Cover image courtesy of Western Racepix
With the curtain falling on the final Inglis Digital Auction of 2024 last Wednesday, sales graduates Robusto and Western Empire provided the perfect success stories to reflect on the year that was for the digital platform.
Robusto, a $160,000 Inglis Digital purchase by Darby Racing in September, scored a thrilling victory in the $2 million G2 The Ingham (1600 metres) at Randwick, netting connections over $1.2 million in prizemoney in just five starts. Meanwhile, just hours later, Western Empire, a $150,000 Inglis Digital Purchase by Dean Harvey, comfortably claimed the $1.5 million G3 Gold Rush (1400 metres) at Ascot, earning connections just under $1.2 million since purchase in October 2023.
Remarkably, this just scratches the surface of the success that has been had via the online auction house this year.
Gallery: Two Inglis Digital graduates who celebrated stakes wins on Saturday
Success amidst economic slowdown
Speaking to Inglis Digital Business Manager Nick Melmeth, The Thoroughbred Report takes a look back at what has been a solid year for the online platform despite an economic slowdown, alongside a look at some of the more intriguing lots sold in 2024 and their astonishing success stories.
Offering broodmares, racehorses, shares, yearlings and weanlings, Inglis Digital grossed just over $82 million in 2024. They sold 124 six-figure lots and two lots over $1 million. Offered by Dalziel Bloodstock, G1 Australian Oaks-winning mare Autumn Angel (The Autumn Sun) sold for $1.225 million, while a share offered by Qatar Bloodstock in champion stallion Zoustar sold for $1.3 million to Bangaloe Stud.
Gallery: The two lots that sold for over $1 million on Inglis Digital in 2024
“It has come back a notch from the previous two years in terms of turnover,” Melmeth said.
“We probably have seen the clearance rates come back also from a couple of years ago. Almost every sale last year we saw clearance rates in the mid-80s but now it has come back to being in the 70s which is back to what it was before the market went crazy post COVID.
“It has levelled out a bit but what is reassuring is that the trade has been there. Even though it hasn’t been to the heights we saw in the two previous years it hasn’t been that far off it. The fact the economy has slowed, and other areas are suffering a bit, gives you confidence that there is still good trade in the market.
“A really good indicator of the strength of the middle market is the amount of $100,000-plus horses we have continued to sell. We have sold 124 horses above that mark with our final December sale wrapped up. That just shows there is still a really strong market and that’s across broodmares, racehorses, shares and younger stock.
“A really good indicator of the strength of the middle market is the amount of $100,000-plus horses we have continued to sell. We have sold 124 horses... That just shows there is still a really strong market...” - Nick Melmeth
“The stand-alone sales have produced our highest lots, which is obvious when you have mares for sale like Autumn Angel, Bold Bastille, and horses like that. But the racehorse offerings always stand up as well, with results of $300,000 and $400,000 not uncommon and then you also see the returns on the racetrack for them too.
“The strongest individual market would be the marquee sales, which tends to be those high-end mares and fillies off the track. The best performing though, week in and week out, would be the racehorses.”
Tried horses delivering huge results
Away from the auction itself, there has been a number of success stories for buyers out of the digital sales, especially when it comes to tried horses.
There were at least 22 individual stakes-winning Inglis Digital Graduates in 2024 including; Brave Mead (Brave Smash {Jpn}), Yellow Sam (Ready for Victory), Caballus (I Am Invincible), Yellowbrick Road (Ire) (Golden Horn {GB}), Keats (Ire) (Galileo {Ire}), Democracy Manifest (Flying Artie), Oscar’s Fortune (Rich Enuff), Chicago Storm (Trust In A Gust), Just Folk (Magnus), Boognish (Sooboog), Aureus Angel (Turffontein), Coastwatch (Fastnet Rock), Zarastro (I Am Invincible), Terra Mater (Wandjina), Nikau Spur (NZ) (Proisir), Midnight Blue (So You Think {NZ}), Okita Soushi (Ire) (Galileo {Ire}), Sentimental Hero (Al Maher), Arts Object (Zoustar), Spicy Martini (Justify {USA}) and Helios Express (Toronado {Ire}). Many of them picked up for a fraction of their current value.
Gallery: Some of the notable stakes-winning Inglis Digital Graduates in 2024
“The tried-horse trade is so strong,” Melmeth said.
“People can pick up a horse and can go straight to the races and pick up a result which they can write off the cost of purchase. It has been a big impact on that market. I think it’s also a reflection of the quality of horse that people are offering.
“You take for example Coolmore, Newgate and Godolphin; they are selling horses that have plenty of meat left on the bone for people to go on and race with straight away. Often, it is simply because the horse doesn’t fit the stud’s mould. Newgate have been doing it for years with their tried horses, one’s that aren’t going to stand up and make a stallion roster. The opportunities are there for nice horses to be bought and money to be turned around quickly. I think that’s been the driver for that market.”
