‘Cautiously optimistic’ – NZB hopeful for prosperous Karaka 2021
NZB managing director Andrew Seabrook feeling positive ahead of Sunday’s start
With the record-breaking Magic Millions Gold Coast Yearling Sale now behind us, the attention of the southern hemisphere thoroughbred industry turns to the NZB Karaka Yearling Sale which begins on Sunday.
Commencing after the running of NZB’s Karaka Million Twilight Meeting at Ellerslie on Saturday, Karaka 2021 will kick off with three days of top-quality Book 1 action featuring 579 lots. Another 340 yearlings will follow in Book 2 and, while the quantity is slightly down on their 2020 offering, the quality remains intact.
When the Book 1 catalogue was released in November, NZB’s managing director Andrew Seabrook expressed his delight at the yearlings on offer, saying: “The strength of the catalogue is the best it has been for some time.”
That strength is underpinned by a big turnout from New Zealand’s premier stallions, with six-time Champion New Zealand Sire Savabeel (Zabeel) represented by 42 yearlings in the catalogue and the late Cambridge Stud sire Tavistock (Montjeu) by 35.
There is also plenty of quality from Ocean Park (Thorn Park) (17), Reliable Man (Dalakhani) (28), Sacred Falls (O’Reilly) (nine), and Per Incanto (Street Cry) (21).
With the addition of an array of progeny from burgeoning first season sires, there is plenty for NZB to be optimistic about ahead of the sale, despite the lack of in-person participation from international buyers due to Covid-19 travel restrictions.
Speaking to ANZ Bloodstock News as yearling inspections began on Tuesday morning, Seabrook echoed his earlier sentiments while also expressing his excitement about the challenge awaiting his team.
“The Kiwi buyers are starting to arrive and do their inspections. Obviously it’s a very different sale for us given there’s no international buyers that can be here participating,” he said.
“It’s the first time since Phar Lap went through the ring in 1927 that there’s no international buyers here, so it’s obviously a challenging time but one we’re looking forward to.”
Seabrook was given a firm reassurance that buyers forced to participate virtually are still willing to spend big when NZB hosted their record-breaking Ready To Run sale in November.
The sale, which was capped by the purchase of a NZ$700,000 Savabeel colt, saw 185 horses change hands at an average of NZ$95,349, up on the same sale last year, causing Seabrook to hail it as “remarkable”.
The result gave NZB confidence that their bespoke online bidding service was successful heading into Karaka 2021 and Seabrook reaffirmed his cautiously optimistic approach yesterday.
“The success of the Ready To Run Sale in November gave us a bit of confidence going into this sale,” he said.
“I think the pinhookers will be fairly active, our online bidding platform worked really well at the Ready To Run Sale and that will obviously be in use here during the week.
“It’s hard for us to know how we’re going to go, but we’re pretty confident that the internationals will be active, it’s just how active they will be which is the unknown.”
Seabrook is hopeful of an increased level of participation from Kiwis at the sale, as New Zealand’s economy continues to prosper in comparison to the majority of the world.
Prime minister Jacinda Ardern’s ‘go hard and early’ reaction to the pandemic has been closely watched and applauded around the globe, with many countries admiring the efficiency with how the situation has been dealt with.
It was reported last month that New Zealand accelerated out of their Covid-induced recession with a record growth of 14 per cent in the third quarter, and Seabrook has grounds to be confident that the country’s economic boost will be reflected at the sale.
“There seems to be a bit of confidence in the New Zealand domestic market at the moment,” he said.
“Our economy has recovered pretty well from Covid, better than most countries around the world, and there seems to be a bit of discretionary income out there to spend, given that no one can travel overseas.
“Boat sales are at a record high, pool sales are at an all-time high and house prices are going through the roof.
“There’s confidence here in the domestic racing scene, there’s a few good things happening and a bit of light at the end of the tunnel.
“So we expect the domestic spend to be fairly good, whether that can compensate for the drop in what the internationals spend, who knows? But all in all we’re looking forward to a big week.”
Buyers once again expressed their confidence in the thoroughbred market with multiple records being smashed at the Gold Coast Yearling Sale over the past week.
With over $211 million spent over the seven days, the sale became the highest grossing yearling sale in southern hemisphere history.
Asked if NZB took confidence from the results of the Gold Coast Yearling Sale ahead of Karaka 2021, Seabrook said: “Yeah sure, that was a successful sale and that gives us some confidence, but of course they had the advantage of having all the Australian buyers, who were either there or had seen the horses.
“So although it does give us confidence, we can’t totally rely on those results like we would have in previous years because, of course, the Australians can’t get here.”
NZB were delighted with the numbers achieved at the Karaka 2020 sale, with the Book 1 average of NZ$138,698 up marginally on the previous year. The median of NZ$107,500 was also up 7.5 per cent year on year and the clearance rate was at a healthy 79 per cent.
While Seabrook admits it may be challenging to achieve those numbers again given the current climate, he and his team are feeling relatively confident as they await the first few lots entering the ring in four days’ time.
“We’re cautiously optimistic that it will go well. Whether we can deliver the same results as last year is unknown, if we could do what we did last year we’d be absolutely thrilled,” he said.
“Is that realistic? Possibly not with the internationals not being able to be here. I think we’ve done everything we can to try and engage with the internationals and try and get them to be active here, but until those first lots go through the ring it’s a bit of an unknown.”