International buyers hold key to success of NZB Ready to Run Sale
Auction house embraces online technology in hope of canvassing diverse market at two-year-old sale
New Zealand Bloodstock’s biggest foray into the digital marketplace will be put to the test at its Ready to Run Sale as the company attempts to maintain what it says is its place as the premier southern hemisphere two-year-old auction when it starts today.
There is an underlying feeling that the sale could exceed tempered expectations if the main export countries, primarily Australia and Hong Kong, embrace the online technology as many bloodstock investors have done in increasing numbers at Australasia since April this year.
Demand for stock to race in Hong Kong remains strong, with the tried horse market particularly “hot” in recent months, and the NZB sale has traditionally been a significant source of higher end horses purchased to head to Asia.
Australian-based owners and trainers will also play an important role in the market, with last year’s buyers including expatriate trainer Bjorn Baker, Leon and Troy Corstens, Mark Newnham, Stuart Kendrick, Aquis Farm and agents Andrew Williams, John Foote, Jim Clarke and Cameron Cooke, among others.
NZB sales manager Danny Rolston is optimistic that the key international markets will be active at the sale, but again cautioned vendors about keeping their reserves at realistic levels in an unprecedented period for the industry.
If the scenario eventuates, it could hurt the clearance rate, which in 2019 saw 257 horses changing hands at a clearance rate of 74 per cent.
“All our usual players are comfortable to buy via remote bidding and with agents on the ground, so we’ve got positive signs that Hong Kong is going to be in operation,” Rolston told ANZ Bloodstock News yesterday.
“In Sydney (at the Inglis sale), they were good at the top-end although they were not as obvious at the Gold Coast (at Magic Millions), but they were there and the feedback we’re getting is that they are still playing.
“However, it is a bit more unknown with Australia. The inquiry is good, but it is still hard to read whether that is going to cover the buik of the catalogue or how selective they are going to be.”
Five of the top ten highest-priced two-year-olds sold last year were purchased by Hong Kong buyers while Cranbourne-based expatriate New Zealand trainers Trent Busuttin and Natalie Young have also been active for a number of years in the two-year-old market. They bought 12 lots at last year’s sale.
There will be 243 horses going through the ring over the next two days after the 311-lot catalogue was hit with 68 withdrawals.
Agent Robert Dawe believes buyers from the premier Asian racing jurisdiction of Hong Kong will be prominent over the next two days.
“The nice horses will sell themselves and I expect the online from Hong Kong to be very strong,” he said.
“The vendors can’t hide anything these days, they have learned to be transparent.”
New Zealand agent Bruce Perry has fielded inquiries from a number of Australian parties seeking assistance in inspecting horses at Karaka.
“I have bought one or two here in the past but I am mostly a yearling buyer. However, I have had some contact with Australia so I am here to look at a few,” Perry said.
“There are some really nice horses here … and the smaller catalogue might help the middle market for the buyers who want a horse but can’t compete at the top end.”
One advantage NZB may have over its Australian rivals is the fact that the sale is being held over two days, meaning it could be easier for the buyers to reassess the market overnight and reconsider horses who were initially passed in on day one.
Kiwi agent Bevan Smith, who spent almost four months in Australia earlier this year due to international border travel restrictions, made the decision to return to New Zealand after last month’s Inglis Ready 2 Race Sale in order to attend the Karaka auction.
In doing so, he was forced to bypass last week’s Magic Millions 2YOs In Training Sale.
“I’ve seen some nice lots, very happy with what I have seen. Also, I have looked at almost every lot in the sale, although I started with the breeze ups as my base,” Smith said.
“Interest from my Australian and Singapore clients has been such that I spent two weeks in quarantine in order to be here. As a relatively new agent, I have to do the work to become established.”
Smith bought four two-year-olds at Inglis’ Sydney sale for clients.
Another relatively new Kiwi agent is Dylan Johnson, who formerly worked for Westbury Stud, and he has been on the grounds this week compiling short lists.
“There’s plenty of positives to be gained from the sale. As agents, we can benefit from the technology and information now available,” Johnson said.
“The vendors have done a great job regarding how they market Ready To Run two-year-olds. The quality is here.”
Leading New Zealand racing identities, Te Akau’s David Ellis and trainers Murray Baker and Tony Pike, were on the ground yesterday inspecting horses.
Experienced agent Barry Lee said the sales ring body blows could be felt by those vendors who had purchased yearligns at strong New Zealand and Australian markets before the ramifications of Covid-19 had taken effect.
“There might be a few blood noses where vendors have bought in an up market and are selling in an iffy market,” said Lee, the brother-in-law of Sir Patrick Hogan.
“We’ll see soon enough. It is definitely a sale in which buyers buy on type. Some of the pedigree pages are a bit thin.
“The good ones will sell well, as they always do.”
Rolston said it was important that the long-term traders were able to sell their horses to allow them to reinvest in stock at next year’s yearling sales.
“The guys who have been pinhooking, they realise that it is not a straight-forward year, so we are expecting reserves to be very realistic,” he said.
“The guys who are here, they do want to keep trading, so the horses will be on the market.
“It certainly should be a great opportunity for buyers to invest at great value this year.”
Day one starts at 1pm New Zealand time and the sale can be streamed via the nzb.co.nz website.