‘They’ve got every reason to be looking at the two-year-old sales’
Buyers set to place greater importance on breeze-up auctions as private purchases become increasingly difficult
An inflationary tried horse market and an increasing reluctance from owners to part with their talented young stock, as well as the reopening of the international borders, could see the rejuvenation of the two-year-old sales across Australasia.
Magic Millions boss Barry Bowditch is confident about his company’s ability to motivate buyers, particularly from overseas, to be active in this year’s breeze-up sale, the second of three two-year-old auctions to be staged in Australia and New Zealand in October and November.
Rival Inglis will hold its Ready2Race sale in Sydney on October 11, with Magic Millions conducting its version two weeks later at the Gold Coast on October 25, while New Zealand Bloodstock’s two-day auction is set for November 16 and 17 at Karaka.
Managing director Bowditch suggested more buyers would turn to the two-year-old market to source their racing stock, given the cost of buying a proven performer, barrier trial winner or even at the yearling sale stage, has soared to astronomical amounts in recent years.
“I think they’ve got every reason to be looking at the two-year-old sales. All the information is in front of them, they can bid with confidence during the auction process and the market’s got a lot of heat in it if you’re trying to buy the right tried horse,” Bowditch told ANZ Bloodstock News yesterday.
“There’s extraordinary demand for them and the prize-money here in Australia means the owners of those horses are more reluctant to sell them, so at least you can come to the Gold Coast in October where vendors will be extremely willing to meet the market.”
Bowditch gained an insight into the Hong Kong market, a pivotal segment for the two-year-old sale buying bench, at last week’s Hong Kong International Sale, where a son of Newgate Farm stallion Deep Field (Northern Meteor) sold for a record HK$7.8 million (approx. AU$1,466,980).
“The Australian horses have done very, very well on the racetrack in Asia, particularly this year in Hong Kong, and at the sale last week it was evident that there were some lovely two-year-olds on offer over there and they were very well respected in the market,” he said.
“It’s the market that plenty of the participants in Asia are willing to get behind and support the Australian product.”
Magic Millions’ Asia business and sales manager Nicky Wong was in attendance at the International Sale and he remains in Hong Kong cultivating interest in the two-year-old auction later this year.
“We’re really working hard with our buyers abroad to ensure they’re aware of what we’ve got in the catalogue and they’re getting booked in here at the Gold Coast for October, whether they be from Hong Kong, Macau, Singapore or the Philippines,” Bowditch said.
“In June at the National Yearling Sale we had a big turnout of Singapore buyers and we’d expect more of the same in October.”
The strength of the Australian yearling market in the past 18 months has made it tougher for buyers looking to trade their stock through other markets, be it the two-year-old sale or privately, but Bowditch believes the professionalism of the vendors will lead to a high-quality catalogue being presented.
“There’s no question that it’s been a strong (yearling) market to participate in when you’re buying at a price point to trade,” he said.
“Traders have had to work a lot harder, spread themselves a lot wider and go to a lot more sales.
“Luckily for Magic Millions, we do have three sales on the Gold Coast that suit them and then some really diverse interstate sales in Adelaide, Perth and Tasmania.
“We’re lucky that those sales give our breeze-up vendors plenty of different options to participate in the market and build their drafts. They’re now busily getting their horses ready for the breezes in late September.”
For the past two years, Magic Millions has held its breeze-up sale in November due to the pandemic, both times hoping the later date would allow the state and international borders to be open, but it returns to October this year.
“Holding the sale back in October and having the international borders fluid and open gives great confidence to the vendors who are supporting the sale in 2022,” Bowditch said.
“We’ll have a much stronger market than what we’ve had in the past couple of years. The traders that support our sale, they’re people who have been doing it for many years and they’re very professional, they’ve got a great name here in Australia and abroad.
“Our vendors give the market the confidence that when they’re buying a horse they will be able to take it wherever they’d like to race and that those horses have been expertly educated and have every chance of racetrack success.”
New Zealand Bloodstock was also severely impacted by the pandemic, with the New Zealand border closed and the sale forced to be held at Te Rapa due to strict Covid protocols in place last November.
The Magic Millions sale sold to a top price of $350,000 for an Extreme Choice (Not A Single Doubt) colt, while the Inglis Ready2Race Sale generated a saletopper of $400,000 for a son of Super One (I Am Invincible) and the NZB auction saw a Savabeel (Zabeel) colt make NZ$640,000 in 2021.
Entries for the Magic Millions 2YOs In Training Sale close on July 29 with breeze-up sessions to be held in Victoria at Seymour, Newcastle in NSW and Eagle Farm in Queensland in September and October ahead of the October 25 sale at the Gold Coast.
Magic Millions 2YOs In Training Sale dates
July 29 – Entries close
September 30 – Seymour breeze-up
October 4 – Newcastle breeze-up
October 6 – Eagle Farm breeze-up
October 10 – Breeze-up footage online
October 21 – Eagle Farm breeze-up
October 22 – Inspections commence
October 25 – Sale day