2009 Melbourne Premier Yearling Sale
March 3rd 2009 07:25
The Inglis Melbourne Premier Yearling Sale began with a very disappointing day last Sunday. Although there was a very large crowd in attendance - and 17 yearlings were to fetch more than $100,000 - the clearance rate of only 65% was particularly disappointing.
(photo: www.inglis.com.au)
I watched as consecutive lots would fail to be sold and were passed in - and many of these at the lower end of the price spectrum.
A clearance rate of 75% is the figure that would satisfy most bloodstock auction houses.
Prospective buyers were less than forgiving for any perceived physical flaw of the yearlings - and the pedigree page did need to read with plenty of black type in the first few generations to draw any interest.
Thoroughbred bloodstock sales have been hit hard in the US and Europe with significant decreases in turnover and averages. In Australia we are similarly not immune. The Magic Millions Sale on the Gold Coast may have not suffered as much due to its early timing - and optimism that the continuation of poor financial news must soon come to an end. But the 2009 Inglis Melbourne Premier Yearling Sale may be the first indicator of a new economic reality.
It is expected that there will be an accompanying reduction in service fees of stallions for the 2009 breeding season. The fees for the breeding cycle need to be matched to expectations and reality.
As I write now the Premier Yearling Sale is three-quarters (day three of four) of the way through. The vendors - having seen market conditions on day one - have had no real choice than to meet the expectations of the buyers. The 220 lots offered for sale on the second day saw an improved 74% clearance rate.
On day one the top price was brought by Lot 191, a chestnut colt (offered by Blue Gum Farm) by Encosta De Lago out of Acquisto.
The dam Acquisto is an unraced daughter of Zeditave and a half-sister to stakeswinners Make Me A Miracle (Listed ACT National Sprint) and La Lagune (Listed VATC Quezette Stakes). The second dam is the imported Commercial Choice (USA - 9 wins including the Listed Golden Gate Brazen Handicap). The third generation includes Group One winners Sober Suit (VATC Toorak Handicap) and Titanic Jack (VRC Emirates Stakes - and he is also a son of Encosta De Lago).
Day two produced the expected when Lot 283 (offered by Tony Santic’s Makybe) fetched $365,000. This time a Redoute’s Choice colt and three-quarter brother to Group 2 winner Musket (STC Shannon Stakes). The dam, Celtic Reign, is the only foal of champion broodmare Tugela who has graced a racetrack and not won (Tugela has 4 to race with 3 winners). Of course 2nd dam Tugela is also the dam of the champion Makybe Diva.
The top price for a yearling on the third day was $280,000 for Lot 433, a chestnut colt (from Torryburn Stud) by More Than Ready out of Illuminar. No photograph was available at this time - but he must have been an impressive type as his pedigree page is less impressive than other top lots from this sale. His dam, Illuminar, is a metropolitan winning daughter of the stakeswinner Luminia (8 wins including the Listed QTC Brisbane Handicap). Apart from the stakeswinning second dam there is only a stakesplaced horse in the 3rd generation before finding minor (Listed Race) stakeswinners in the 4th generation.
Lot 283 - top price at Melbourne Premier Yearling Sale
(photo: www.inglis.com.au)
I watched as consecutive lots would fail to be sold and were passed in - and many of these at the lower end of the price spectrum.
A clearance rate of 75% is the figure that would satisfy most bloodstock auction houses.
Prospective buyers were less than forgiving for any perceived physical flaw of the yearlings - and the pedigree page did need to read with plenty of black type in the first few generations to draw any interest.
Thoroughbred bloodstock sales have been hit hard in the US and Europe with significant decreases in turnover and averages. In Australia we are similarly not immune. The Magic Millions Sale on the Gold Coast may have not suffered as much due to its early timing - and optimism that the continuation of poor financial news must soon come to an end. But the 2009 Inglis Melbourne Premier Yearling Sale may be the first indicator of a new economic reality.
It is expected that there will be an accompanying reduction in service fees of stallions for the 2009 breeding season. The fees for the breeding cycle need to be matched to expectations and reality.
As I write now the Premier Yearling Sale is three-quarters (day three of four) of the way through. The vendors - having seen market conditions on day one - have had no real choice than to meet the expectations of the buyers. The 220 lots offered for sale on the second day saw an improved 74% clearance rate.
On day one the top price was brought by Lot 191, a chestnut colt (offered by Blue Gum Farm) by Encosta De Lago out of Acquisto.
The dam Acquisto is an unraced daughter of Zeditave and a half-sister to stakeswinners Make Me A Miracle (Listed ACT National Sprint) and La Lagune (Listed VATC Quezette Stakes). The second dam is the imported Commercial Choice (USA - 9 wins including the Listed Golden Gate Brazen Handicap). The third generation includes Group One winners Sober Suit (VATC Toorak Handicap) and Titanic Jack (VRC Emirates Stakes - and he is also a son of Encosta De Lago).
Day two produced the expected when Lot 283 (offered by Tony Santic’s Makybe) fetched $365,000. This time a Redoute’s Choice colt and three-quarter brother to Group 2 winner Musket (STC Shannon Stakes). The dam, Celtic Reign, is the only foal of champion broodmare Tugela who has graced a racetrack and not won (Tugela has 4 to race with 3 winners). Of course 2nd dam Tugela is also the dam of the champion Makybe Diva.
The top price for a yearling on the third day was $280,000 for Lot 433, a chestnut colt (from Torryburn Stud) by More Than Ready out of Illuminar. No photograph was available at this time - but he must have been an impressive type as his pedigree page is less impressive than other top lots from this sale. His dam, Illuminar, is a metropolitan winning daughter of the stakeswinner Luminia (8 wins including the Listed QTC Brisbane Handicap). Apart from the stakeswinning second dam there is only a stakesplaced horse in the 3rd generation before finding minor (Listed Race) stakeswinners in the 4th generation.
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