12 months before the good news and the prize-money filters through,” Seabrook said.
“What gives me confidence as well is the Ready to Run Sale market and that is going up 40 per cent and an extra NZ$10 million in vendors’ pockets, that should help the middle market.
“No matter where a sale is around the world, the top end of the market takes care of itself, but to have a bit of confidence with the pinhookers in the middle market is undoubtedly going to help the sale.”
Rich Hill Stud’s John Thompson, whose Matamata farm is home to champion stallion Proisir (Choisir), Satono Aladdin (Deep Impact) and 1,000 Guineas (Gr 1, 1600m) winner Molly Bloom’s sire Ace High (High Chaparral), will have another strong hand at Karaka 2024, with 24 yearlings to go under the hammer in Book 1 and another 20 in Book 2.
“As I say to people, the stallions we stand are well-credentialed horses with good pedigrees and good race records. Of course, that doesn’t guarantee success, but the way it’s all come together, I think any stud in the world would be rapt to have the horses we’ve got at the moment,” Thompson told ANZ Bloodstock News.
“It’s vital for New Zealand stallions if they want to reach their commercial peak they’ve got to have good horses in Australia. Fortunately, our horses are known in Australia and the buyers can take them home and syndicate them.”
There has also been a large number of trainers from Australia arriving in Auckland in recent days, with the likes of Ballarat-based Group 1-winning trainers Tony McEvoy, Mitch Freedman and Henry Dwyer at Karaka, while regular visitors Mick Price and his training partner Mick Kent Jnr, as well as Queensland trainer Jack Bruce and his agent Jim Clarke are in attendance.
Kestrel Thoroughbreds’ Bruce Slade, who buys for the powerful Gai Waterhouse and Adrian Bott stable, Guy Mulcaster and trainer Chris Waller, Lindsay Park’s agent Dean Hawthorne and trainer JD Hayes, representatives from Ciaron Maher Racing and Yulong’s Vin Cox and Harry King.
The importance of New Zealand’s biggest export market is not lost on Seabrook despite the predicted domestic uplift.
Australian buyers contributed almost $32 million towards the Karaka aggregate of more than $82 million spent in 2023.
“Our Australian bookings are the strongest we’ve seen for a few years, certainly more than last year, when of course 20-odd people couldn’t come because of the floods and cyclones and what have you,” Seabrook said.
“The Australian interest has been very good – and some new Australian players here too and some Australians just coming for Book 2, which is interesting.”
Expatriate Kiwi agent Bevan Smith, whose clients include Victorian trainer Liam Howley, believes the quality of yearlings on offer at Karaka is on par with recent years, but buyers have more choice because of the range of successful New Zealand sires currently at stud.
“There’s a lot of commerciality restored in the New Zealand industry, which is good to see, because when you’re selling shares in horses you need people to know what they’re buying and for them to say, ‘I know Proisir, I know who Legarto is because she won the [Australian] Guineas’,” Smith said yesterday.
“We’re trying to sell to the public and that awareness of high-profile stallions is very important.”
Crucially for instilling buyer confidence, Thompson believes he and his breeder clients will be realistic with their reserves despite the growing appeal of the progeny of Rich Hill’s stallions.
“The other key thing at the moment is, because they’re on the up, the service fees that these yearlings were conceived at are a lot different to what they’re standing at now, so a lot of the breeders who supported them early are really going to reap the benefits,” he said.
“They’ll meet the market, the horses don’t owe them a fortune, so that’s great for everybody.”
Smith also agreed with Seabrook about how the market might transpire over the next week.
“Everyone went in a bit cautious with their expectations going into the Gold Coast and it ended up being beyond expectations,” the Sydney-based agent said.
“The market held up really well there and I think we can expect the same here. The market will be very similar to what it was last year.”
Day one of the six-day, two book NZB Karaka sale starts at 10am local time on Sunday.