Magic Millions Managing Director Barry Bowditch has seen at close quarters the evolution of the quality of thoroughbreds being produced in the Sunshine State in recent years, something which has seen the March Sale average rocket from around $28,000 five years ago to $44,417, a jump of 56 per cent.
In real terms, that has seen the March Sale aggregate jump from $8.7 million in 2017 to $14.5 million last year, putting nearly $6 million extra dollars in the pockets of breeders and vendors each year to reinvest.
Barry Bowditch | Image courtesy of Bronwen Healy
With the bar lifted for everyone in terms of the quality of stock, Bowditch said he is seeing the result of this elevated approach in the quality of horses he has been inspecting among the 427 yearlings catalogued for sale at the Gold Coast from Monday.
"The stallion ranks have continued to get better and having the likes of Better Than Ready and Spirit Of Boom and other sires, it's continuing to go from strength to strength," Bowditch said.
"What those horses do is give the breeders here real hope and confidence. We hope they continue investing in their broodmare bands, because they have sires up here they need to be supporting with quality mares.
"What I am seeing here on the ground at the moment is a lot of well-conformed, quality horses that are showing these breeders are upping their game. That's not just about investing in the quality of stock, but in how they are preparing their horses, it continues to go from strength to strength."
"What I am seeing here on the ground at the moment is a lot of well-conformed, quality horses that are showing these breeders are upping their game." - Barry Bowditch
What Bowditch is also seeing, and hopes continues, is that investment to continue to flow to securing quality mares to support Queensland's burgeoning stallion market.
"I think they should be spending more. The game up here has changed. We have had a couple of fruitful years up here in terms of our sales and they should be investing in getting bigger and better. It’s important for the trainers up here too, that the breeders continue to up the ante," he said.
The QTIS effect
What is also evident is that those who buy at the Sale are increasingly confident in the returns they can get on the track. The evolution of the QTIS program has changed the game for many owners, syndicators and trainers and that was no more evident than in Saturday's Aquis QTIS Jewel 2YO and 3YO races at the Gold Coast on Saturday, with both races featuring $500,000 in prizemoney.
The 2-year-old winner, She'sgottheboom (Spirit Of Boom), could have been purchased at the March Sale last year - she was passed in short of her $60,000 reserve - while the 3-year-old winner Prince Of Boom (Spirit Of Boom) cost just $20,000 at the 2020 March Sale.
Prince Of Boom
"The prizemoney that these horses race for is sensational. QTIS is a system where you are not just paid to win, you are paid to run first, second or third," Bowditch said. "It's a great scheme and I think it’s going from strength to strength. Racing Queensland, Queensland breeders and us are working together to make it as big and strong as it can possibly be."
Eureka Stud's Spirit Of Boom has done wonders for this Sale in recent years and he has 30 yearlings for sale on Monday and Tuesday, while Lyndhurst Stud Farm's Better Than Ready has had a similar impact and has 46 catalogued.
But the sire quality extends far beyond that star pair. There are 87 sires represented including young stars like Clear Mountain Fairview's Worthy Cause, Raheen Stud's Heroic Valour, Aquis' The Mission, Divine Prophet, Invader and Spieth (NZ), and proven stallions such as Love Conquers All, Husson (Arg), Rothesay and Sidestep.
Gallery: Some of the sires represented at the Magic Millions March Yearling Sale
There is also the first crops of a host of Queensland-based stallions such as Lean Mean Machine, Brave Smash (Jpn), Dracarys, Encryption, Jungle Cat (Ire), Neorealism (Jpn), Performer and Santos.
A tough act to follow
With confidence in the bloodstock market at an all-time high across the country so far this year, it all points to a robust couple of days of trade at Magic Millions HQ on Monday or Tuesday, albeit Bowditch sounds a cautious note.
"What needs to be understood is the huge jump the Sale took last year. It went up an extraordinary percentage. Whether we see that same jump again, I'm not sure, but we want our vendors to meet the market," he said.
"We think we have a buying bench here that is set to participate. Whether we see those big jumps again, I'm not too sure, but we are here to create a healthy market for the industry in Queensland."
"We think we have a buying bench here that is set to participate. Whether we see those big jumps again, I'm not too sure, but we are here to create a healthy market for the industry in Queensland." - Barry Bowditch
What Bowditch would love to see is a strong compatibility between the buyers' willingness to spend and the vendors' desire to sell, something that is most accurately measured through clearance rate, which stood at a heady 85 per cent for the March Sale last year.
"Whether the average is up or down if our vendors are being realistic and meeting the market, I am hopeful we have got a buying bench here to ensure that we are facilitating the vendors' requirements," he said.
Queensland buyers made up 75 per cent of both the total spend and the total horses purchased at this Sale in 2021 and while Bowditch expects this trend to continue, he wouldn’t be surprised to see stronger representation on the buyers' list from outside of the state, especially internationally, with borders having opened up.
Gold Coast parade ring at Magic Millions' sales complex | Image courtesy of Bronwen Healy
"There are some good interstate agents and syndicators here in town. There is international interest in the Sale too," he said.
"Predominantly, as always, this is a Sale where we rely on the Queensland market, whether it be the south-east market or the regional areas, but there will definitely be interstate participation and definitely international participation this week here at the Sale."
