Images courtesy of Magic Millions
Magic Millions announced on Wednesday that the National Broodmare and Weanling Sale, usually held in late May, has been moved back to July 20 until July 24, with the National Yearling Sale to follow from July 28 until July 30.
It intends to hold the sales as live auctions at its Gold Coast sales grounds, pending approval for them to proceed by state and federal governments.
The past two weeks have been an extremely busy time for the Magic Millions executive team, as it became apparent that they would need to find an alternative to their traditional dates for the National Series, which across all three sales netted $145 million in sales in 2019.
Magic Millions Managing Director Barry Bowditch
"We've consulted parts of the industry, government bodies and also tried to pick a date that we think from a broodmare perspective would work," Magic Millions Managing Director Barry Bowditch told TDN AusNZ.
"We thought it was prudent to hold the sale as late as we could, but from a selling mares in foal perspective, not too late so they couldn't get here.
"We’d like to think it is possible that they can get here at that time. It's possible for the mares that are on early covers, we are hopeful we can use technology information services and sell those mares in absentia.
"It's possible for the mares that are on early covers, we are hopeful we can use technology information services and sell those mares in absentia. " - Barry Bowditch
"We are not unfamiliar with that. We did that for Patinack a few years back, when we held a sale in October. Anything is possible if you do it correctly, safely, and give the market the exposure it needs."
The National Broodmare Sale, which had aggregate sales of $104 million across 704 lots last year, is a crucial gear in the cogs of the broader thoroughbred industry. For owners, breeders and traders, the breeding sales season has facilitated the commercial liquidity of the rest of the market. It was that aspect of the market which most informed Magic Millions thinking on the new schedule.
Bounding sold for $1.9 million at the 2016 National Broodmare Sale
"It’s a huge component in the wheel of the industry. I think over the past few years, it’s grossed over $100 million that sale. It gives the racehorse owners who own their fillies a chance to close out their careers, it gives the traders, the ones that buy mares and put them in foal, their chance to maximise their results, and it gives the rest of the broodmares to go through and find new homes," Bowditch said.
"There's been a huge appetite for mares all over Australia and internationally to buy them and continue on their breeding careers."
The Millions experience
Magic Millions has built its reputation, both through its iconic Yearling Sale in January, and through its other sales, including the National Sales series, through being much more than just a marketplace. The appeal of the Gold Coast as a holiday destination and the overall experience of the sale has been a unique selling point and a major reason why the company was determined to retain the live auction.
The appeal of the Gold Coast as a holiday destination and the overall experience of the sale has been a unique selling point
"If it's possible we want to have a live public auction because we believe it’s one of our main assets. We have an outstanding auction team, it creates an atmosphere and obviously if it's possible, we believe it is the way to go to sell horses," Bowditch said.
"Experience is key. Being able to see and chat to your clientele and give them an experience, a good time and create that relationship with them is all a part of the sales experience.
"Being able to see and chat to your clientele and give them an experience, a good time and create that relationship with them is all a part of the sales experience. " - Barry Bowditch
"If it’s possible, we want to continue to do that in these circumstances because it has never been more important to try and achieve that, if restrictions allow."
Bowditch said that Magic Millions was working on alternate plans should government protocols not allow the sale to proceed. It does have the capabilities to conduct an online sale, while it would also be prepared to conduct sales in alternative locations if required.
"There are different ways around this and the most important thing is that when the market needs to have a sale, we are ready to conduct it anyway possible to give them the results they deserve," he said.
Time to assess the market
Plans around the National Sales would continue to be updated as the situation evolves, but Bowditch is hopeful the timing will allow vendors and buyers a suitable timeframe to assess where the market is at.
"This is a moving target, I don't own a crystal ball unfortunately, What we will be doing is watching and learning and planning towards this, but if at any stage things need to be altered, we will be in a place to do so," he said.
Magic Millions acknowledges this is a moving target and will continue to plan as the situation evolves
While there is so much uncertainty across the thoroughbred industry at the moment, Bowditch points to the fact that racing has continued to this point, where so many other industries and sports have not, as a huge plus.
"The positive point to our industry is that we are continuing to race in Australia. Long may we race. I think it’s that incredibly important to keeping the wheels turning," he said.
"We will see the market decrease quite significantly but that does create opportunity. There will be people out there, who have had good yearling sales this year, that have money to spend, who will be able to continue to invest in product for the years going forward."
