Karaka Yearling Sale Wraps With Encouraging Median

International buyers' collective strength and the New Zealand Thoroughbred breeding industry predominantly being an export market was once again confirmed with Australian buyers lapping up the opportunity to return to the Karaka Yearling Sale for the first time in three years.

Australian buyers upped their spending by NZ$13 million (US$8.2 million) year-on-year—enough to outweigh the lack of confidence from local owners and trainers whose spend at the 2023 New Zealand Bloodstock national sale declined by NZ$10 million ($6.3 million).

The trend was borne out when figures were tallied last night at the conclusion of the third and final Book 2 session Feb. 3, bringing an end to six consecutive days of selling at Karaka.

Importantly for NZB, the aggregate broke through the NZ$80 million barrier for the first time since 2018, which was a decade-high sale when more than NZ$97 million changed hands.

The 2023 aggregate of NZ$82,091,500 ($51,943,807) was up 5% compared to the 2020 sale—the last pre-pandemic national sale held at Karaka—while the average of NZ$111,235 ($70,385) is up 22% and almost NZ$20,000 compared to three years ago. The median for Books 1 and 2 have also increased by 45%, or NZ$25,000, to NZ$80,000 ($50,620).

NZB managing director Andrew Seabrook was satisfied with the overall figures achieved considering a major weather event on the eve of the sale and said that this year's auction provided a platform for the 2024 edition.

A 260-millimeter rain bomb last Friday at Karaka—and reportedly up to 400 millimeters in other parts of Auckland—impacted some international buyers who were unable to get to New Zealand when international flights were canceled or incoming planes were diverted to Christchurch in the South Island.

"At the end of the day, there were a lot of Australians here and they spent $13 million more than last year, which was great," Seabrook told ANZ Bloodstock News yesterday.

"The turnover was $82 million this year and we turned over $74 million last year, but I think the most encouraging statistic all week has been the median.

"The median for the sale—Books 1 and 2—has gone from $55,000 four years ago to $62,500 and $70,000 to $80,000 (in 2023).

"The middle market is strong and the clearance is up on last year, as was the average. I think it was just great to see all our Australian friends here. They were strong (on the buying bench).

"The difference between the sale being good and outstanding has been the drop in Kiwi spending. The Australians spent $13 million more than last year, while the Kiwis have spent $10 million less and I guess that's been quite telling in the end."

Addressing the Kiwis' lack of participation in the market over the past week, which in part has been hindered by stagnant prize money and rumors that stakes could be reduced next season due to decreasing TAB revenue distribution, Seabrook said: "I think it's pretty clear that our Book 2 and lower-to-middle end (Book 1) sales won't increase until prize money increases and I think we saw that this week with the substantial drop in the Kiwi spend."

Last year, New Zealand buyers spent NZ$40.6 million ($25.6 million) while the Australian spend, which was achieved online or using trusted Kiwi agents, was NZ$24.3 million ($15.3 million) but it increased substantially this year with agents, owners, and trainers at the state-of-the-art selling complex.

"The money was well spread and seeing that median go up, particularly in Book 1, from $100,000 to $130,000 was very encouraging and the overall median has increased from $55,000 to $80,000 in four years for the whole week, which is a good statistic," Seabrook said.

Foote Snaps Up Eight on Final Day

In the final Book 2 session, bloodstock agent John Foote signed for eight lots in the last of six consecutive sessions at Karaka.

Among the purchases were colts by Proisir and Ribchester  for NZ$160,000 ($101,241) apiece, which shared the honor as the day's top-priced lots.

"Six of the horses I purchased today are destined for Hong Kong, including those two colts. Proisir is doing a good job and I think Ribchester is a horse that is on the way up," Foote said.

Foote also purchased a filly by Ribchester for NZ$80,000 for Queensland trainer Tony Gollan and linked with SCT Syndications to secure fillies by Ocean Park and Reliable Man  for NZ$30,000 ($18,983) and NZ$55,000 ($34,802) respectively.

"Ribchester has made a great start in Australia and Europe, but I'm not here just to buy them, I'm here to buy nice horses and they fit the bill," Foote said.

A regular visitor to Karaka, Foote has put in plenty of groundwork, arriving in New Zealand more than two weeks ago to inspect the 1,079-lot Books 1 and 2 catalog and was pleased to be able to secure quality offerings at reasonable value.

"We like to purchase horses in this price range and it was a bit difficult to buy at the Gold Coast," he said.

"At Karaka you can buy a nice horse for a pretty sensible price."

Inglis will start its 2023 sales series on Feb. 12 with the opening of the Classic Sale in Sydney. Inspections at Riverside Stables will start on Tuesday.