Industry Positive Ahead of Magic Millions Adelaide Sale

Barry Bowditch and vendors are remaining upbeat ahead of the Magic Millions Adelaide Yearling Sale, believing the South Australian auction is robust enough to ride out any potential market downturns.

An influx of international and interstate buyers have made the annual trip to the City of Churches for the two-day yearling sale, bolstering the depth of the local owners, agents, and trainers who support the Adelaide market.

Magic Millions managing director Bowditch has already conducted the Gold Coast, Tasmanian, and Perth yearling sales in 2023, two of the three which increased turnover year-on-year, and while he isn't making any such predictions for the Adelaide Sale, he is optimistic that a viable market will be on show.

"I think it's the best catalog of horses we've had here in many a year. There's a good cross-section of horses, there's a diverse group of vendors and I think it's led to a good group of buyers who have flown in and are here for the sale," Bowditch told ANZ Bloodstock News.

"Racing in Australia is in a great place; prize money's never been better and I think there's a huge opportunity at a sale like this, there's a lot of value to be found where your entry point is lower than at some of the other sales, so you can get amongst it at an affordable price.

"The other thing is, the vendors are here to sell their horses. They're a very willing lot of vendors who can give the buyers a lot of confidence that they're bidding in a genuine market."

Victorian trainers Tony and Calvin McEvoy, Lloyd Kennewell, Western Australian Simon Miller, Singapore-based Donna Logan, and agents Damon Gabbedy, Sheamus Mills, George Moore, Suman Hedge, and John Foote have been among those buyers sighted at the complex in recent days.

Willow Grove Stud's Ralph Satchell, a long-time vendor at the Adelaide sale whose graduate Another Award won the Matrice Stakes March 13 ahead of farm-bred Outlaws Revenge, has a draft of 11 yearlings to go under the hammer over the next two days including a colt by Harry Angel  and a filly by All Too Hard.

"This group is probably our first crop out of the mares that we've bought to improve our bottom baseline of mares and the quality is shining through, for sure. I think it's as good a draft as we've brought to the Adelaide sale," Satchell said.

"We've sold more than 30 stakes winners through this sale over the years, so we've been able to produce the goods and we've been the leading Racing Rewards breeder nominator for the past three years in SA, so we're definitely running at a pretty good winners ratio out of the sale."

The Inglis Classic and Premier sales in Sydney and Melbourne, respectively, felt the effects of the slowing economy and interest rate hikes, but Satchell echoed Bowditch in being pleased with the foot traffic inspecting horses.

He said: "I am buoyed by the people who are on the grounds inspecting. The people are here and there will be some very strong competition on the right horses."

Cornerstone Stud general manager Sam Pritchard-Gordon touched on the wider economy and the impact it may have on the Adelaide market, admitting that "there's certainly an air of trepidation."

"It is a very different financial climate in which we are operating in this year and a sale that averages AU$50,000 to AU$65,000 is right in the hot spot where the value of horses has dropped at previous sales," Pritchard-Gordon said. 

"That said, Magic Millions has done a super job in finding the right type of horse for this sale.

"Prize money (in Australia) is absolutely flourishing and if you do buy a horse for AU$40,000, AU$50,000, AU$60,000, whether it be Racing Rewards, BOBS or Vobis, the rewards can be handsome and hopefully people see that and are looking ahead beyond the (economic downturn)."

Cornerstone Stud will offer 28 yearlings at the Adelaide sale, including progeny of Spirit Of Boom , Grunt, Toronado , Pride Of Dubai , and Nicconi .

Kambula Stud's David Toole, whose stud is consigning yearlings for the 71st year, sold the two highest-priced lots at last year's Adelaide sale, a Dundeel  filly for AU$375,000 and a Capitalist filly for AU$325,000, and he is confident he has another nice offering of 14 yearlings this time round.

"We have brought our entire crop here again. It was an outstanding success last year, so we're hoping to do the same this year," Toole said.

"The traffic that has been coming through so far has been very positive and all you can do really is keep your fingers crossed (for good results)."

Among the sires represented in the Kambula draft are Rubick, Blue Point , Zousain, Written By, and Exceedance.

Bowditch concluded: "Clearance rate is important to Magic Millions and, as I say, we're going to have a very genuine market and buyers can bid with confidence and we're just hoping to get two days of healthy trade done."

Day One starts at 10 a.m. (local time) March 14.