New Zealand Bloodstock's86 th National Yearling Sales Series concluded today at Karaka with a total of 1444 catalogued lots being presented to buyers from around the world over the course of the past seven days.
The smallest offering at Karaka since 2007, in the final analysis 985 horses have sold for $77,334,300 at a combined average of $78,512. This reflects a clearance rate of 75% across the week, with a $47,500 median, the highest posted since the record set in 2008.
Heading a very broad buying bench from around New Zealand, Australia, Hong Kong, Singapore, South Africa, Netherlands, Japan, Ireland, USA and Malaysia, it was local buyer David Ellis who topped the buyers table with 31 yearlings purchased for $6,487,500.
This included the top price of the week, the Fastnet Rock colt at Lot 353 from Nureyev's Girl knocked down for $1.75m. This colt was the half-brother to last year's Karaka sale-topper, also purchased by Ellis, that time a colt by Red Ransom bought for $875,000.
Confirming that 100% of the seven-figure colt has been sold, Ellis was upbeat in his summary of sales week at Karaka.
"It has been an unbelievably successful week for the industry given the recession that the country is slowly starting to work its way through. It's extremely refreshing to see that even in difficult economic times people are still wanting to invest in our great industry.
"Naturally I think the breeders will be disappointed to see the decreased Australian spend this year but it is simply a reflection of the serious nature of their own economy so entirely understandable."
Ellis also purchased the top priced filly of the Sale, with the daughter of Stravinsky from Jesmond's Gift (Magic of Sydney) at Lot 256 purchased for $740,000 from Cambridge Stud.
With his spend increasing by nearly $2 million from last year, Ellis contributed to a total New Zealand spend of $25,851,300 for 530 purchases.
Australia buyers, headed by John Chalmers, Gai Waterhouse & James Harron, Hawkes Racing, Bart Cummings & Duncan Ramage, John O'Shea Racing, Segenhoe Thoroughbreds, and a strong turnout of others, have accounted for a total spend of $32,757,000 for 293 horses, over 42% of the aggregate for the week.
This year legendary Melbourne trainer Bart Cummings was afforded a special tribute, being inducted into the New Zealand Racing Hall of Fame by New Zealand Prime Minister John Key prior to selling starting at the Premier Sale on Monday 30 January. Cummings didn't hide his appreciation for New Zealand horses, or his desire to pick up a bargain in his quest for his next Melbourne Cup winner. The result was the purchase of seven yearlings in his own name for $1,395,000 at an average of $199,286, with Duncan Ramage securing an additional eight for $1,392,500.
Hong Kong buyers were a notable presence this year with a 38% increase to their spend in 2011, with 102 horses purchased for $12,308,000 this week. Heading this list as the third leading individual buyer for the Sales Series was the Hong Kong Jockey Club with 12 purchases for $2,655,000. Also very prominent on behalf of a range of clients was Willie Leung's Magus Equine, including a top price of $800,000 for Mr P So's purchase of the High Chaparral colt at Lot 284 and $650,000 paid for the High Chaparral colt at Lot 130 bought by Mr WK Lee.
This year Singapore buyers also displayed an increased firepower, with their spend increasing 26% to $3,934,000 for 43 horses.
After an absence from Karaka for a few years, the South Africans returned this year with Andy Williams' World Wide Bloodstock securing six horses for $615,000.
"I love coming here and have had some luck so it's an easy trip to make," Williams explained earlier in the week. "New Zealand Bloodstock does such a wonderful job of looking after you and getting things organised that this is a great sale to work."
Citing the exchange rate, the pedigrees and the similar styles of racing as compelling factors for South Africans buying in New Zealand, Williams was active in the Premier Sale buying on behalf of Mary Liley who was back buying in New Zealand after 20 years.
"Mrs Liley bought some great horses in New Zealand, horses like Sun Monarch and Bold Monarch who were both champions in South Africa. She has been buying yearlings in Australia without much luck so she has decided to be back in New Zealand."
Providing five of the top ten priced lots of the Sales Series, it was no surprise that Sir Patrick Hogan's Cambridge Stud should retain its title as leading vendor by aggregate for the 31 st year in a row. The famous stud also topped the vendor table by average with 54 yearlings averaging $207,694.
Australian sires Fastnet Rock and Encosta de Lago claimed the top two spots on the leading sires tables with 10 and 11 yearlings sold respectively at an average of $360,500 and $236,364.
New Zealand stalwart Zabeel came in third with 21 yearlings sold for an average of 233,810.
The most represented sire at Karaka this year was High Chaparral who was seeing his final New Zealand bred crop offered through the ring. With the most yearlings sold of any sire, a total of 57 generated $10,364,500 in turnover for an average of $181,833 and a top price of $800,000 for the three-quarter brother to So You Think at Lot 284