Cover image courtesy of Magic Millions
'Shop early' has often been a catchcry of Magic Millions, who host the season's first yearling sale every January, but that has taken on a whole new meaning in the context of a white-hot yearling market, with trainers and other buyers increasingly looking to secure well-credentialled and presented horses at the weanling stage this year.
Of the top eight lots sold on Thursday, seven were explicitly bought as racing prospects, as opposed to being traded as yearlings in 2022, in a marked departure in buyer behaviour from previous years.
It was most evident when one of Australia's most prominent trainers, Ciaron Maher, who has regularly mixed it with the big yearling buyers over the past couple of seasons, stepped in to pay $1 million for a weanling colt by I Am Invincible offered by Gilgai Farm.
"We had a few targets here," Maher said after being asked about his participation in the Sale.
"With the Shadwell horses, it’s attracted a lot of people to the Sale. There's trainers and everything. I was not the only one to be here with the same idea."
A busy Magic Millions sales complex | Image courtesy of Magic Millions
Bahen's fresh angle
Bloodstock agent Justin Bahen ended up the biggest buyer on the first day of the Sale, securing five foals worth $1.38 million under his own name, and a further $1.63 million in partnership, either with Rosemont Stud or with Bromfield Park.
All of Bahen's eight purchases are set to enter racing stables as opposed to going back through the ring next year.
"I thought we'd buy quite a few. I had a couple of clients that were interested in entering this point of the market as opposed to going in at yearling level," he said.
"We thought we'd try another angle, and yearlings are getting harder and harder to buy, especially the nicer ones with the market being so strong. We thought it might be a good opportunity to try this end of it."
"We thought we'd try another angle, and yearlings are getting harder and harder to buy, especially the nicer ones with the market being so strong." - Justin Bahen
Records have been set at almost every yearling sale this year, leaving buyers with fewer options when it comes to sourcing horses and it’s no surprise to Bahen about the competition he is facing at the National Weanling Sale this week.
"Everyone has the same idea that yearlings are becoming more and more expensive and the good ones are getting harder to get a hold of. So you can come into this level, where you hope that you can get a discount to the yearling price. That was our angle coming in," he said.
All but the two purchases Bahen made with Rosemont (colts by Zoustar and Fastnet Rock) are set to go to the stables of Matt Laurie. Included among that collection is a filly by Zoustar which cost $550,000, a colt by Kermadec (NZ), which Bahen outbid Maher on, for $330,000, a colt by So You Think (NZ) for $150,000 and filly by Deep Field for $80,000.
There were also two foals by high-profile first-crop stallions in The Autumn Sun and Trapeze Artist. The Autumn Sun filly cost $300,000 while the colt by Trapeze Artist cost $330,000.
"I was taken by both of them actually. The Autumn Sun particularly. I really loved his weanlings, and the same with Trapeze Artist. There are some very nice horses on the ground here across the board," Bahen said.
The collection of foals that Bahen purchased are headed to Vinery Stud to grow out further before they enter a racing program.
"It’s a great nurturing ground for these horses. Plenty of good horses have come out of there," he said.
"We took a bit of time thinking about where we were going to send them. I have got relationships with all the studs and one of the partners in the horse is a good friend with Adam White from Vinery, so we had a chat and they were more than happy to take them," he said.
Early opportunities
Also buying with a view to racing interest was Shane McGrath, on behalf of Tony Fung Investments. McGrath spent $760,000 on two horses, including $550,000 on an Exceed And Excel colt, and $210,000 on a colt by Extreme Choice.
“We’re in the fortunate position that he’s going into the racing program, so it’s not really about what he’s worth in six months, it’s what he’s worth once he has a saddle on his back," McGrath said of the Exceed And Excel colt.
"We’re in the fortunate position that he’s (Lot 65) going into the racing program, so it’s not really about what he’s worth in six months, it’s what he’s worth once he has a saddle on his back." - Shane McGrath
"If he can run, he’s going to be a cheap horse. He did everything right for us, all the team loved him and Tony Fung is obviously happy to secure him and back our judgment on him.
“He’s got all the attributes you look for in a yearling. He’s got a lovely action, he’s correct, he’s by a Champion sire and, weanling or yearling, you’ve got to be here. The market’s selective at the top end, but he made his money and hopefully he goes on with it now.”
Magic Millions Managing Director Barry Bowditch said that it is no great surprise that with the competitive nature of the yearling market, buyers had turned their attention to securing more horses as foals for racing purposes.
"Obviously, the yearling market has been quite strong this year, so they are looking at other avenues to bring stock through. Having the quality of horse here, when you look at them on paper, it gives trainers the strength when they are going to a sale that they are going to be taking home stock that will be able to grow out and take to the racetrack. It's viable for them when you have the right horses," Bowditch said.
"Whether it be Ciaron Maher or Justin Bahen, they were here today looking at that high-quality blue-chip style horse, and bidding very strongly on them."