“The opportunities are there for nice horses to be bought and money to be turned around quickly. I think that’s been the driver for that market.” - Nick Melmeth
One of the most intriguing and standout results from Inglis Digital sales in 2024 when it comes to success on the track would have to be top-class international stayer Okita Soushi.
Okita Soushi was purchased by Alana Maree for $185,000 in March of this year on Inglis Digital. An honest performer in Ireland, trainer Joseph O'Brien brought Okita Soushi out to Australia in 2023 for the Caulfield and Melbourne Cups after finishing third in the G3 St Leger Trial at the Curragh. He failed to fire in both events and subsequently found himself left in Australia with trainer Ciaron Maher and later for sale online.
Since his online purchase, the son of Galileo (Ire) has finished runner-up in the G2 Herbert Power S. (2400 metres), won the G2 Moonee Valley Cup (2500 metres) and finished third in the G1 Melbourne Cup (3200 metres), amassing over $1 million in stakes for his new connections. A simply amazing result and astute buying.
Okita Soushi (Ire) winning the G2 Moone Valley Cup | Image courtesy of Racing Photos
Furthermore, some astonishing results were had by buyers of shares in racehorses via the digital platform. Two shares were sold in subsequent Group 1 winners Port Lockroy (Better Than Ready) and Light Infantry Man (Fr) (Fast Company {Ire}).
A 5 per cent share was sold in Port Lockroy to Banjo Bloodstock for $16,000 in February before his G1 Railway S. (1600 metres) win in November. While 5 per cent of Light Infantry Man was sold to Jack Pakis for $50,000 just one week before his G1 Northerly S. (1800 metres) triumph.
Backing from top breeders and stables fuels Inglis Digital’s success
Melmeth believes the success of Inglis Digital is greatly due to the support they receive from some of the biggest breeders and racing stables from around the country, as well as the transparency and ease that the platform provides.
“Godolphin have been huge supporters,” Melmeth said.
“The majority of their horses are sold through Inglis Digital now. I think they still send some to sale but in general terms they are a massive supporter and are very well received. They present horses in a manner that people are confident.
“The booklet they create with full vetting history is very transparent and very clear. They have a good brand for selling tried horses and therefore people are confident buying from them.
Nick Melmeth | Image courtesy of Inglis
“We’ve had great support from some of the biggest stables in the country also. Gai Waterhouse, Mick Price and Ciaron Maher have half a dozen every sale, including shares.
“Whenever I talk to some of those bigger stables it’s just the ease and convenience for them. They have a clear and transparent market that is a public auction so it’s fair market value and then it’s a quick service. You now don’t have to park them in a paddock, you can make a decision and get them sold immediately.
“The best thing about digital is that it is timely and cost effective, but it also covers everything. We have such a diverse buying bench now. You have the top-end playing for these marquee horses which would be standouts in any sale and then you have this cascade effect – people will be buying from a metro stable into a provincial one and a provincial stable down to a country one and that’s what you see in the results.”
“The best thing about digital is that it is timely and cost effective, but it also covers everything. We have such a diverse buying bench now.” - Nick Melmeth
While encouraging all racing and breeding enthusiasts to take advantage of the Inglis Digital auctions, Melmeth strongly suggests everybody to do their homework first.
“There is still an element that do offer horses without the vetting that goes with it,” Melmeth said.
“A lot of the time when selling a tried horse they do come with faults and imperfections. The one thing we probably don’t see enough of is people doing their due diligence on horses. While many do offer vet reports, people still need to take care before they click the button.”
Gallery: Some of the big supporters of the Inglis Digital sales
Promising early results with US expansion
Earlier this year, Inglis Digital announced its expansion into America via a takeover and rebrand of leading online thoroughbred auction company Wanamaker’s. Now known as Inglis Digital USA, Melmath indicated they are happy with the early results.
“The expansion into the US has been fantastic,” Melmeth said.
“The opportunity up there is huge. It is great to have that foothold there now. We have a great team up there and they are getting some brilliant results in such a short period of time. It’s going to take a while, we aren’t a major player up there, we aren’t an established auction house up there.
“They do know the brand and they are aware of what we do here in Australia but when you have got someone like Fasig who are blazing the trail up there with digital auctions it’s going to take some time. We might not have the numbers they are getting but we are getting good results.”
“The opportunity up there (US) is huge, and it is great to have a foothold now. We’re not a major player yet, but our team is achieving brilliant results in a short time. While Fasig is leading the way with digital auctions, we may not have their numbers, but we’re seeing great results.” - Nick Melmeth
As the year wraps up, graduates from Inglis Digital have achieved an amazing success rate, winning one out of every five races in Australia in 2024.
The Inglis Digital January Online Sale is now accepting entries, scheduled for January 17-22. The deadline for entries is midnight on Wednesday, January 15.
