Magic Millions Prepares to Kick Off 2023 Sales Season

Barry Bowditch has cast aside any significant potential economic downturn being felt at the Magic Millions Gold Coast Yearling Sale, believing there will be sustained appetite from buyers to source new racing stock, particularly at the higher end of the market, when the crucial industry auction gets the 2023 season under way Jan. 10.

The Magic Millions' managing director went on the offensive yesterday ahead of the opening of seven selling sessions, declaring the 1279 Book 1 and Book 2 offering "a sensational catalog of horses" that would entice thoroughbred investors, syndicators, trainers and owners at all levels to buy at the Gold Coast.

"It's the biggest Book 1 we've had (979 lots), but it has the best quality in it as well. Off the back of last year's sale when you achieved a record average ($294,476 for Book 1) and a clearance rate of 93%, vendors have gained more confidence in this sale than they've ever had before," Bowditch told ANZ Bloodstock News yesterday.

"This year, we're fortunate that we've probably got more significant yearlings and more of the best yearlings to be offered and I would suggest that the buying bench needs to respect that fact and not wait for other sales because these are the best (group of) yearlings from this generation."

Victoria's premier trainers Ciaron Maher and David Eustace have been Magic Millions' biggest buyers in recent years and the partnership is again set to be a force in the Gold Coast sales ring over the next seven days.

"(Magic Millions) has assembled a lovely draft of horses. The farms have done a great job, and for some of them it's been some very testing years, but you wouldn't know, looking at the horses, it's a great draft and I'm sure the bidding will be hot," Maher told ANZ Bloodstock News.

"We've got a handle on them. We had our eyes on the yearlings early. There's a horse there for everyone and plenty of them.

"The property market is coming back a little bit, but racehorse sales seem to have a way of defying logic. So, if you look on the global stage, all the sales have been up and it wouldn't surprise me if we have a good sale." 

Proven Thoroughbreds' Jamie Walter, whose company enjoyed a stellar 2022 through the deeds of Private Eye and stakes-winning 2 and 3-year-old filly Stroll, was hoping the market did come back a touch after such a sustained growth period.

"This is always a really strong sale, particularly at the top, but maybe this year with the volume of horses, despite the quality, it might just come down a little bit and, as I say, let's hope so," Walter said.

"Off a great year, it always gives you confidence going into a sale, but I am realistic and experienced enough to know years like we had last year will be extremely difficult to replicate, so what do they say, 'when you're having a good run in racing, you're closer and closer to having a bad one'. 

"I have had a decent go the last few years and we'll see how the market is (before determining how hard we go again)."

The top-end of the market, underpinned by the plethora of colts groups such as the Newgate Farm-China Horse Club partnership, the James Harron-led syndicate and the Victorian Alliance, is predicted to be at least as strong a contributor to the overall aggregate as the cohort was last year.

Bowditch, however, implored potential buyers not to be scared off by the so-called big players, maintaining the diversity of horses would provide opportunities for buyers across the board.

"This is the beauty of having a Book 1 of 979 horses, it gives everyone confidence that they can play in the market, whether they've got a small budget or a big budget," he said. 

"You only have to look at six of our recent enough group 1 winners who have been bought at this sale for under $150,000, so the entry point to buy a good horse doesn't need to be big.

"Horses from this sale perform at all (price point) numbers. The graduate success in recent times cannot be compared to any other sale; you're twice as likely to buy a group 1 horse here than anywhere else. 

"The colts who come out of this sale are the best colts that go to stud. It's been a long time since a Golden Slipper-winning colt has been sold at any other sale—and the colt fund buyers realize that and the race series being one of them."

With the pandemic almost a distant memory—it was just over 12 months ago when the Queensland state border was reopened to all-comers—a string of internationals have made the most of the opportunity to return to the Gold Coast.

US-based Marie Yoshida of Asian Bloodstock Services has been at the Magic Millions complex as have European agents Johnny McKeever, Angus Gold, Hubie de Burgh, David Redvers and Dermot Farrington, among others, and they are set to go head-to-head with a strong turnout of domestic and New Zealand buyers.

Coolmore's Tom Magnier, the expatriate Irishman who is expected to be a key player as a buyer at the top end of the market, as well as a seller this week, said Sunday's announcement of increased prize-money at the Magic Millions carnival and the addition of new races, including a $1 million Magic Millions National 2YO Classic (1000m), would provide further incentive to participate at the season-opening sale.

"All the right people are here this week. Fair play to Katie (Page-Harvey), Gerry (Harvey) and Barry Bowditch, they do an unbelievable job of getting people here from all over the world." Magnier said. 

"All systems are in place, the horses are looking great, everybody's here, so I'm hoping for a good sale. 

"There's no reason to think that the sale won't be strong. Prize-money in Australia is through the roof and it's going from strength to strength. 

"All the people are here, so I don't see any reason that we should be worrying. We have to be positive and I think it's going to be a very good week." 

While there is much optimism around the Gold Coast complex, Willow Park's Glenn Burrows—whose Scone farm has a draft of seven yearlings headlined by a Snitzel  filly out of the stakes-placed mare Acqume (Lot 576)—provided a word of caution about using last year's sale as a basis point for the 2023 edition.

"What I think is that the average and clearance will (be) down on last year, not greatly but in the (below) 10% range, mainly because last year had a feeding frenzy kind of feeling as everyone was here and wanting to buy a horse and, consequently, it was a super sale with a clearance rate at an unheard of 93%.

"Our first day (inspection) stats showed that we were down around 20% on our figures from the previous year, but that was the peak year and when you consider it with the three years prior, it was still very good.

"Now that interest rates have gone up, a number of the syndicators are certainly feeling the pinch with their (level of) enquiry, so that may affect the market a little bit in the $150,000 to $200,000 range, but I can't see the top end of the market changing. 

"It'll be as bullish as it always is, but in my opinion there's likely to be more value in the $200,000 and under bracket."

Widden Stud's Antony Thompson, who will offer the sister to champion filly Sunlight as Lot 399 late tomorrow, is confident, though, that the Gold Coast auction will again provide strong competition from the buying bench.

"I haven't really analysed it compared to previous years, but I know that I've been very, very busy, the parades have been good," Thompson said yesterday. 

"We had a lot of on-farm parades and the parades here have been good, so I'd say it's as strong and as healthy as we've seen it.

"Last year was an incredible sale and it surprised me a little bit. If it was as good this year, you'd be happy and I can't see why it wouldn't be."

Selling on day one will start at 12 p.m., preceded by the Magic Millions 2YO Classic (RL, 1200m) and Magic Millions 3YO Guineas (RL, 1425m) barrier draw at Surfers Paradise this morning.