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Sale results solid despite difficult global situation.

At the close of trade on Wednesday, the auction house reported the overall aggregate as $55,508,500, down 47 per cent from nearly $105 million last year, however there were only 405 lots sold this year, down 42 per cent from 702 at last year's edition.

Meanwhile, the average was recorded as $137,058, up from $135,356 in 2019 whilst the median fell almost eight per cent from $65,000 last year to $60,000. 

During Book 1 394 lots were sold, down 45 per cent from 712 a year ago, for $55,391,000, down 46 per cent from $104,235,000 at the 2019 renewal. This year's average of $140,568 was  down four per cent from $146,397 whilst the median fell eight per cent from $70,000 to $65,000. 

The Sale clearance rate was 73 per cent, having finished at 78 per cent last year.

Magic Millions managing director Barry Bowditch said he was pleased with how much competition the top mares garnered from all around the world over the three days of trade. 

"It was great to get the people here so we can expose the sale all over the world and that is the Magic Millions mandate," said Bowditch. "That ensures that these elite mares get the attention they deserve and that was our primary motive going into the sale at that end of the market and I think that has been evident in the results. 

"The vendors and the owners of these horses have bought these horses were paid right, and it just goes to show that this is the only place to sell those types of horses."

Bowditch also added the results were a testament to how resilient the Australian industry is even when faced with a global disaster such as coronavirus.

"It is a resilient industry, given the fact that racing has continued, the yearling sales were strong earlier in the year and the fundamentals in our country are very good," said Bowditch. "I think the world looks at us as a leader these days. You've only got to look at who was participating on these mares all over the world. I guess results like Bounding with Anthony Van Dyck and the success we've had at Royal Ascot for a long time now - that enhances the motivation for internationals to buy Australian product. 

"It was very hard to predict where this sale would end up, but all in all we are pleased with the results and we are going to work hard to sell as many passed in lots over the next couple of days and give the vendors who have been realistic the opportunity to get an offer on these horses. 

"But to clear 73 per cent and an average of almost $140,000 and six $1 million lots I think is a sensational result and the team at Magic Millions should be very proud of themselves and we thank the vendors for sticking solid, being patient and waiting for the opportunity to have this sale."

Looking ahead to the weanling sale, which gets underway at 2pm on Thursday, Bowditch said: "Again, it will be hard to predict how it is going to go, but I think the condensed catalogue is going to work in our favour and I believe there is a hell of a lot nice weanlings out there and the reports coming back that there has been a lot of interest out there during the inspections and they are finding a lot of horses they want to bid on," said Bowditch. 

"I think there are a lot of quality horses and I think a lot of them will be earmarked for select sales next year. The farms are showcasing these new first season horses and the drafts here are solid and it is hard to predict where the market is going to sit, but I think the product is good enough for the sale to be solid."

On Tuesday, Queensland announced they would be extending the closure of their borders to New South Wales residents from Saturday due to the climbing numbers in the state, and Bowditch said he and his team would be working tirelessly to help any buyers who may not be now be able to make it up to the Gold Coast for the yearling sale, which begins its two-day run on Monday.

"Obviously we are going to try and provide the opportunity for the yearling market to participate, whether they are here or online and try and get them all the information they need to get involved," said Bowditch. "We are moving with the restrictions and respecting all the restrictions put in place and ensuring we are doing our job in a COVID safe environment. 

"The industry has got behind the protocols and respected them, and although there are a lot less people here, but the ones that are here have enjoyed themselves and had a great time on the Gold Coast, but did it to what is respectful of what the Queensland government have put in place."