‘The people who are professional about their work are getting rewarded more frequently’
Demand from pinhookers set to feed one-day Inglis Australian Weanling Sale
The incredible demand for racing stock is expected to flow through to the breeding stock sales, starting at the Inglis Australian Weanling Sale in Sydney today, as the buoyant market lures new investors and old players back to the fold.
Despite the wet weather at Riverside Stables yesterday, weanling inspections were in full swing and long-time industry figures are suggesting the appetite from those wanting to be involved, particularly pinhookers, appears stronger than ever before.
The sentiment was endorsed by Inglis’ general manager of bloodstock sales and marketing, Sebastian Hutch, who confessed his belief that buyers will be fighting over select sale prospects at Riverside Stables today.
“The interest in the sale has been fantastic and I feel like we’re at a juncture where demand is going to exceed supply of quality foals,” Hutch revealed yesterday.
“From the point of view of the auction house, it is probably a slightly frustrating situation to find ourselves in, but by the same token we’re very grateful to those vendors who have supported us with quality stock.
“It feels like there’s going to be good demand at all levels for stock that meets the criteria of buyers.
“Primarily, the weanling market is a pinhook market, but by the same token there are plenty of end users trying to find ways of participating particularly in terms of young, progressive stallions and we’re looking forward to a good sale.”
Inglis has compiled a 268-lot weanling catalogue – the second leg of its four-part May sale series – and a diverse buying bench appears likely.
Noted New Zealand buyers, in particular, have been out in force, making the most of the recent opening of the travel bubble between the two countries, to undertake inspections. They include agent Paul Willetts, Lyndhurst Farm’s Mark Treweek and Riversley Park’s Sam Beatson.
Victorian pinhookers Luke Anderson of Maluka Farm and Stonehouse Thoroughbreds’ Ryan Arnel, agent Sheamus Mills and South Australia’s Ross Hatton, were also at Riverside Stables in recent days, as were end users such as Randwick trainer John Sargent.
Agents Paul Moroney, Will Johnson, Bevan Smith, Dave Mee and Guy Mulcaster have also been casting their eyes over the 2020-born foals.
While there was trepidation leading into last year’s weanling sales, held in July and August, Hutch says there was a lot more certainty heading into the 2021 series.
But the undoubted challenge of pinhooking was “part of the fun of it”, he said.
“The majority of people obviously took a relatively guarded approach to the weanling sales last year, but those who were brave were rewarded in spades,” he said.
“We all recount the Not A Single Doubt-Rhodamine filly of Lauriston’s who topped the sale here last year ($280,000). Obviously there were travel restrictions at the time, but everybody who could be here, was here, and there were a massive number of people who couldn’t be here who were represented by different entities and that’s what the market had valued her at at the time.
“The fact she went around and made $750,000 the following January was a great result for Suman Hedge, Steve Grant and Rob Petith and that is the fun of a weanling market. The value the market holds for particular stallions changes from one month to the next, let alone across a year, so we see instances where the market perception of a stallion evolves from February 1, March 1 and April 1.”
The depth of the stallions with first crop two-year-olds – Capitalist (Written Tycoon), Star Turn (Star Witness), Extreme Choice (Not A Single Doubt), Shalaa (Invincible Spirit) and Frosted (Tapit), among others – has widened the net for buyers.
“There are stallions who might not have been as popular in January who end up being very popular come April and vice versa and that’s the fun of it – to try and predict the right horses to be part of,” Hutch said.
“The right stallions, the right female families and what updates you’re going to get and what horses are coming through. The people who are really professional about their work, they are the ones we see getting rewarded more frequently.
“I don’t think that’s going to change any time soon.”
Vendor Mike O’Donnell is consigning his entire foal crop of 29, including a Justify (Scat Daddy) half-sister to Group 2 winner Fiesta (I Am Invincible) as well as three colts by Capitalist (Written Tycoon).
With this the third year in succession Fairhill Farm’s O’Donnell has sold his crop as weanlings, he admitted he would reassess his position after this season.
“Buyers have got some very good profits last year (pinhooking our weanlings), so let’s hope they support us again this year,” O’Donnell said.
“I will tell you after this year whether I will do it again, but I like breeding and I can breed numbers doing it this way, so that is the main reason why I’ve done it.”
O’Donnell believes there is no reason why the yearling sale momentum will not be carried over to the weanling sales.
He said: “If there was anything good about Covid, it was that it has been good for the horse industry.
“We’re looking for things that we can do at home, the things that we can do locally, and racing is a great sport. Once they’re hooked, they’re hooked forever.”
Willow Park Stud’s Glenn Burrows was another vendor kept busy by regular parades this week. The Scone farm has eight lots catalogued, including sons of Lord Kanaloa (King Kamehameha), Written By (Written Tycoon) and Invader (Snitzel).
“Another phenomenal day of inspections has been completed today,” Burrows said last night.
“The most popular was our powerful Written By colt who had 57 parades today, which is exactly the same as (Tuesday). Second on our list was the racy Invader colt from stakes winner So Far Sokool with 33 parades to back up his record day on Tuesday when achieving 63.
“Our average number of parades per weanling over the last two days is 75, which is quite mind-blowing.”
The key to buying trade weanlings is trying to forecast a horse’s development and Burrows urged buyers to take a second look at Lot 181.
“One weanling that I think might fall through the cracks is the Lord Kanaloa colt. He is a stallion who stands for the equivalent of $250 000 in Japan and he won 13 from 19 starts including six Group 1s and he’s already sired five Group 1 winners,” he said.
“Our colt is from a half-sister to two champions (Orfevre and Dream Journey) and if he was an inch taller he’d make $400,000 to $500,000. As is generally the case with these Aquis weanlings, he will walk into the ring unreserved, so someone is likely to really bag themselves an absolute bargain.”
A number of freshman stallions will have their first foals presented to the market. The aforementioned Justify and Written By are joined by Trapeze Artist (Snitzel), Brave Smash (Tosen Phantom), Lean Mean Machine and Harry Angel (Dark Angel), Grunt (O’Reilly) and others.
“The success of the first crop stallions on the racecourse this season can only heighten interest in those horses,” Hutch said.
“I think it just invigorated people’s perception of those horses and what they can achieve and, similarly, the scope for the upside in those second season horses is massive also.
“We’ve all seen this year that if the stallion does the right thing with their first two-year-olds – and he doesn’t have to do a lot, he just has to do the right thing – the commercial rewards for investors is massive.
“This is a sale that has been good to people as end users. There are people who could have bought or have bought plenty of nice racehorses over the years.
“There’s no doubt from what I’ve seen around the complex that there’s some really smart horses of the future being sold (today).”
The Australian Weanling Sale starts at 10am.