Locals look to cash in at Magic Millions Perth Yearling Sale
Westspeed bonuses offer big lure for buyers to be active at latest Australasian yearling auction
The attraction for Western Australian trainers and owners to target their local sale, rather than chancing their arm at the competitive eastern state auctions en masse, had already started well before this year, but that parochialism is expected to be in full force at the Swan Valley complex this afternoon as the Magic Millions Perth Yearling Sale gets underway.
The West’s two-day yearling sale, the third of the 2021 Australasian series, is tipped to be underpinned by demand for Westspeed-eligible horses as buyers look to cash in on the lucrative scheme, which is on offer for a relatively small pool of thoroughbreds.
Prominent WA agent John Chalmers, one of the leading buyers at the 2020 Perth sale, has been doing the legwork ahead of his local yearling auction and expects to again be a strong player in the market this year.
“It is very difficult for people now to buy outside Western Australia with the incentive of the Westspeed and Platinum scheme,” Chalmers told ANZ Bloodstock News.
“Unless you’re going away to buy a Snitzel or an I Am Invincible or something, there’s no point. You’re better off staying home otherwise you’re just leaving too much money on the table.”
The Westspeed scheme, initiated in 1999, helps incentivise Western Australian breeders while the more recent introduction of the Platinum element, adding an extra prize-money bonus for horses sired by stallions based in the state, boosts the appeal for buyers keen to race their horses in WA.
The international and interstate travel restrictions caused by Covid-19 could also force the hand of buyers wanting to source new racing stock this year.
“(WA owners and trainers) didn’t buy as many horses interstate last year either, and I didn’t buy as many in New Zealand this year because of the restrictions, but a couple of years ago (Perth buyers) went over to the Classic sale and spent $1.2 million a week before our sale, buying horses who weren’t Westspeed, which I couldn’t understand,” Chalmers said.
‘They have never bought a lot at the Gold Coast, four or five or something like that, and certainly more money has stayed here.”
Chalmers bought 19 yearlings at the 2020 Perth sale for a spend of $797,500. Only trainers Adam Durrant (19 for $1.14 million) and Neville Parnham (14 for $1.0395 million) spent more at their local yearling sale last year.
A total of 303 lots have been catalogued across two sessions, the first of which starts at 1pm local time today and features the progeny of War Chant (Danzig), Playing God (Blackfriars), Maschino (Encosta De Lago), I’m All The Talk (Stratum) as well as Awesome Rock (Fastnet Rock), Demerit (Lonhro) and A Lot (Tapit).
The depth of the catalogue is backed up by the influence of interstate stallions including Deep Field (Northern Meteor), Epaulette (Commands), Choisir (Danehill Dancer) and Flying Artie (Artie Schiller).
Chalmers admitted some of the pedigrees on offer this year were light on quality, but was happy with the types of horses he has so far identified.
“Look, the catalogue is the catalogue. I did the stats the other day and it just reflects the (WA) breeding industry,” the long-time agent said.
“Forty-three per cent of the catalogue, the mares are either unraced or never won. It’s not flash (in that regard), but the presentation of the horses is good and there’s some nice horses here.”
However, he predicts the strong market sentiment experienced at the Gold Coast and the Inglis Classic sale to translate to a similar appetite over the next two days.
“And New Zealand was good, too. Everyone wrote New Zealand off saying it was going to be a bloodbath, but they got out of that magnificently,” he said.
“There’s no reason why this sale won’t be strong.”
With Victorians locked out of the Perth sale, locals are likely to be up against a smaller than normal contingent of interstate buyers. Those to have made the trip across to WA include agents Andrew Williams, Bevan Smith and Merrick Staunton as well as Segenhoe’s Peter O’Brien.
Gold Coast-based Magic Millions managing director Barry Bowditch, who arrived in Perth on Tuesday, believes the WA sale provides plenty of opportunities for buyers willing to undertake the necessary inspections, either in person or from afar.
“Obviously, the interstate participation in this sale has been somewhat the reason for its success in recent years and it will be hard to quantify until we kick off what the downturn in that spend will be because obviously the Victorians are not able to attend,” Bowditch said.
“Then again, we are in different times now and we’re hopeful that they will use agents, use us, use the transparency of the information on the website to make an informed decision and participate from afar.
“If you’re a local or if you’re an interstater looking to compete, given the fact there’s not as many people here, there’s going to be huge opportunity through the market and, in a buoyant market, which we’ve seen so far this year, this might be one where the diamond in the rough can be found at the right price.”
Bowditch added: “One thing about Western Australia, the horses are extremely well raised and they are extremely well prepared.
“The sires right now are in a very good place for the Westspeed system. You only have to look at the results all over Australia and internationally, the Western Australian product bats well above its weight.”