Strong local market to dominate multimillion-dollar Inglis sales

There will be plenty of eyes on the paddock as the Autumn Racing Carnival arrives this month, but some of the biggest records will be set away from the track.

Julie Danet and Lot 17 Snitzel and Politeness filly at Arrowfield Stud in Scone, in the Upper Hunter Valley. Picture: Joan Faras

There will be plenty of eyes on the paddock as the Autumn Racing Carnival arrives this month, but the late mail is some of the biggest records will be set away from the track this season. 

While the Sydney carnival features the world’s richest turf race, The Everest, the competition at the city’s Easter Yearling Sale is expected to be just as hotly contested as the siblings and progeny of hundreds champion racehorses go to auction at Sydney’s Warwick Farm as part of the calendar of events.

Industry leaders expect a ­resilient domestic demand and a tight group of offerings will see millions of dollars dropped on the next generation of potential ­superstars, even though COVID travel restrictions mean the sale’s strong international contingent of regular buyers from Dubai, Hong Kong and Ireland will have to bid via video link and local agents.

Inglis general manager of bloodstock Sebastian Hutch said the auction — which has produced more Group 1 winners than any other sale and includes million-dollar-prize-winners Loving Gaby and Russian Revolution as graduates — was still likely to see eye-watering sums change hands.

“What we’ve found is the lack of international investors has made Australian buyers a bit bolder, and they’ve taken advantage of some of the opportunities,” he said. “And many of the international investors have Australia-based affiliates that facilitate participation.”

Mr Hutch said the market was soaring, with strong clearance rates at this year’s sales. The Classic Yearling Sale in Sydney last month recorded a 91 per cent clearance rate, while the Melbourne’s Premier Yearling Sale last weekend had edged above 80 per cent.

“Both sales broke new records and not just by a small margin but by a considerable margin,” he said. “The Classic Sale, the turnover exceeded the previous ­record by an excess of $2.5m and in Melbourne the Premier Yearling Sale grew either direct or by, at this stage, $11m, which is quite amazing really.”

Among those already attracting interest are siblings to Melbourne Cup-winner Vow And Declare and champion racers ­Exceedance and Te Akau Shark.

Arrowfield Stud chairman John Messara, who will be the largest vendor of yearlings with 49 entries listed, said the small field would also force prices higher.

“I’m expecting it to be a buoyant sale,” he said. “The Easter sale is down to 466, and historically 10 per cent of those will be scratched; there might be just 400 to 420. That compares with Magic Millions Sale with over 1000, so it’s a tight little sale and it’s got high quality stock.”

Among Arrowfield Stud’s ­offering of promising yearlings was Lot 17 Snitzel by Politeness, which will be among 42 siblings of Group 1 winners and the progeny of 39 Group 1-winning mares.

“There will probably be less overseas buyers and people typically want to see horses before they buy them, unless they’ve got a very trusted agent or trainer,” Mr Messara said.”

Australian Turf Club chairman Jamie Barkley said the Inglis sales were the chance to buy a horse for the world’s richest two-year-old race, the $3.5m Golden Slipper, part of the Sydney Autumn Racing Carnival starting next weekend.

Businessman Gerry Harvey, who owns the rival Magic Millions sale, said racing had largely escaped the impact of COVID-19 in Australia, with races continuing and prices climbing higher. “COVID-19 hasn’t affected the local market if anything, it’s been even stronger,” he said.