Solid Start to Karaka 2009

It's been a solid start to the 83rd National Yearling Sales Series at Karaka today, with the first of the 503 horses catalogued at the Premier Sale going under the hammer.

As anticipated, figures have taken a dip on last year's record results, with a Day One average of $150,136 (25% decrease as against a final Premier Sale average in 2008 of $199,265), a median of $100,000 (down 33% from $150,000 in 2008) and a clearance rate of 73% (down from a final clearance of 86% in 2008). Turnover for the day is $25,973,500.

Managing Director Sales & Marketing Petrea Vela said the company was pleased with the day's trade.

"Before the sale began today the general expectation was that, given the current economic environment and the record-breaking sale last year, if we could produce something close to the 2007 figures then the sales would be deemed a success. So far we're on target for that to be the case so we're pleased with how it has started.

"By all accounts it's hard to buy a good horse, with buyers selective in their purchasing but strong competition on the desirable lots. We'd like the clearance rate to improve a bit, but with vendors realistic in their expectations we'd expect to see that as the Premier session progresses."

The 2008 Karaka Sale was up 36% on turnover and median from 2007, and 27% on average.

The top price of the day came in the very first run with the colt by Encosta de Lago at Lot 7 fetching $800,000. Offered by Lyndhurst Farm, the colt from the four-time Group 1 winning racemare Giovana (Blues Traveller) was knocked down to Matamata trainer Lance Noble and his wife, Leigh.

"We're really chuffed to have secured him. He's a magnificent colt and I think we were lucky to get him for that price. I've got a great group of backers and once we've tidied up the last shares we'll get together and map out a plan for him," commented Lance.

The results sheets reflect that the most active buyers on Day One have been New Zealand buyers, David Ellis of Te Akau Racing, with seven purchased for $2,265,000, and a top price of $700,000 paid for Lot 98, the Redoute's Choice colt from Sunday Silence mare, Love Connection, offered by Pencarrow Stud.

The second leading buyer so far is the Hong Kong Jockey Club with 11 purchases for $1,935,000.

Mark Player representing the Hong Kong Jockey Club says it was a competitive market at Karaka.

"When we were inspecting horses on the sales grounds before selling started there was a general feeling that the quality here is up on last year, and as we're buying it's proving to be a strong sale.

"There's very competitive bidding on the lots we're interested in and good horses are hard to buy. We're delighted with the eleven we've managed to secure so far."

Currently the leading vendor by average is Gordon Cunningham's Curraghmore Stud with 10 horses sold today for an average price of $288,000. Their top price was fetched by Lot 209, a $650,000 Redoute's Choice filly that went to the bid of Dean Hawthorne Bloodstock.

Cambridge Stud head the vendors by aggregate with 25 lots sold for $4,272,500 and Lot 132, the Zabeel x Miss Powerbird colt fetching their highest price at $510,000 to the bid of David Ellis.