How are the results shaping up?
The Australasian sale at Karaka was very mixed – highs and lows in prices, a smaller bench of NZ buyers and some good support from Australian buyers. As noted in other publications, a high “passed in” rate which may be vendors adjusting to the new Reserve system or just not willing to let well bred fillies (in particular) be devalued because of the current market. Many of those passed in will translate into private sales of course, but it was very noticeable during the auction itself.
The Bettor’s Delights held up well although there were still 11 out of the 42 sold going for under $20,000 – although often you could see why. I don’t mean to sound critical saying that, but buyers in this economic climate will always be picky about families and type, and the smaller Bettor’s Delights found little interest if they were a finer type or from families that had little black type or current eye-catching performers. Lesson? You can try to upgrade families by going to excellent sires, but any positive results may appear later on the racetrack rather than earlier in the auction ring. So you have to be ready for a patient and expensive process.
Art Major had a flat sale, with many not meeting their Reserve price. Enough NZ buyers and trainers are still holding back from all-out endorsement of this sire to pose questions for breeders – is the market going to change for next time? Will Art Major’s results on the track next two seasons convert everyone into fans? And are the rumours about “leg issues” based on anything or just a few isolated horses and a lot of gossip? And the talk about” “some just don’t want to be there” – well, isn’t that horses? Even 50% (approx) of Christian Cullen’s progeny were not winners.
Mach Three had a great sale, and congratulations to breeders who have stuck with him. His 2yo stock started to show up again at just the right time. He’s got some older showy runners performing well right now. Overall, the Mach Three yearlings looked decent sized, athletic types with longer barrels and a real presence about many of them.
The trotters were up and down – with only very few representatives it is best to wait for the results from Christchurch before doing the stats on them and the newer pacing sires.
Personally?
Isa Lodge had a very pleasing result with Kym’s Angus Hall colt (lot 69) selling to Lincoln Farms for $42,000.
All the results of the Australasian sales are now posted on PGG Wrightson’s Sale of the Stars website
Christchurch results are being posted as they happen.
Keep in mind a general idea of breeding costs. Of course that depends on how much you can carry yourself and how much you have to pay commercial rates for various breeding expenses or carry overheads on a property etc. However let’s take a figure of $10-15,000 for foal to yearling sales costs, to which the sire’s service fee (which might be discounted or not) needs to be added. So in very general terms, a vendor really needs $20-25,000+ to cover costs/fees and get a return on such a risky investment. Those able to do much of the foaling, raising and preparing work themselves on their own property will have a lower point of breaking even and starting to get a profit, and those selling larger numbers can spread the risk across their draft. But $20,000 is a “ballpark figure” for those paying commercial costs and going to ‘sales type’ sires.
Just a few observations and some quickly calculated stats. Remember that averages hide a wide range – delighted vendors doubling their money, many just covering costs, and some gutted and selling at a significant loss.
Overall NZ trends will only become apparent after today and tomorrow’s Premier Sale days in Christchurch.
Bettor’s Delight
51 lots offered.
42 sold (82%)
Buyers total spend on the day: $1,690,000
Price range $3,000-$210,00
Average price: $40,238
Average price without top lot: $36,794
Average price without top 3 lots ($100,000+): $31,794
Number of lots <$20,000 = 11 (26% of lots sold by auction)
Art Major
22 lots offered.
13 sold (59%)
Buyers total spend on the day: $312,500
Price range $11,000-$50,000
Average price: $24,000
Number of lots <$20,000 = 7 (53% of lots sold by auction)
American Ideal
13 lots offered.
8 sold (61%)
Buyers total spend on the day: $177,000
Price range: $5,500-$82,500
Average price: $22,000
Average price without top lot: $13,500
Number of lots <$20,000 = 6 (75% of lots sold by auction)
Mach Three
15 lots offered
13 sold (86%)
Buyers total spend on the day: $475,000
Price range: $8,500-$120,000
Average price: $36,576
Average price without top lot: $29,583
Number of lots <$20,000 = 3 (23%)
Christian Cullen
16 lots offered
11 sold (68%)
Buyers total spend on the day: $242,000
Price range: $7,000-$65,000 (but one passed in for $97,500 with reserve of $100,000)
Average price: $22,000
Number of lots <$20,000 = 7 (63%)
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