A revamped selling schedule, combined with a strong buying bench and confident market, has led to a surge in demand for top-quality weanlings.
The introduction of The Chairman's Sale - which included 18 elite weanlings – along with Day 1 of the Australian Broodmare & Weanling Sale (where 93 weanlings were sold today), has resulted in significant increases in average, median, gross and top price.
At the conclusion of today's action, the average price of the 111 weanlings sold at Newmarket this past week jumped 57% to $46,234, median was up 40% to $21,000, Gross finished at $5,132,000 (up 7%) with a top price was $335,000 (up 109%).
Today alone, 84% of the stock offered through the ring sold at an average of $27,395 and median of $15,000.
Inglis Managing Director Mark Webster believed the statistics vindicated the decision to change the weanling selling schedule, by introducing The Chairman's Sale and bringing the Australian Broodmare & Weanling Sale forward to straight after the Easter Yearling Sale.
"Despite offering fewer weanlings, an increase to those key financial indicators and getting better results for our clients is exactly what we were after,'' Webster said.
"If breeders in future can prepare weanlings earlier, the market is certainly willing to buy them at this time of year.
"The buyers are ready to jump in straight after Easter so it's great to be able to provide such outstanding quality to the market.''
Vendors were thrilled with today's results, with almost half enjoying perfect clearance rates and the majority ecstatic with how well their offerings sold.
The two leading Lots on Day 1 were both colts offered by David and Verna Metcalfe's Middlebrook Valley Lodge –Lot 2 (Dissident x Ajamais)which sold for $160,000 andLot 17 (More Than Ready x Byatt)which went for $130,000.
Verna Metcalfe was 'rapt with how the day went'.
"There's a really good buying bench here which has made all the difference. It's a very good sale,'' she said.
"We love the Dissidents, they're great types, and the More Than Ready was a beautiful colt who deserved to be as popular as he proved to be.''
Middlebrook sold 19 of their 21 entries, while Coolmore Stud enjoyed a perfect day at the top, selling all 11 of their weanlings.
Peter Ford purchased the top Lot, which helped him to be equal leading buyer by Lots purchased with four, along with Aquanita Racing.
Day 2 of the Australian Broodmare & Weanling Sale begins at 10am tomorrow, Tuesday April 11, where 206 select race fillies and mares, select broodmares and supplementary races fillies and mares will be offered.
Six supplementary entries have been added to the sale.
Four Race Fillies and Mares (Lots 544-547) will be sold tomorrow after Lot 171 of the Select Race Fillies and Mares (Lots 138-171).
The two remaining supplementary mares (Lot 548-549) will be sold at the end of the sale after Lot 543 on Wednesday, April 12.
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