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Day 1 ends with 82.86 per cent clearance

At the close of trade on the first day of the Magic Millions National Sale, the auction house reported the average as $207,763 for Day 1 of the Sale, up 24 per cent from $166,987, while the median stands at $72,500, up from $70,000 in 2019.

The aggregate was $24,185,500, compared with $28,332,500 last year, but with 52 fewer lots offered. 

Overall clearance of 82.86 per cent was also up from the first day of the Sale last year, when it was 81 per cent and Magic Millions managing director Barry Bowditch said he was pleased with the day's trade.

“Today obviously just to begin was a success in itself, but to again prove that this is the epicentre of selling breeding stock in the southern hemisphere was pleasing,” said Bowditch. “To have as many people as we did here participating in the sale and to have the online reach that the sale had was quite remarkable.

“Both markets, remote and live, played a huge importance in today’s sale. Our mandate is to engage with as many people as possible and I think today proved that was the case.”

Bowditch said he was happy to see the depth of the buying bench and was encouraged to see the industry in weather the coronavirus storm.

“We can talk about the highlight lots, but the quality mares who were good looking with a good pedigree, they were selling very well and I think vendors, on the whole, would be delighted with how today went for them,” said Bowditch.

“As I have said for a long time now, we’ve continued racing and we’ve continued selling and we had an incredible lot of yearling sales pre-coronavirus. Our industry’s in great shape.”

Bowditch was also quick to pay tribute to the international buying power, which was out in force at the sale on Monday and singled out Coolmore Stud - describing them as ‘great supporters of the industry’.

“It’s great that it’s been proven but the international market reflects that they want to participate here in Australia,” said Bowditch. 

“They are outstanding supporters of Magic Millions and they are outstanding supporters of the industry worldwide and that was proven today. I have got to say that I was delighted that they have decided to leave Sunlight here in Australia and we look forward to selling her yearlings here at Magic Millions for a long time in the future.

“She’s the best we’ve ever offered and I think she’s the best mare to get go to market here in Australia for as long as I’ve been in the industry, so I think she justified her result. She’s worth every penny in my mind. I’m delighted we had so much participation on her and the international market played and respected here.”

Looking ahead to Tuesday and Wednesday, Bowditch continued: “Today was the day when we were probably going to hold a very strong average and a strong clearance rate. We’re hopeful that this will reflect into the next two days. 

“I think vendors are very realistic about what they expect for their horses over the next two days, so buyers here on the ground and online will be critical. There will be a lot of value and opportunity for anyone who is willing to play in the marketplace.”

Trade kicks off at 10am on Tuesday.