Shopping for Asia among the last yearlings of the year

Cover image courtesy of Inglis

Ordinarily, bloodstock agent Peter Twomey would be on the Gold Coast this week. The Magic Millions National Yearling Sale is one of his go-to events of the year, an important Sale for the Asian bloodstock market which makes up so much of his client base.

However, the hapless nature of travel in 2021 has meant he will sit-out the National Sale at home in Wagga Wagga this week. Twomey had a three-horse shopping list for the Gold Coast, but he’s reluctant to buy sight unseen.

“One of my clients was looking for a horse to race, and two were looking to pinhook,” Twomey said. “When you’re looking to pinhook, and particularly when you’re looking to buy to race in Asia, attitude is really high on my selection criteria, and you can’t pick that up on videos and photos, particularly if you’re focusing on colts to go to Asia.”

A huge chunk of Twomey’s business is buying horses to race in Asia, particularly Singapore, and he’ll fill this week’s order with tried horses instead.

“It’s disappointing that we won’t be buying at this Sale, but it’s also encouraging that my clients don’t want to buy horses because I won’t be there to see them,” Twomey said. “It’s good for me because it means they trust my judgement.”

It’s an important tale in a COVID-affected week, one that has seen vendors and buyers across Victoria scrambling to get to the Gold Coast. The physical presence of buyers and bloodstock agents at sales has been an ongoing issue since last year.

Inglis has been similarly affected. The Great Southern Sale was this week moved from its original berth, postponed three weeks to July 4-5 to allow interstate visitors the best possible chance of attending.

The new dates are pending Victoria’s COVID cluster being under control, and the state-wide stay-at-home order being relaxed.

Finding the shoe that fits

From his Wagga base, Twomey runs Wattle Bloodstock, and has done since 2017. Before that, he was with Inglis for close to a decade, growing the company’s relationship with Asia during a four-year tenure in Singapore.

“That was the start of my working with Singaporean buyers,” Twomey said. “During my time with Inglis, I also helped the company to set up the Ready2Race Sale, as it’s quite a big market for both Singapore and Hong Kong, and Asia in general.”

By the time Wattle Bloodstock was on its feet, the Singapore presence in Australia was gangbusters. Twomey had clients to buy yearlings and tried horses, to both send to Singapore or race in Australia first.

Events like the Inglis Ready2Race Sale, and also the Magic Millions 2YOs In Training Sale, were important destinations on the buying calendar.

But equally, so were certain yearling sales during the year. This year, Twomey has bought yearlings at the Inglis Melbourne Premier Sale, Inglis Australian Easter Sale, Inglis May Sale and Melbourne Gold Sale, and would have filled an order for three at this week’s National Sale.

“Generally with the Singaporean market, buyers are working on a reduced budget,” Twomey said. “But the Australian market has been so strong this year, so it’s been difficult.”

At the Inglis Easter Sale, Twomey bought a Russian Revolution colt in partnership with Stephen Gray, a chestnut from the Northern Meteor mare Tempting Delight. He paid $150,000, and said the colt is as good a proposition as he has bought all year.

“I think those stallions that were sprinter-miler types that were tough, and showed their best as late 3-year-olds, seem to work best up in Asia,” Twomey said. “The Danehill line has done very well, as well as the Encosta De Lago, Northern Meteor, and Deep Field line which has done well in Hong Kong.”

Twomey said temperament, which can’t be photographed, was very important in his selection of yearlings or tried horses for the Asian market.

“It’s all well and good to find the best horse, but if they don’t settle into the environment, they don’t go well,” he said.

He cited Shadow Hero (Pierro) as a good example, the gelding that won the G1 Randwick Guineas and G1 Champion S. before his export to Hong Kong last year. The best that Shadow Hero has managed since is a pair of minor placings, and he followed home most of the field in the Listed Hong Kong Derby in late March.

“Shadow Hero is a better horse than his performances in Hong Kong,” Twomey said. “But a horse like Eric The Eel has gone up there, adapted and hit the ground running.”

Eric The Eel (Olympic Glory {Ire}) had 14 starts for four wins in Australia before his exportation to Hong Kong in July last year. He has since had three starts at Sha Tin, placing third twice and first in early December.

Twomey said certain criteria, along with temperament, is critical for selecting Asian horses.

“They’re in a box for most of the day, and the air quality is not as good,” Twomey said. “Throats are very important, and avoiding any horses that might be bleeders. Everything is exacerbated because it’s just so intense up there, and that’s why Hong Kong buyers are so particular when it comes to vetting.”

Taking a punt at the National Sale

Twomey has spent a lot of time watching the success rate out of Asian racing markets, trying to get a grasp of what works up there, and what doesn’t.

“I’ve got a lot of analysis on horses that go to Hong Kong that were winners in Australia,” he said. “Although they’re paying big money for some of them, the last time I checked it was only 48 per cent of them that go to Hong Kong that actually win a race in Hong Kong. It’s really tough.”

Much of this analysis is pointed at the tried-horse market, but Twomey said, in his experience, it’s better if a horse can get to Asia earlier rather than later.

“The earlier that you can get a horse up there, be it Hong Kong or Singapore, the better the chance you have of them adapting to the climate and conditions,” he said. “A number of people do that very well, like David Price and John Size’s arrangements of taking them up there as 3-year-olds and putting them through their classes. It’s a proven record and it works really well.”

About 85 per cent of Twomey’s business is tried horses, which he admitted is more lucrative for him than buying yearlings. Nevertheless, he said the yearling sales are a buzz that he enjoys throughout the year, and the Magic Millions National Sale looked particularly good.

“It did seem a good catalogue compared to past years,” Twomey said. “You need to do your footwork to make your way around them, and for me, looking at those young horses, and finding that key where they’re going to suit that Asian market, is a pretty important part of my business.”

At last year’s Magic Millions National Yearling Sale, Twomey bought a colt by Siyouni (Fr) for $90,000 from Arrowfield Stud, and an Extreme Choice filly for just $5000 from Bowness Stud. He said this year’s catalogue presented a lot of opportunity.

“There are some vendors that have targeted this Sale,” Twomey said. “Looking through the catalogue, there are a lot of late foals, or yearlings that were withdrawn or passed in from earlier sales. My analysis of this Sale is that it doesn’t produce the level of 2-year-olds and stakes winners that other sales do, so it can be suitable for Asia, for horses that are going to mature later at three or four.”

Twomey also mentioned that the Sale is probably 12 days too early for Hong Kong buyers, owing to the annual release of owner permits coming out on June 10 in Hong Kong.

“On June 10, clients in Hong Kong will know if they’ve got a permit in that ballot to bring an untried horse in the year after,” he said. “Typically, that’s often why they’re looking at the 2-year-old sales, because if they buy this week, they’re taking a bit of a punt that they’re getting a permit, and they’ve only got a one in three chance.”