Cover image courtesy of Inglis

While buyers often require substantial financial resources to participate, buyers can expect heightened returns on investments given the sale represents over 300 stakes-winning graduates at a strike rate of over seven per cent.

Cost of stakes-winning graduates is on the rise

Stakes-winning graduates from the Inglis Australian Easter Yearling Sale exhibit a wide range of prices, spanning from as low as $15,000 to as high as $2,300,000.

While there is a discernible trend indicating a decline in the availability of lower-priced Inglis Easter graduates, value can still be found.

In 2013, there were 13 individual stakes-winning graduates sold for $200,000 or less.

Fast forward a decade to 2023, and the median price for a stakes-winning graduate soared to $875,000, exceeding three times the overall sales median.

While these graduates are merely 3-years-old, examining the results from 2022 and 2021 further supports the notion that stakes-winning graduates are becoming pricier, with median costs of $525,000 and $400,000 respectively.

The impact of catalogue refinement

Well-respected industry figure Louis Mihalyka of Laurel Oak Bloodstock highlighted a potential significant factor behind the notable increase in the median price of stakes-winning Inglis Easter graduates.

“I think one of the most telling reasons for that figure will be that up until three or four years ago, the sale went for three days. When the sale went for three days, the bottom third of the horses who now go to Magic Millions or Classic, were readily bought in the $150,000 to $250,0000 type range.”

In 2019, Inglis made a significant change by consolidating the Easter catalogue to two days instead of three, resulting in a shorter catalogue by around 100 horses.

Reflecting on the final year of the three-day format, Mihalyka mentioned, "It was the year we purchased Pancho. That year, every time we put our hand up, they gave us a horse. We bought five or six yearlings that year, which is totally unheard of for us."

Pancho (Dissident) became a stakes winner accumulated over $780,000 in prize-money and became his sire’s leading earner in Australia.

Unearthing hidden gems

Despite the reduction in size, which has potentially eliminated a significant portion of yearlings that savvy shoppers might typically target, Mihalyka observed that contrary to the prevailing norm, there are still opportunities to uncover value, particularly if one is willing to explore offerings from lesser-known stallions.

While this can pose a challenge at a prestigious event like Inglis Easter, which attracts top-tier stallions, Mihalyka pointed out that sales companies finalise their catalogues months prior to auction day, leaving ample time for a sire to make a notable impact.

“They (sales companies) make their decisions in November for cataloguing and there might have been stallions that have gone the wrong way, which is probably more like where we're going to be able to buy,” Mihalyka stated.

An instance of this occurred in 2016 when Mihalyka acquired four yearlings by Sepoy, who was represented at the sale by his second-crop of yearlings.

"Sepoy, approaching his second season, was on the nose. He was expected to be a good stallion. A lot of people sent good mares to Sepoy in their second season because he was such a good 2-year-old. But by the time the sale came out in April, he had barely had a winner."

Remaining steadfast in his convictions, Mihalyka's belief in his breeding theories paid off handsomely, with all four yearlings proving to be profitable investments. Sweet Scandal (Sepoy) emerged as a Group 3 winner with nearly $500,000 in earnings, while Acqume (Sepoy) and Impasse (Sepoy) secured valuable black-type placings, and Tarabai (Sepoy) achieved metropolitan success.

Identifying the less obvious

Two-time Golden Slipper-winning trainer Gary Portelli, possesses a knack for discovering talent at affordable prices. When discussing his approach to purchasing at high-end sales such as Inglis Easter, Portelli stressed the importance of striking a balance between identifying horses that may not be immediately obvious choices but are appealing to clientele.

“I've got to really identify horses of pedigree that I know that obviously aren't going to be the big end of town. I predominantly like to train young horses. I don't like stayers, so you put a line through the horses that might take time and might need further. That's already half your catalogue sorted,” Portelli explained.

“Then I've got to find horses by stallions that I know my clientele will know and respect and look for families that work and often have pedigrees that are similar to horses that I've trained before and that I've had success with.”

Two years ago, Portelli made a significant investment of $200,000 for a Capitalist colt from the Newhaven Park draft. That colt, named Encap, went on to achieve success by winning the G3 Ming Dynasty and finishing as the runner-up in the G1 Golden Rose S. this season.

