At the conclusion of the 2020 Magic Millions National Weanling Sale, the auction house reported that 187 lots had sold for a total of $7,767,000 with the clearance rate sitting at 73 per cent.
The average of $41,535 and median of $25,000 were down on the 2019 renewal when 473 lots had sold for $28,102,500 with the average sitting at $59,539 and median of $30,000. Despite the decline in figures Magic Millions managing director said that he was satisfied with the results given what was currently going on in the world.
"When you look at what is going on in the world I am satisfied with the results, although I did expect there to be a little bit more strength in the middle than there was," said Bowditch.
Five lots sold for $200,000 or more with those lots all by different sires, both proven and first season. NSW-based buyers spent $4,290,000 on 69 lots with international participation from Hong Kong - 13 lots bought for $584,500 - and New Zealand - 11 lots bought for $474,500. Last year's renewal saw participation of buyers from the UK, China, USA, Hong Kong and New Zealand who spent $8,321,500 on 80 lots.
"On the whole, the good horses sold seriously well and there were plenty of bids on the right product. As we've seen in all sales this year, anything that was off the pace seems to struggle a little bit more than it used to and I guess that is understandable," Bowditch continued.
"Vendors are very happy with the way the sale went and all-in-all they have come here looking to meet the market and in most cases they have. The whole week has just been hugely positive for the game, having the buoyancy in the race fillies and broodmare section and obviously we traded some weanlings for very good prices.
"The weanlings that were passed in, breeders have other options to sell them over the next 12 months and you would think we would see them back at yearling sales next year, but obviously we will be working to sell as many as possible over the next few days."
The National Yearling Sale will be held on the Gold Coast next Monday and Tuesday.
Lots Catalogued: 340 (-50%) 686
Lots Sold: 186 (-58%) 439
Sale Gross: $7,707,000 (-72%) $27,876,000
Average Price: $41,435 (-35%) $63,499
Median Price: $24,500 (-32%) $36,000
Top Price: $410,000 $480,000
Sold: 72.4% 78%