Magic Millions National Weanling Sale Kicks Off Season

Magic Millions is confident the depth of the buying bench and the quality of the horses on offer at the National Weanling Sale can help offset the impact of any downturn in the bloodstock market, with managing director Barry Bowditch pointing to the huge windfalls some pinhookers achieved out of last year's edition.

The two-day sale, which starts May 18, opens a big two-and-a-half weeks on the Gold Coast for the auction house's national weanling, broodmare, yearling, and racehorse sales, the largest Thoroughbred breeding stock trade market of its type in the Southern Hemisphere each year.

The only dampener ahead of the sale, as far as Bowditch is concerned, was the wet weather on the Gold Coast on Monday night and Tuesday, but at the same time he cautioned vendors about the trend where quality horses were being highly sought after. 

"The pinhookers and the traders out there are finding plenty of horses they believe can make the select sale of their choice next year and, from what our team is seeing, we're very happy with the quality of horses here on the ground," Bowditch told ANZ Bloodstock News.

"I think the number of inspections [Thursday], and looking at recent (sale) results, there is still confidence in the weanling market. You only have to look at last year, this weanling sale produced two million-dollar horses in the sale topper in Sydney (Inglis Easter at AU$1.8 million) and a AU$1.1 million yearling here, so there's confidence in the top end.

"But vendors will need to know which ones are popular and read the market on the lower to mid-end because the market has become more selective but, all in all, I am very confident in the catalog that we've got and that we've got a good group of buyers here to support the sale."

The Magic Millions 2021 weanling sale was inflated by the Shadwell Dispersal of stock while last year's Gold Coast foal sale generated AU$22.25 million (US$15,016,343, AU$1=US$0.67675) in turnover at an average of AU$89,373 ($59,647) and a median of AU$55,000 ($36,707).

Arguably, a better guide to the market could be the recent Inglis Australian Weanling Sale which had an aggregate of AU$12.845 million ($8,572,663) at an average price of AU$52,431 ($34,992), up slightly year on year, at a median of AU$30,000 ($20,022), which was on par with the 2022 auction.

Kiwi agent Paul Willetts bought six weanlings at the Sydney sale two-and-a-half weeks ago, from AU$4,000 to AU$60,000, all for different purposes, and expects another diverse market over the next two days on the Gold Coast.

"There are some very nice horses here, as there always are," Willetts said. 

"There's a broad spectrum of prices and quality of horses. There will be some nice ones under $10,000, I believe, and there'll be some nice ones probably over $500,000."

The prices paid for those weanlings earmarked to go back through a yearling sales ring is vital to turning a profit for his clients, according to Willetts.

"You have just got to be very careful these days. (The market) has changed quite a bit in the past six to eight years," Willetts said. 

"I would think (the yearling market will decline next year), but maybe not at the top two (Magic Millions and Inglis Easter) sales—they will be solid and strong—but if you are pinhooking into Classic and Melbourne you have just got to be quite circumspect and buy them at the right price, I think." 

Fellow agent Andrew Williams agreed that some buyers might be more conservative in their approach to valuing weanlings this year.

"What we have seen this year thus far is that there are some very good operators who have brought some good foals to the marketplace who are bred very well, they're well developed and are good physical individuals and they've been rewarded (for that). I think that is where the strength of the marketplace is, at the very top," Williams said yesterday.

"There could potentially be some holes as we progress down the ladder and I think where a lot of the pinhookers will be dotting their I's and crossing their T's this year, probably more so than ever because of the uncertainty (of the economy), is going to be like come September, October, and November and into January in the real world."