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Magic Millions fails to keep pace with last year

Day one Magic Millions Gold Coast Sale figures (A$)

 Year  Cat  Off  Sold  % sold  Aggregate  Average
 2010  200  181  132  73  16,554,000  125,409
 2009  195  151  133  75  19,971,000  150,158

DAY one of the Magic Millions Gold Coast Yearling Sale in Queensland, Australia, failed to keep pace with last year's opening session with declines registered in aggregate and average, and no yearlings selling for seven figures.

The aggregate fell 17 per cent to A$16,554,000 (£9,469,724/€10,548,794) for 132 yearlings sold while the average dropped 16.5 per cent to A$125,409 (£71,749/€79,915). The median was A$100,000 (£57,212/€63,747).

More disappointing was that no lot sold for more than A$500,000: last year, three yearlings brought A$1m or more headed by a son of Encosta De Lago who was sold to Gai Waterhouse for A$2m.

One of the only encouragingaspects of the day's trading was the clearance rate, which dropped minimally 73 per cent.

Although the 2009 renewal was held in the midst of the global recession, last year's opening aggregate leapt 39 per cent to A$19,971,000 while the average increased by approximately A$3,000 to A$150,158.

Yet while yesterday's results were undoubtedly disappointing, Magic Millions yesterday remained an international hunting ground with buyers based in Hong Kong, South Africa, Japan and Ireland complementing a strong domestic buying bench.

Trainer Peter Moody struck for the top lot, a brother to his recent Group 1 Ascot Vale Stakes winner Headway who cost A$500,000 (£286,012/€318,661). The son of the promising Red Ransom stallion Charge Forward is the second foal out of Chaletaine and was offered by Turangga Farm.

"He's a lovely colt," said Moody "He's a bit bigger than his sister (Headway). I've seen him since he was small and I've always liked him.

"Shares will be sliced up amongst a number of stable clients, and he might look pretty cheap if his sister comes out in a few weeks and wins the Lightning (Stakes)."

Darley Australia, who spent A$1.3m on two yearlings in 2008 and A$600,000 on one last year, went to A$470,000 (£268,851/€299,569) for the second dearest lot of the day, a filly by Redoute's Choice from Arrowfield Stud.

Also active were European agents Dermot Farrington and Hubie de Burgh.

"There were buyers on hand from every state in the country as well as many overseas locations," said David Chester, managing director of Magic Millions. "I'm hoping for the clearance rate to rise tomorrow when are some lovely prospects to go under the hammer."




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