Market Holds as Buyers Play It Safe at Inglis Sale

The doom and gloom pervading the wider economy was certainly not replicated at the July 8 Inglis Australian Weanling Sale, as the company continued its return to live auctions in the COVID-19 era with the marketplace once again demonstrating remarkable resilience in the face of adversity.

There were 12 weanlings of the 188 lots offered who cracked the $100,000 mark at Riverside Stables on day one of the sale, headed by a session-topping AU$260,000 (US$180,594) colt by Exceed And Excel, while the average of AU$33,748 ($23,441) was down comparatively year-on-year by 8%.

That figure is well short of as much as 20% predicted by some industry professionals and the clearance rate was deemed an acceptable 70%, which compares to the 83% achieved at the corresponding sale last year.

Inglis had been hamstrung by COVID-19 restrictions and racing industry regulations, including the ban on Victorian participants from being in attendance at the Sydney sale.

"Consequently, it's rewarding to see such a diverse range of people involved in the sale, domestic and international participants and a number of interstate investors from right around the country," Inglis general manager of bloodstock sales and marketing Sebastian Hutch said. 

"Evidently, it's a selective market, which was to be expected in advance of the sale," he continued. "The pinhookers are being very selective in what they are identifying as appropriate prospects for next year's yearling sales, but when a horse jumps through all the necessary hoops and meets the vetting criteria as well as pleases people from a physical and pedigree standpoint, they are making plenty of money."

Middlebrook Valley Lodge's Verna Metcalfe, who was the leading vendor by aggregate and average on day one having sold 11 weanlings including the highest-priced lot and two other six-figure colts, said those with quality select sale horses came in for strong competition from the buying bench.

"I think the market's pretty good, and with the crisis of the coronavirus it's holding up very well," said Metcalfe, who later added: "I've said all along, this is the sale to come to. It's the first weanling sale and if you bring them here, then the good colts sell well." 

Metcalfe, in the lead-up to the sale, revealed she had deliberately targeted the auction with a number of high-caliber weanlings and she was rewarded when New South Wales owner Bruce Mackenzie won what was at least a four-way battle for the first foal out of the unraced Count Your Money.

The result was an emotional one for Metcalfe who consigned the colt on behalf of breeder Kate Gadsby who has "had a lot of bad luck lately."

"I thought this colt would make $200,000 because Exceed And Excel colts are hard to get. He only serves a limited book," Metcalfe said. "He's a lovely colt, the first foal out of the mare. He was a good colt from the day he was born, just a good, straight-forward, easy-to-rear colt."

Cataloged as Lot 174, the colt's dam is a half sister to group 1 winner Good Project and Singapore stakes scorer World Airlines.

"This was the one. This colt is the pea,'' said Port Stephens-based Mackenzie who did not attend the sale in person. "I had multiple people look at the horses who I trust and they said he could be the nicest colt at the sale. With the bidding, I balked at the barrier a couple of times but then I kept going. I wanted him, I wanted to take him home, full stop. I was going to buy him no matter what.''

First Season Sires a Safe Bet

Pinhookers were also banking on the appeal of first season stallions with a number of progeny by well-credentialed young sires featuring among the top lots sold.

Sydney agent Andrew Williams was one of those who took a shine to colts by freshman stallions Hellbent and Pariah, paying AU$140,000 ($97,243) and AU$105,000 ($72,933) respectively on behalf of the Spyglass group, "a big old syndicate of New Zealanders and bits and bobs."

Williams' first purchase was the Hellbent colt who is the fifth foal out of high-class sprinting mare Sister Madly. He was sold by Segenhoe Stud Australia as Lot 50. 

"We saw him on the farm at Segenhoe initially and he made a second list to go back and have a look at the complex and he really caught our eye," Williams said. "He's a sharp looking horse, moderate size, good action. I am really like these Hellbents. They are great-shaped horses and I'm really quite excited by him.

"I thought Yarraman did a fantastic marketing play on him by going to the farms with Matt Scown (and filmed videos of his foals) and he really caught my attention," he continued. "What's been on the complex here has been very nice as well. He's quite an exciting horse being a son of I Am Invincible, so you never know."

Segenhoe Stud's Brian Clarke believes the Hellbent colt had a lot going for him.

"He's really nice with a great shape, precocious a real 2-year-old sprinting type," he said. 

Later, Williams swooped a Newgate Farm-consigned son of Arrowfield Stud's first season sire Pariah as Lot 123. He is the fourth foal out of European group 3 winner Astrophysical Jet, by Dubawi.

"Once again I thought he was a really nice horse. He's a horse who might go to an early sale—it just depends which country (Australia or New Zealand)," he said. "I thought he was a very good example of what Pariah can potentially leave and he is out of a very good mare and he's also off a very good farm in Newgate.

"They have proven that they are producing really good horses with the likes of Exceedance and Shadow Hero, so they aren't too dissimilar to Segenhoe. They are both very good farms."

Williams and his clients had identified about 15 potential candidates at the Sydney sale, but conceded being able to accurately place values on them with a view to trading them next year was difficult.

"It's not easy and that's the frustrating thing in lacking the foresight in what the industry or the world will be like (next year)," he said. "I just think we've got to buy the right horses because they can be raced and syndicated whatever the plan is (if they cannot be sold)."

Other first season sires with progeny to prove popular in the sales ring included Merchant Navy, Russian Revolution, Churchill, and Invader.