search the site
Magic Millions musings
Some observations from last week’s Magic Millions Gold Coast Yearling Sale, which sits as the second leading Australian sale (by average behind Inglis Easter) and is considered by some as the benchmark sale as it is a “type” sale that covers mature, athletic yearlings at all price levels.
Musing 1. Last year the big hype stallion was the first-season sire Stratum (pictured) – thanks partly to some pushing by trainer Gai Waterhouse, who declared his yearlings the best she had seen from a new sire in years. The Golden Slipper winner averaged $110,000 (off a $33,000 fee, same in 2007) last year, but this year his average dropped to $85,000. Most people expected the first crop of Stratums to be up and running as 2YOs, but a NSW provincial winner and a Tassie winner from 23 starters aren’t flattering outcomes. The hype was certainly off the Widden Stud-based stallion at the sale despite him again being represented by some impressive yearlings. It’s too early to knock Stratum as, like his sire Redoute’s Choice, his first crop might emerge later in the season and as 3YOs, but at least Golden Slipper contender in 2010 probably needs to be on his scorecard.
Musing 2. There were some mumblings after Darley Australian bought only one yearling (lot 151, a racy filly by Redoute’s Choice from the Group 1 winning mare Covertly) for $470,000, suggesting that Sheikh Mohammed might be pulling in his purse strings after the recent financial troubles in Dubai. But Darley hasn’t been an active buyer at the MM sale in the past – it bought only one yearling last year and two in 2008. Its is more than likely the Gold Coast doesn’t fit the schedule of Darley’s Darley’s international bloodstock manager John Ferguson. Expect Darley and Ferguson to be much more active as usual in Sydney at Easter.
Musing 3. Redoute’s Choice’s average of $343,235 is not a great result for those who paid the $330,000 service fee for the 2007 season. Redoute’s Choice’s fee has dropped to $198,000 in 2009 and Encosta De Lago (who averaged $318,421 off a $220,000 fee) is back to $220,000 after nudging past $300,000 in 2008. It is obvious that service fees are too high and breeders cannot afford in this economic climate (or at any time for that matter) to send anything but high-end mares to these high-priced stallions.
Musing 4. Anyone who supported Darley’s Elusive Quality in 2007 copped a major knock. The stallion, who no longer shuttles south following disappointing results in Australia – despite covering quality books – averaged $60,455 off a fee of $137,500. Ouch. Let’s hope there were a few foal shares in that result.
Musing 5. Hall of Fame trainer Lee Freedman was surprisingly quiet. Freedman, through stable manager Sam Pritchard-Gordon’s Victorian Bloodstock Agency, successfully bid on only three yearlings, although his stocks will be boosted by the purchases of stable clients. Is it that Freedman doesn’t see the need to chase yearlings as he has the support of Darley to the tune of around 30 horses a year?
Musing 6. Freedman paid $150,000 for a colt from the first crop of his former Group 2 winning sprinter California Dane (by Danehill), who had another yearling sell in the main sale for $30,000. The colt, out of the Irish-bred Cape Cross mare Equatorial, didn’t have a standout pedigree but he was an outstanding individual.
Musing 7. Exceed And Excel is getting a reputation as a Rory’s Jester-style sire of precocious juveniles. He now needs to gets some horses that train on to win at the highest class. His average of $74,167 – at a sale in which his stock are ideally placed – is disappointing off a 2007 fee of $55,000, but scary for those who supported the stallion in 2009 at $110,000.
Musing 8. Hussonet is finding it hard to find his place. His fee rose dramatically (ridiculously?) from $38,500 to $137,500 on the back of Weekend Hussler’s sensational 2008, and went back to $71,500 in 2009, when he covered only 77 mares. His average of $105,715 was a good return on the $38,500 fee of 2007, but concerning for those who jumped in at $137,500 in 2008.
