Agents happy to speculate on yearlings by new sires at Magic Millions
Bloodstock agents say they have plenty of horses on their shortlists ahead of today’s first session of the Magic Millions Gold Coast Yearling Sale, but the proliferation of lots by first season sires makes predicting the market harder than normal.
There are yearlings by 29 new stallions represented at the 2020 auction, up from 19 last year, and they are potentially headlined by Newgate’s four-strong roster, which includes Magic Millions 2YO Classic (RL, 1200m) and Golden Slipper Stakes (Gr 1, 1200m) winner Capitalist (Written Tycoon).
Today’s top-end sales ring action is likely to be dominated by the offspring of I Am Invincible (Invincible Spirit), which includes the first living foal of Group 2 winner Adrift (Zabeel). The colt is catalogued as Lot 69 from Segenhoe Stud, although how responsive the sale is to the new season sires will also be a key point of interest.
Melbourne agent Sheamus Mills is optimistic about the Gold Coast offering, finding ‘plenty of nice horses myself’.
“Like always at this sale, there is something for everyone and that’s what I like about it,” Mills said.
“There is a nice horse there at $60,000, a nice horse at $80,000 and there’s a nice horse there for $300,000. It covers the spectrum of buyers.
“There are plenty of the first season horses. It is always interesting to get your head around those and where you think they fit in.
“They probably dominate the market a little bit this year.”
On how the Gold Coast market will play out, Mills believes the centre of the catalogue will remain competitive.
“Everyone will have their personal favourites I guess, and there’s enough of the proven horses here, too, but I think the middle part will be the strongest part,” he said.
“Maybe there are fewer big-ticket items, but a vendor said to me he hopes that the top comes back a bit, which I thought was an interesting comment.
“I thought every vendor in the country wanted the top to keep going. I know from my own list there’s the same number of orders as previous years and it’s pretty much status quo as far as I can tell.
“The same vendors get nervous every year and the sale’s been going strongly. I think it will be steady as she goes as far as I can see.”
Of the ‘new kids on the block’, Mills found it hard to dismiss any of the unproven stallions but rates the former James Harron Bloodstock-raced Capitalist as the best-credentialed new sire.
“I am a big believer that Golden Slipper winners become good sires. The record there is second to none as far as stallions go, so I would have Capitalist at the top myself, but they bat deep this year,” he said.
“You could name another six to run the quinella. I’ve seen buyable horses by just about every first season sire here. It will be interesting to see how far down the list they can still maintain a healthy return for breeders.”
Mills said this week’s auction will go some way to creating a pecking order for the first season sires, which will once again place the spotlight on Australian service fees.
“I certainly think the first season sires will get a good shot at it because there are a lot of buyable ones in the catalogue,” he said.
“But after the sale there might be that age-old question, ‘are service fees in this country commercially viable for breeders?’
“I understand it is give-and-take for what these farms pay for these horses in the first place (off the track) and I think this sale will be a good example of where that conversation goes.”
Fellow Victorian agent Suman Hedge has a foot on either side of the fence, selling yearlings for his pinhooking partners as well as attempting to buy stock for his clients.
Hedge played down suggestions the market could fall away slightly after years of sustained growth experienced by Magic Millions.
“The feedback from the farms is that the inspections have been good. At this time of year there’s always a lot of smoke and mirrors and there’s always a bit of negativity saying it’s the end of the world,” Hedge said.
“Generally, once you get into the sale, there’s enough quality there and it will be strong – and the top-end will be very strong.
“Even though there’s a few major players that aren’t here, I still think there’s enough money here for some good results.
“The bottom end and the middle is always a bit tricky but that’s every year.”
Hedge would not rule out buying yearlings by first season sires but also warned that some people’s obsession with new stallions made those proven ones more viable.
“The thing with first season sires is that the very good types can have a bit of hype around them, but then you look at it and there’s proven stallions like Fastnet Rock and the like, who have been there and done that,” he said.
“They are a bit older and have lost their lustre just a touch, but then you’ve got these horses who are unknown and everyone is paying big money for them.
“I think you have to keep your head about you with the first seasons.”
Widden Stud’s Antony Thompson, whose draft includes yearlings by resident stallions Zoustar (Northern Meteor), Sebring (More Than Ready), Star Witness (Starcraft) and new season sire Stratum Star (Stratum), is confident today’s 262-lot session will kick-start a solid sale.
“It should be a very vibrant market. The response I’ve had from buyers, and the number of inspections we’ve had and the number of individual buyers who have been around, I think it is on par or above anything we have experienced here,” Thompson said.
“Certainly the buyers are very upbeat and they are loving the quality of horses that are here. There’s going to be plenty of competition.”
Magic Millions managing director Barry Bowditch said the number of potential buyers on the ground had been strong in the past few days.
“I have got to say when you go around the complex the buyers are really liking the horses that they are seeing and we are receiving positive feedback on them. Vendors are telling me they are getting great numbers through with a lot of foot traffic and second looks,” Bowditch said.
“You only have to look to see there are a lot of domestic and international people here. When you look at prize-money in Australia, the amount of Group 1 races and more so the amount of million dollar races we have, it makes it a great investment and I think that reflects in the amount of people looking at horses.”
Early on day one can often be tricky as buyers and vendors determine market values, but Bowditch says the depth of the catalogue and the quality of the unproven stallions would provide plenty of choice.
“It just shows that our breeding industry is in great shape when you think that these horses are our future. They are so well credentialed and they get supported with some of our very best mares,” he said.
“Whether it be Capitalist, American Pharoah, Maurice, Shalaa, Astern, I could go on all day. I think it is a strong lot of horses, but it just balances out our catalogue as we have a lot of numbers by Written Tycoon, Zoustar, Snitzel, I Am Invincible and Not A Single Doubt.
“There are huge numbers of quality types with deep pedigrees that we would like to think are well patronised in the next four to five days. You seem to have to always feel your way a little bit early on day one, but I think we’ve got a fair bit of quality on offer.”