“When it came to buying Encap, I loved him as a type. He was a real sprinting-type, not overly big but I knew he'd grow into a nice horse without being too big. He was by a Golden Slipper winner out of a mare that was by a Golden Slipper winner in Stratum.

“There was a lot of 2-year-old speed in the family, and I just thought this would be a no-brainer for my crew. The fact he was a little on the smaller side probably brought his price point back a bit. If he was a big strong colt, he may have a lot more money.”

Big not always best

In the realm of purchasing prospective racehorses, Portelli emphasised the importance of ensuring the horse possesses balance above all else. He noted that appearances can be deceiving, cautioning that those horses that appear as though they are already fully developed aren't necessarily the best long-term investments.

“I find that when you go to Easter, the horse is a little bit more mature than the other sales you've seen. With horses that come on a lot you've got to be careful because sometimes they’re so big you can't get them going because they just don't cope with the workload. But people often see them and they get excited because they look like they're ready to go.”

The Inglis Easter Yearling Sale continues to serve as a beacon for the global racing industry, attracting discerning buyers and showcasing the best of Australian bloodstock.

Asthe market evolves, so too do the strategies employed by industry insiders to secure success. By remaining vigilant and adaptable, buyers can continue to unearth future racetrack stars at affordable prices.

Cover image courtesy of Yarraman Park Stud

The Phipps family’s Personal Ensign (USA) (Private Account {USA}) line continues to be so highly-regarded within North American circles that it remains hard enough to get into on the sporadic occasions that it becomes available in the Northern Hemisphere. It is rarer still when it comes to the Australasian market, meaning that the presence of Lot 210, a filly by Lope De Vega (Ire) out of Peace Parade (USA) (War Front {USA}) from Yarraman Park Stud, at Inglis this weekend offers an opportunity of real international significance.

Years of planning

The filly’s place in Inglis Easter is the result of several years of global planning by American breeder Craig Bernick of Glen Hill Farm. Bernick took over the reins of the Florida-based Glen Hill from his grandfather Leonard Lavin in 2008.

Lavin raced his first horse in 1967 and over the next few decades enjoyed great success as the breeder and/or owner of the likes of influential sire Relaunch (USA), his G1 Breeders’ Cup Distaff-winning daughter One Dreamer (USA) and G1 winner Convenience (USA) (Fleet Nasrullah {USA}).

Bernick has since built on those foundations by operating with an international eye, in several instances through targeting representatives of various blue hen families. Peace Parade, the dam of Lot 210, is one such example as is Notting Hill (Pierro), a granddaughter of Shantha’s Choice (Canny Lad) who is responsible for Bernick’s other Easter offering in Lot 186, a filly by I Am Invincible.

Bernick is also partners with John Camilleri in Sounds Of Heaven (Ire) (Kingman {GB}), a Group 1-placed granddaughter of multiple Group 1 producer Beauty Is Truth (Ire) (Galileo {Ire}) who is now with Joe Pride, while over in France, there is Les Pavots (Ire) (No Nay Never {USA}) to look forward to with trainer Francis-Henri Graffard.

A half-sister to G1 Cox Plate hero Sir Dragonet (Ire) (Camelot {GB}), Les Pavots is a great-granddaughter of Urban Sea (USA) (Miswaki {USA}) and lived up to her illustrious heritage last season by winning the G2 Prix du Calvados at Deauville and running third in the G1 Prix Marcel Boussac.

Where it all began

“I grew up a little around horses, though it was more about seeing them during the school holidays and then going to races,” says Bernick. “But I grew up with the pedigree books more.

“My grandfather raced his first horse in 1967 and had been breeding from his own families and stallions after that. When I took over in 2008, our pedigrees had become a bit tired and so we started buying some yearlings.”

Among the first wave of yearling acquisitions was Marketing Mix (Can) (Medaglia D'Oro {USA}), a US$150,000 (AU$227,800) purchase who won a pair of Group 1 races and over US$2 million.

“We became more international about seven or eight years ago, and that is where we’re really focussing right now,” he says. “I think with those deep families, when a good horse comes up, they’re usually really good. Especially on turf. So we’re trying to buy into the best pedigrees that we can and kind of hope from there.”

