The challenging times at the lower end of the yearling market came to fore at the Magic Millions Adelaide Yearling Sale, with all the key metrics from the two-day sale down on last year's corresponding edition. At the close of trade March 20, figures told the tale of a challenging few days for vendors.
All told, 269 horses sold at a clearance of 76%, while the aggregate dropped 26% year-on-year to AU$10,578,500 (US$7,404,950, AU$1=US$0.70). The average also struggled, falling 20% to AU$39,325 (US$27,528), while the median closed at AU$30,000 (US$21,000), a 7.5% dip on last year's figure.
The company's managing director, Barry Bowditch, said economic factors both inside and outside the industry meant that yearlings, particularly at the lower end, struggled to measure up in the sales ring.
"This is where it starts and it's an important part of the ecosystem and it's getting tougher at that end," he told ANZ News. "There's a craving for quality and some accountability has to be made on the leading breeders in the state to support the sale and give it real impetus that the market has to come to Adelaide—to support the local sale with quality horses. ... There's a lack of confidence at the lower end and the reality is, it's tough out there—whether it's fuel prices, interest rates.
"We will continue to work with our vendors to get a good quality of horse here. ... We are in Adelaide for the long haul. We are not going anywhere and we are looking forward to next year's sales and many years into the future," Bowditch added.
Trade was spearheaded Friday by a Tassort colt from Sullivan Bloodstock who was snapped up by Trilogy Racing and agent Suman Hedge for AU$120,000 (US$84,000).
