3 minute read
Figures hold up under extreme circumstances.
At the conclusion of the 2020 Inglis Australian Easter Yearling Sale 214 of the 345 yearlings offered had been sold for $68,050,500, at an average of $318,040 and median of $250,000. The clearance rate stood at 62 per cent - showing the importance and resilience of the Australian industry.
"We have seen the best of the industry over the past few weeks," said Webster. "The vendors have helped each other, having other people's drafts on their farms. Our team here have done an incredible job in pulling this together. It is such a relief that is for sure. We are aware of what is happening around the world and we can't change that, but here at Inglis we have respected all the rules regarding biosecurity," said Mark Webster on Wednesday evening at the end of the sale.
"However, we needed to get these horses sold, we need to keep cash flow moving within the industry amongst the breeders and they need to back up in the spring and breed again otherwise we won't have yearlings to offer.
"The trainers, vendors and agents all still need to make a living, which is really important, not just for the racing industry, but for the economy in general. I do feel we have played our small part in keeping the economy going."
At the 2019 renewal 349 yearlings sold for $123,375,500 at an average of $353,511 and median.
Considering the circumstances under which the sale was run the figures stood up extremely well. The key indicators showed only minor decreases from the 2019 level, with the average down just ten per cent whilst the median was down only four per cent.
"We were estimating $220,000 for the average of this sale and there were some people in my team who thought that was being a bit optimistic as we went into the sale," continued Webster.
"So to be ahead of that and only 15 per cent or so down from last year is quite incredible. Seven lots making a million or more and the top lot of $1.8 million - there is no way I would have thought that could happen. If someone would have said that to me a week ago I would have thought they were crazy."
Yarraman Park's I Am Invincible (Invincible Spirit) was the leading sire at the sale with 27 yearlings having sold for $14,215,000 at an average of $526,481. At the 2019 renewal the sire's 25 lots to sell averaged $493,600.
The late Deep Impact (Sunday Silence) was for the second consecutive year the leading sire by average (with three or more lots sold) with the three yearlings by him making $1,610,000 at an average of $536,667.
The seven million dollar lots were by five sires in Snitzel (Redoute's Choice), I Am Invincible (Invincible Spirit), So You Think (High Chaparral), Zoustar (Northern Meteor) and Deep Impact (Sunday Silence).
The seven-figure lots were also bought by a variety of buyers in Tom Magnier (3), Legends Racing, Hawkes Racing, Ciaron Maher and Andrew Williams Bloodstock.
Webster however noted the importance of all ends of the market.
"We need buyers to support the sale at all ends, but the middle market area at this sale was very, very competitive. It was still difficult for people to buy that yearling between $250,000-$350,000 there was a lot of competition in that space," he said
"There were 300 odd people online bidding through the course of this sale and last year on our buyers sheet there were 170 unique buyers - so that is quite incredible."
NSW-based purchasers accounted for 51 per cent of the turnover, buying 114 lots for $$34,725,500. This was slightly up on 2019 when buyers from NSW bought 157 lots for $65,168,000 accounting for 46 per cent of turnover. This year Hong Kong-based buyers doubled their spend from a year ago, buying 28 horses for $13,090,000 (19.2 per cent of turnover) compared to a year ago when $7,742,500 was spent on 21 lots (6.4 per cent of turnover).
Coolmore Stud finished the sale as the leading vendor by aggregate having sold 22 yearlings for $7,530,000 at an average of $342,273. At the 2019 sale they were second in the table having sold 37 yearlings for $13,432,500 at an average of $363,041. Leading the way by average this year was Strawberry Hill Stud who sold three lots for $1,825,000 at an average of $608,333.
Tom Magnier was the sale's leading buyer having spent $6,895,000 on eight lots which included the sale topper. Magnier's name appeared on the buyers list four times at the 2019 sale $3,260,000.
Webster said the auction house was now looking towards their next sales, revealing The Chairman's Sale would likely take the same format as the Easter sale.
"We have to now plan the next sales in the next few weeks. The Chairman's Sale - I think we have learned a lot from this sale, which will ensure we run a really good Chairman's Sale in a few weeks' time, which will be in this type of format that we have used in the last few days," Webster added.