Powerful families, of course, rarely lose their momentum. Crucially, they also tend to translate across the globe.

Lope De Vega, worldwide appeal

In the case of the Peace Parade filly, bred like Lot 186 under the Armitage Bloodstock banner, there is the familiarity of her sire Lope De Vega to appeal to an Australian audience. Lope De Vega shuttled to Patinack Farm from 2011 to 2014, during which time he left behind the Group 1 winners Gytrash, Santa Ana Lane, Vega Magic and Vega One.

Gallery: Australian-bred Group 1 winners by Lope De Vega (Ire)

Today, the son of Shamardal (USA) is a permanent resident of Ballylinch Stud in Ireland, where a fee of €125,000 (AU$240,200) reflects a stud record of 125 stakes winners, various successful sire sons and an emerging record as a broodmare sire that is currently highlighted by the high-class European 2-year-olds Persian Force (Ire) (Mehmas {Ire}) and The Ridler (GB) (Brazen Beau).

Three fillies by the sire are catalogued to Easter; in addition to the Peace Parade filly, they comprise of Lot 49 out of Gone Glimmering (USA) (Tapiture {USA}) and Lot 67 out of Hint Of Pink (Ire) (Teofilo {Ire}).

The importance of the female family

“I last saw this filly last April,” says Bernick. “She’s a beautiful filly - a quality Lope De Vega. I know it can be important for female families or their sires to be at least from the geography you’re selling into.

“Obviously she’s by Lope De Vega, an European sire, and from an American family but I thought it would work for Australia because the female family is so good.

“There’s many, many female champions in there. The third dam My Flag was a two-year-old champion and she foaled Storm Flag Flying, a two-year-old champion and a sister to (granddam) On Parade. It’s just a very, very good pedigree. And of course Lope De Vega has done well in Australia as well.”

The filly is the second foal out of the unraced Peace Parade following a retained 3-year-old Kentucky-bred Candy Ride (USA) filly named Streeterville (USA).

“We bought Peace Parade as a yearling,” says Bernick. “She showed a lot of talent but got hurt and never ran. She had a Candy Ride filly in Kentucky and the second year we bred her, she didn’t get in foal.

“We sent a couple of mares into Europe to breed to Southern Hemisphere time - I was just looking to get some horses into Australia to try and bring some different pedigrees into that market - and she was one of them. We got her in foal to Lope De Vega and sent her down.”

The line is most easily associated with the Phipps family, in whose hands it has thrived for over 60 years. It was back in 1963 that Ogden Phipps dipped into Argentina to purchase Peace Parade’s fifth dam Dorine (Arg) (Aristophanes {GB}). She had been a star in her native country, winning 11 of 23 starts and approximately US$150,000 (AU$227,800) in earnings, then a record for an Argentinean mare.

“I bought several expensive mares but the one I wanted the most, Dorine, was really not very expensive,” Phipps recalled in a story for Spur. “In South America, she was something, the greatest. You ask (trainers) Angel Penna or Horatio Luro about her and they throw up their hands in exclamation.”

Horse of a lifetime, Personal Ensign

Dorine was sent to Claiborne Farm in Kentucky and latterly bred to resident stallion Hoist The Flag (USA). The outcome was a minor-winning filly named Grecian Banner (USA) who was retained and sent repeatedly to Phipps’ homebred stallion Private Account (USA); the first foal, a colt, was Group 1 winner Personal Flag (USA) and the third was Personal Ensign (USA).

Personal Ensign’s racing career coincided with the arrival of Claude ‘Shug’ McGaughey as trainer to the Phipps family. The stable had run through several uncharacteristically quiet years but McGaughey’s appointment signalled an upturn in fortunes, for which Personal Ensign was a key player.

An unbeaten juvenile campaign was capped by a win in the G1 Frizette S. and despite fracturing a hind pastern during a pre-Breeders’ Cup work later that year, she returned successfully to rattle off Group 1 wins in the Beldame S. (twice), Shuvee H., Hempstead H., Whitney H., Maskette S. and Breeders’ Cup Distaff, in which she ran down the G1 Kentucky Derby heroine Winning Colors (USA) (Caro {Fr}) to win in the shadow of the wire. She retired unbeaten in 13 starts - indeed, she was the first American horse to retire unbeaten since Colin (USA) eighty years earlier.

