News

Chairman's Sale defies global economic downturn to post strong results

8th May 2020

The Australian bloodstock market again defied the global trend of Coronavirus-inflicted economic downturn with some extraordinary results at tonight’s Inglis Chairman’s Sale.

Held as a virtual auction for the first time, the Chairman’s Sale offered some of the southern hemisphere’s most sought-after broodmare prospects and the top of the market especially didn’t disappoint, with four lots selling for $1m or more - equalling the figure of last year’s sale - while a further seven sold for $500,000 or more.

On a successful evening of trade:

*The top lot was dual G1 winner and the Yarraman Park-offered In Her Time (Time Thief), which realised $2m to Newgate Bloodstock

*The three other seven-figure lots were G1 winners Samaready ($1.8m), Booker ($1.6m) and Youngstar ($1.4m)

*Leading buyer was Newgate Bloodstock, which purchased eight lots for $4,355,000 while Yarraman Park ended the sale as leading vendor, selling all four of their catalogued lots for $3,060,000

*The sale’s average of $429,804 across a significantly larger catalogue is a less than 2% drop on last year despite the extraordinarily challenging economic times as a result of COVID-19.

Outstanding mare In Her Time (pictured) was always going to be popular with the buying bench but not even co-owner Peter Brown or Yarraman’s Arthur Mitchell expected her to realise $2m.

“We thought she would make around $1.5m-$1.6m, so $2m exceeded expectations,’’ Mitchell said.

“She really is lovely. She is medium sized and she didn’t look to have any wear and tear, even though she is a seven-year-old, rising eight, she is very sound.

“She has a beautiful nature with a lovely head and is a beautifully balanced mare who moves well.”

Brown, who raced In Her Time – herself an Inglis Classic graduate – described the sale result as “amazing’’.

“Thank you to everybody concerned. She’s been quite a ride, what a great mare,’’ Brown said.

“You’ve heard all the stories about how mares can behave when you get a good one and she had all of those attributes. You had to be very careful saddling her, you had to be very careful brushing her.

“She was a real handful early but when she came on side, she was damn good. I’m really glad she’s gone to Henry Field.’’

Coolmore’s Tom Magnier bought the second and third-top lots, the Vinery Stud-offered Samaready (in foal to Snitzel) for $1.8m and Yarran Thoroughbreds’ Booker for $1.6m.

Both mares will be covered by Coolmore’s US Triple Crown winner Justify.

“We bought a lot of nice mares last year and we want to do the same again this year. Obviously we want to be a big supporter of Justify, as a lot of people are and he’s getting the best chance at stud by getting the best mares for him,’’ Magnier said.

“Samaready ticks every box - she was a great race mare, she’s a great physical, she’s got the pedigree and she’s proven. She’s ideal.

“When you put her to a champion like Justify, hopefully the end result will be exciting.

“Booker looks very fast and she’s got a lot of quality.

“All the top people were on her so we’re delighted to get a mare like this for the syndicate.’’

Vinery’s Peter Orton was sad to see Samaready leave the farm, describing her as a “wonderful mare’’.

“She’s a beautiful mare and it’s sad to see her leave the farm but she realised what was a great price for her. In this market you’re never too sure but she got the value she deserved,’’ Orton said.

“It’s a new world and I just love this industry and how enthusiastic and resilient it is and how people are embracing this new concept of virtual and online selling.

“It’s such an exciting industry to be involved in and for the stability to still show through under a pretty dire global situation has been fantastic.’’

Inglis Managing Mark Webster said: “There were some outstanding results tonight in what is obviously an extremely challenging time for people globally so to effectively reach the same figures of last year in terms of average and median is extremely satisfying.

“I think tonight again proved there is a real demand for elite breeding stock and this boutique sale is the optimum format through which to sell them.

“Despite the difficult times with COVID-19, to sell four mares for in excess of $1m is a great result for a lot of people and a sign of confidence for our marketplace.

“Our Bloodstock Team will be working hard in the coming days and weeks to place passed in lots and drive up the clearance rate which is continuing to improve steadily.’’

To view or enquire about any passed in lots from tonight’s action, contact Morgan Thomas on 0422 450 363.

Inglis’ big weekend of Breeding Stock Sales continues tomorrow and Sunday with the Australian Broodmare Sale.

The catalogue of 399 quality mares and race fillies is now live and open for bidding, with the Final Countdown of Bidding to begin at 10am Sunday.

To register to bid, CLICK HERE.

To view the catalogue and bid on lots, CLICK HERE.

CHAIRMAN’S SALE STATISTICS

Average Price – $429,804

Median Price – $275,000

Top Price – $2,000,000

Gross – $21,920,000