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Market down at 0224 Magic Millions Tasmanian Yearling Sale
The market correction Magic Millions was expecting arrived at this year's Tasmanian Yearling Sale, which was held on Monday.
The 90 lots sold, which came at a clearance rate of 70 percent, grossed $2,767,500 with youngsters selling at an average of $30,750.
Those key indicators are all down on last year's sale, which turned over $3,937,500 at an average of $36,124 with an 85 percent clearance rate, leaving Magic Millions managing director disappointed.
"It was a tough sale," he said. "We've been thinking the lower end of the market might come back a cog or two in recent times and I think it did today.
"In most cases vendors were willing to meet the market and unfortunately there wasn't a willingness to participate on all horses here, so a clearance rate of just 70 per cent is disappointing.
"The average has come back a little bit more than I would have anticipated but what I will say when a good horse walked into the ring, and it's like that at any sale, there was strong participation for quality."
The top lot was Armidale Stud's colt by Needs Further out of Arenzano who sold to Star Thoroughbreds and Brett Howard for $145,000.
There was one other six-figure yearling, a Brookview Thoroughbreds-produced filly by Grunt out of Shemakhan who sold to Belmont Bloodstock and Tony McEvoy for $100,000.
"I am pleased that we had good participation from interstaters, Tasmania is slightly down on its spend from last year, but I just think we've got to work with TasBreeders, Tasracing and look at what we're doing to ensure we give ourselves the best opportunity to ensure this sale is viable into the future," Bowditch said.
"There has been a lot more value to be found at the earlier sales this year, so from the perspective of the interstate buyer or the trader, they're probably filling their orders earlier, so there's not as much need to go to every sale.
"I think the TasBred scheme is quite good and the racing industry down here is moving ahead and I would have thought we'd have had a good thirst from the local market to participate here.
"I am disappointed in what the local market was, but they've bought six more horses than last year at this point but it's just that they've spent a fair bit less on buying those horses.
"That's probably a market correction in itself. They've been able to buy them better than what they have in previous years."
SALE STATISTICS (2023 in brackets)
Lots Catalogued: 140 (140)
Lots Sold: 90 (109)
Lots Passed In: 39 (20)
Lots Withdrawn: 11 (11)
Top Price: $145,000 ($115,000)
Average Price: $30,750 ($36,124)
Median Price: $26,000 ($30,000)
Gross: $2,767,500 ($3,937,500)
Sold %: 70 (85)
TOP SELLERS
$145,000 - Needs Further-Arenzano colt (bought by Star Thoroughbreds/Randwick Bloodstock)
$100,000 - Grunt-Shemakhan filly (McEvoy Mitchell Racing/Belmont Bloodstock
$82,500 - All Too Hard-Princess De Lamour colt (John Blacker)
$80,000 - All Too Hard-I Spy filly (Gordon Richards Racing)
$75,000 - Ghaiyyath-Falika filly (John Foote Bloodstock)
