Magic Millions Sale: Thoughts from JM

The 2010 Magic Millions Sale provided a stabilizing influence on the industry with its average virtually unchanged from last year. The middle market was especially strong, although there seemed to be a bit of a cap at the higher end of the market. Perhaps this is a function of the GFC and the effect it had on the high hitters.

Our trio of young stars, Charge Forward, Starcraft and Snitzel fared well, while our heavyweights Redoute’s Choice, Flying Spur and Hussonet made heavier going of it – but that was the nature of the beast! Buyers were quite happy to forgo “proven” horses and divert their buying to the “prospective” younger brigade. I believe that this trend will balance out by Easter time, provided the economy stays sound.

The month of February will see the judgment on the wagering court case come down, and if it’s in favour of Racing NSW, this will give the market a dose of optimism – as stakesmoney would see a significant uplift.

####MM SALE: HIGHLIGHTS

– Redoute’s Choice supplied 3 of the top 10 lots including the sale topping lot – the colt out of They Say (consigned by Strawberry Hill Stud) and purchased by Mark Pilkingtron Bloodstock for $925,000

– Off a 2007 service fee of $24,750 Charge Forward averaged $174,643 (top price $500,000)

– He may be getting older but he consistently produces a solid return in the yearling ring – Danzero (off a fee of $27,500) returning an average of $103,333

– Flying Spur yearlings sold to $400,000

– Hussonet yearlings (off a 2007 service fee of $38,500) averaged $105,714 and sold to $330,000

– Snitzel yearlings averaged $121,591 and sold to $240,000 off a fee of $33,000

– Starcraft yearlings sold to $340,000 and averaged $120,000 off a fee of $33,000