Not only that, Personal Ensign became an outstanding producer. Her first foal, Miner’s Mark (USA), won the G1 Jockey Club Cup. Her second, Our Emblem (USA), was Group 1-placed and later sired Kentucky Derby winner War Emblem (USA) while a later colt, Traditionally (USA), won the G1 Oaklawn Handicap.

Meanwhile, among her fillies, My Flag (USA) (Easy Goer {USA}) won four Group 1 races including the 1995 Breeders’ Cup Juvenile Fillies; seven years later her daughter Storm Flag Flying (USA) (Storm Cat {USA}) emulated her dam by landing the 2002 edition, thereby sealing an unprecedented run of three Breeders’ Cup heroines in as many generations.

Peace Parade is out of Storm Flag Flying’s Group 3-placed sister On Parade (USA) (Storm Cat {USA}), who has also done her bit for the family as the dam of G2 Dixie S. winner Parading (USA), Group 2-placed Protesting (USA) (A.P. Indy {USA}), in turn the dam of dual Group 3 winner Performing (USA) (Speightstown {USA}), and Group 3-placed Parade (USA) (Tapit {USA}).

“It’s such a good family,” says Bernick. “I assume it is going to appeal to owner-breeders. This filly’s dam is by War Front, the second dam On Parade is by Storm Cat and the third dam My Flag is a champion daughter of Easy Goer.

The appeal for Australians

“They’re all world-class sires and its a pedigree completely free of Danehill, which I think is a big help for Australia. Physically, she looks like a good filly who can run, but down the road she’s also open to any stallion there.”

Meanwhile, Bernick’s other filly on offer, Lot 186, also possesses excellent connections as a granddaughter of Redoute’s Choice’s accomplished sister Monsoon Wedding (Danehill), a Group 2-placed mare who foaled G3 winner Precious Lorraine (Encosta De Lago) among five stakes horses.

The daughter of I Am Invincible is the third foal out of Notting Hill, a two-time winner in four starts for Kris Lees who was originally purchased by Bernick in partnership with John Sikura of Hill ’n’ Dale Farm for $950,000 at the 2018 Magic Millions National Broodmare Sale. Bernick subsequently bought out his partner at US$700,000 (AU$1.063 million) at Keeneland in November 2019 and Notting Hill returned to Australia.

“That’s a great family too,” says Bernick. “She’s completely Australian from one of the best families they have. John Sikura and I bought Notting Hill in Australia at the conclusion of her racing career.

“When we had our dispersal, she was in foal to War Front and I bought out John. That War Front filly (Maroon Bells) won on debut over 5f at Gulfstream Park but got hurt in her second start.

“I’m comfortable having an operation in the US, Europe and Australia and I was keen to get Notting Hill back down there. We sold a nice I Am Invincible filly last year out of her (for $400,000 to Annabel Neasham and Blandford Bloodstock) and this filly is very nice too.”

He adds: “It’s a global business. For years, many American buyers never went anywhere else to buy, although that’s starting to change now. But so many people come to Kentucky to shop at our sales - European, Australian, South American, Japanese, Middle Eastern buyers. Everyone comes to Kentucky.

America, Europe and now Australia

“Our family have been in racing for a long time. We had a lot of turf horses and I really thought it was kind of time to expand internationally, firstly into Europe. And it was by doing more in Europe that introduced me into Australia - so many of the people that we do business with in Europe also do a lot of business in Australia.”

In addition to the American operation, Bernick maintains a broodmare band of around 15 in Europe to go with the mares based in Australia. The Australian racing side also has the potential to blossom in the near future through Sounds Of Heaven.

A 650,000gns (AU$1.311 million) Tattersalls October Book 1 graduate, the daughter of Kingman (GB) is out of a Galileo (Ire) sister to Group 1 winners Hydrangea (Ire), Hermosa (Ire) and The United States (Ire) and added further to the family last season by winning the Listed Michael Seely Memorial Fillies S. at York for Jessica Harrington. She was also third to Tahiyra (Ire) (Siyouni {Fr}) in the G1 Coronation S. at Royal Ascot.