Musing 9. Starcraft is more than holding his own, especially in comparison to Stratum. The Arrowfield stallion averaged $120,000 off a fee of $33,000 (down to $22,000 in 2009). Whereas Stratum was expected to get early runners, most buyers will cut Starcraft some slack as his stock will be better with age and distance. Even so, he has an exciting Moonee Valley winner (Star Witness (ex-Leonie Chiara, by Lion Hunter)) and two placegetters from only four runners in Australia from his first crop.
Musing 10. It was great to see the grand old man of Newhaven Stud, Zeditave, getting good results at the Magic Millions. The 24-year-old stallion had six yearlings sell at an average of $75,833, off a fee of only $13,750. One colt, from the former brilliant mare Candy Vale (by Bubble Gum Fellow) – her second foal – made $130,000 on the bid of Danny O’Brien.
Musing 11. Keith Biggs and partners have had a terrific run buying yearling fillies by Stravinsky from good mares – multiple Group 1 winner Serenade Rose and Group 1 VRC Oaks runner-up Miss Scarlatti are two that come to mind – and he set international bloodstock agent Adrian Nicoll, who bought the above pair, on a mission on the Gold Coast. Nicoll, nicknamed “The King” because he likes to live like one, paid $520,000 for Biggs & Co for an athletic filly by Stravinsky from the classy Stakes-winning mare Irongail (by Canny Lad).
Musing 12. You either love ’em or hate ’em, there seems to be no in-between for Flying Spur. The veteran son of Danehill had 28 yearlings sell at the Magic Millions for an average of $120,179. While Flying Spur had yearlings in great demand, including a colt, ex-Regimental Gal ($400,000) and a filly, ex-Unabated ($300,000), 18 of Flying Spur’s yearlings sold from $100,000 down to $25,000, off a 2007 fee of $99,000.
Musing 13. And finally – the service fees of stallions in Australia are still far too high, especially for the ridiculous numbers of mares they are covering. If stallion owners want to keep the fees high, then they must reduce their books.
Note: All fees mentioned are inclusive of GST.
Trackbacks/Pingbacks
- Stratum’s Crystal turns to gold | The Breed - [...] is an excerpt from that story, “Magic Millions [...]
Have to agree with you refelction on the MM Sale. Couple of additions:
1. No $1m+ horses yet averages experienced a slight increase. That is a great result.
2. Is it simply irony that John Singleton is regularly the vendor of the highest priced lots?
3. The perforance of Fastnet Rock continues to impress. Over 40 yearlings by this sire sold and an average of just over $200k. Finishes 3rd on the sire listings behind Redoute’s & Encosta. Certainly a much better proposition for breeders that the top two -given their service fees
Interesting observations Danny.
The momemtum behind Stratum persisted for a long way. Even as late as August last year I recall independent agents spruking his early season two-year-olds.
The progress of Starcraft is interesting. I wouldn’t have expected him to get two-year-olds. There s a promising one here in NZ called Mr Spock.
I wonder what you’ll be writing post Karaka. will the same fate await Savabeel that Stratum has incurred and will the massive books covered by Pins and O’Reilly affect their averages? All great copy I guess.
Hi John,
I think Savabeel is a different kettle of fish than Stratum – the expectations, especially in Australia, were not high on Savabeel, being a son of Zabeel. I like him. I like the athleticism of his yearlings and he deserves time to get results. I watched last Friday’s Randwick barrier trials and Savabeel had two winners – King Sabeel and My Sabeel – and a very promising 2YO came in second, Savodora. All for Rogerson. I see than Savabeel has 29 yearlings in Karaka 1.
Geoff, Sorry for the delay in the reply. I agree that MM sale held up well on averages, which is a good sign, and a reflection of the strength of the sale. The selection of yearlings is getting more stringent, although there are still some “slipping” through the net. Fastnet Rock is indeed a success story, a very exciting sire. He has huge numbers of foals, which will always be a help, but his stock have genuine class, terrific actions and great strength/bone. He is performing as well as any young sire at the moment. No doubt his success/and numbers of yearlings, has helped the MM sale hold up. As for Singo, well it is his sale and he doesn’t sell anywhere else, so he can expected to get the results. Of course, a long and successful association with Gai Waterhouse also helps.