“The market in Australia is really driven by racing,” says Bernick. “People are going racing, they’re betting on it, and that is going back to the industry. It all stems from racing, which is a healthy place to be in.

“I kept a piece of a couple of yearlings that we sold and then I have Sounds Of Heaven with John Camilleri. She had her two runs at two in Europe, which were really good (she won at Leopardstown on her second start), and then four runs last year when she won a Listed race and was third in the Coronation.

“We kept waiting for the ground to be good for her and it never was. John was keen to get her to Australia. Obviously the prizemoney is so good down there and she’s a stakes winner with Group 1 form in Europe. So I thought why not?”

In Europe, Les Pavots is being prepared for her 3-year-old campaign while in the US, hopes run high that classy homebred Aspen Grove (USA) (Justify {USA}) can add further Group 1 wins to her record. The Justify (USA) filly was sent out by Fozzy Stack to win last year’s G1 Belmont Oaks Invitational at Belmont Park and is now under the care of Jack Sisterson.

“Les Pavots returned to Chantilly at the beginning of March,” says Bernick of the filly who is owned in partnership with Haras d’Etreham. “I’ve never had a horse improve from run to run like she did last year.

“We gave her a long break after the Breeders’ Cup (Juvenile Fillies Turf), where the 14 post probably didn’t help. She’s the type of horse who should come to hand early. She’s from the Urban Sea family, probably the best out there, and she’s exciting.

“Aspen Grove is going to run at Churchill Downs on Kentucky Oaks day in the Modesty Stakes. If that goes well, hopefully we’ll run in the Grade (Group) 1 New York S.”

For now, however, the focus is on Inglis Easter. Bernick will be in attendance and once Sunday is done and dusted, he isn’t ruling out swapping roles.

“It’s exciting,” he says. “They’re two nice fillies to sell. And if that first day goes well, maybe we’ll give some of the money back on the second day - we’ll see what happens.”

Cover image courtesy of Inglis

The Thoroughbred Report had the opportunity to speak with Caroline Wilson, a vital member of the SF Bloodstock team, who has played a diverse role within the expanding empire for the past five years. Wilson has landed in Sydney in preparation for the Inglis Australian Easter Yearling Sale, during which SF Bloodstock plans to present 14 yearlings while engaging in the buying team alongside its long-time business partners Newgate and associates.

Among SF Bloodstock's strong offering is a collection of yearlings from well-performed North American mares. Discussing the strategy behind SF Bloodstock’s approach of bringing down US mares, Wilson quickly commended the team’s ability to identify the right fit for Australia.

“In terms of Gavin and Henry's thought process on US mares, those very speedy short-distance US mares, that's what tends to work. I think bringing them to the Southern Hemisphere and mating them here, you're really just injecting extra speed. That’s a tactic that we've done on a few occasions and seeing the resulting progeny here backs up that philosophy.”

“Speed is such an important factor to consider in your breeding program,” stressed Wilson. “I think it's something that's very hereditary and it's important to consider where it is within the pedigree. And so I think those fast American mares, they just work very well.”

Arriving in Sydney early on Thursday morning, Wilson immediately embarked on a full day of inspections, which included evaluating SF Bloodstock’s stock presented by partners Newgate Farm. Impressed by the overall quality of the draft, Wilson noted its strength across the board.

Here are a selection of the highlighted lots:

Lot 85 - Extreme Choice x Istanford (USA) (Istan {USA}) filly

A filly from the Group 2-winning mare Istanford (USA) (Istan {USA}) who has already produced the stakes-performed Tonneofgrit (Winning Rupert). By Australia’s leading sire by stakes winning strike rate, Extreme Choice, Wilson was full of praise for the sire stating, “I've been really impressed with these Extreme Choices. They're just really natural, they look like they'd be super easy on themselves, which is something that we certainly look for a lot in America and is a credit to the stallion. The mare Istanford was a really nice race mare in America who actually beat Tepin (Bernstein), so she raced to a very high level”.

Lot 297 - I Am Invincible x Sky Treasure (USA) (Sky Mesa {USA}) colt

By Australia’s reigning Champion sire I Am Invincible, this colt is from yet another talented SF Bloodstock sourced American mare in Sky Treasure (USA) (Sky Mesa {USA}). Represented by dual stakes winner Azul Coast (USA) (Super Saver {USA}) in North America, the mare has produced talented stakes-placed Kiko (Capitalist) down under and Wilson was particularly impressed with this colt’s quality albeit a November foal.

“She's the dam of Azul Coast, who's a really nice colt in America trained by Bob Baffert. This colt is a late foal but seems really forward and strong for his age”.

Lot 456 - Exceed And Excel x Chanteline (USA) (Majesticperfection {USA}) filly

Wilson is particularly excited about offering a filly by the pensioned Exceed And Excel from yet another stakes-winning American mare in Chanteline (USA) (Majesticperfection {USA}).

“She’s a really nice moving filly out of Chanteline who's another stakes winner by Majesticperfection. Given Exceed And Excel is pensioned, they're not making any more of them, so she’s a really nice prospect”.

Lot 462 - Extreme Choice x Coco As In Chanel (USA) (Awesome Again {Can}) colt

One of 11 Extreme Choice yearlings represented in the sale, this colt from Coco As In Chanel (USA) is sure to attract plenty of interest. A stakes-winning sprinter, Wilson is fond of Coco As In Chanel and was impressed by the colt in the flesh stating, “she (Coco As In Chanel) was a lovely race mare. She went over five furlongs, so again, is a speedy American mare that makes sense for down here. He is a standout individual, a very good-looking colt”.

Lot 226 - Snitzel x Prompt (Exceed And Excel) filly

While not a descendent of a US-sourced mare, the sister to Group 1-winning filly Prompt Response (Beneteau) is a standout from the draft according to Wilson.

“That mare is just a beautiful mare. She's amazing, a blue hen mare and that filly looks a super sharp, 2-year-old type”.

Her first visit to Sydney since completing the Godolphin Flying Start program in 2015, Wilson is especially excited to experience the energy of sales day come Sunday.

“It's an amazing sales complex. It's been really interesting from an American perspective to come and see the design of it and how well it works, how it feels and how easy it is to show horses here.

“I'm excited to see it on sales day. Other than Saratoga in the US, we don't really have hospitality to this level at the sales. So I'm excited to experience that atmosphere”.

Cover image courtesy of Inglis

Lot 304 - Zoustar x Solar Charged (Charge Forward), colt - on account of Widden Stud

This son of Zoustar already had a standout page prior to Wednesday. However, his pedigree received further updates and his dam added more kudos as a producer when his lightly raced full brother Kandinsky Abstract secured the second win of his career.

Kandinsky Abstract was a $3 million purchase by Tom Magnier from the 2022 Inglis Australian Easter Yearling Sale.

Lot 304 is the 10th foal from the Charge Forward mare Solar Charged, who is the dam of the Champion 3-Year-Old Filly Sunlight (Zoustar).

Lot 488 - Snitzel x Di Lusso (Lonhro), colt - on account of Longwood Thoroughbred Farm

Longwood Thoroughbred Farm will present Lot 488, the eighth foal from the Lonhro mare Di Lusso.

The son of Snitzel is a half-brother to the G2 Eight Carat Classic winner Contessa Vanessa (NZ) (Bullbars) and received further updates when his half-brother Pivot City (Not A Single Doubt) won his second race at Sandown-Lakeside.

Furthermore, Lot 488 is from the family of Forbidden City (I Am Invincible) who was placed in the G3 Frances Tressady S.

Lot 62 - Zoustar x Hell Or Highwater (Not A Single Doubt), filly - on account of Milburn Creek

Lot 62 received a timely boost ahead of the 2024 Inglis Australian Easter Yearling Sale when her half-sister Boss ‘N’ Highheels (Written Tycoon) was an impressive winner on debut at Matamata.

Boss ‘N’ Highheels was sold for $275,000 to Andrew Williams Bloodstock (FBAA) at last year’s 2023 Inglis Australian Easter Yearling Sale when offered by Milburn Creek.

The daughter of Zoustar is the fourth foal from the Not A Single Doubt mare Hell Or Highwater, who won eight races, including the Listed Heatherlie S. and was placed in the G2 WH Stocks S.