Cover image courtesy of New Zealand Bloodstock

On Sunday morning, the curtain will lift from the 2025 renewal of the New Zealand Bloodstock National Yearling Sale and the first yearling will walk into the ring at 10am. Weeks of inspections will condense into a flurry of bids that, all going well, will result in both vendors and buyers going home satisfied.

Between Book 1 and Book 2, 1088 yearlings by 128 stallions have been catalogued, with 458 shared between the top 10 most represented sires in the sale. There are 661 lots catalogued in Book 1, and 427 in Book 2, which will kick off at midday on Wednesday. Westbury Stud will present the largest draft, with 81 yearlings in the catalogue spread between Book 1 and Book 2 (67 after withdrawals), followed by Waikato Stud with 66 lots (57 after withdrawals).

Table: Top 10 vendors by size of catalogued draft

The horses that get results

Toughness, braveness, and getting results has been a theme of the marketing for Karaka 2025.

“The New Zealand thoroughbred has always been known for their toughness, their soundness, and their ability to run season after season,” said Andrew Seabrook, managing director of New Zealand Bloodstock. ”Our environment produces horses with good bone, quality horses with longevity.

“In years gone by, we've been known to breed great middle distance and staying horses, and that hasn't changed, but what's really been great in the last twelve months is the huge success our sprinter-milers have had. And we saw that in Australia in the spring with three Group 1-winning milers. At the moment, we've got the highest rated sprinter in the world, Ka Ying Rising.”

G1 Empire Rose S. winner Atishu (NZ) (Savabeel) is one of four Karaka graduates to be a Group 1 winner on either side of the Tasman in 2024. Since 2018, New Zealand’s flagship yearling sale has produced 47 individual Group 1 winners who have scored 65 Group 1 victories across three countries.

The average price of a Karaka yearling since 2020 has been NZ$104,667, and to purchase one of those Group 1 winners, the average buyer would be looking to outlay NZ$174,069. However, 22 of those top flight performers could have been acquired by astute bidders for NZ$100,000 or less, and the average price for a 2024/25 Group 1 winner sits at NZ$119,750.

Graph: NZB National Yearling Sale average purchase price by year

Since the debut of the new format in 2021, which simplified the catalogue from three books to two, the sale aggregate has increased year on year, which speaks to the quality of stock moving through the Karaka sales ring. There was a NZ$9.68 million increase in gross from 2023 to 2024. The last three editions have each realised million dollar lots, with Moody Racing setting a new record filly price in 2024 when paying NZ$1.6 million to take home a full sister to New Zealand’s Champion Middle Distance Horse Prowess (NZ) (Proisir).

Graph: NZB National Yearling Sale aggregate by year

The clearance rate has remained steady over the past five editions of the sale, with a spike during the post-pandemic market surge in 2021. The catalogue size has remained stable since 2022, averaging 1102 lots in the catalogue with 12.6 per cent withdrawn before the sale commences.

Table: NZB National Yearling Sale clearance rates comparison

“I think the progression that our sales has made over the last three years has been really encouraging,” Seabrook said. “We'd be thrilled if we could match last year's figures.”

Strong international and pinhook trade

Karaka has always been a strong trade sale; of the catalogue, 111 lots were purchased as weanlings, accounting for 10.2 per cent of yearlings on offer. Australians have been avid buyers at the sale, averaging NZ$150,961 per yearling in 2024, a year where they were responsible for 37.8 per cent of winning bids.

“Australia has always been our biggest market and always will be, and I think their appetite for New Zealand horses at the moment seems to be as strong as ever,” Seabrook said. “Karaka has always been seen as a good value for money sale. Australians come in with the knowledge that they can buy a horse that's going to perform from 1200 metres to two miles.

“We've used this statistic for the last five years - New Zealand horses have made up eight per cent of the racing population in Australia, but they have won 21 per cent of the Group 1 races. So when you spit that kind of statistic out, it's pretty easy to promote (the sale).”

The sale has always seen a strong presence from Hong Kong buyers, who spent NZ$8.2 million at the sale, with an average spend of NZ$167,367 per lot, a figure that has increased year on year since 2022. Seabrook always anticipates their greater investment come the New Zealand Bloodstock Ready To Run Sale later in the year, where, in 2024, Hong Kong spent NZ$17.3 million to acquire 73 lots.

Table: Average spend by country in 2024

To speak of the breeze-up sales on both sides of the Tasman themselves, which are heavily supported by Karaka graduates. In 2024, 143 of the 404 2-year-olds catalogued on the Ready To Run Sale were catalogued at Karaka earlier in the year, and nine Karaka yearlings made it across to the Inglis Ready 2 Race Sale. Riversley Park initially outlaid NZ$160,000 for a son of Proisir out of Miss Vegas (NZ) when he was offered by Highline Thoroughbreds at last year's sale, and he was purchased in November at Ready To Run by Andrew Williams Bloodstock and Hong Kong Bloodstock for NZ$650,000.

“When we have a strong Ready To Run sale with pinhookers doing well, it gives them the confidence to come back here in January and spend up again,” said Seabrook. “And that's going to help the middle market.”

New Zealand sires taking the lion’s share

Rich Hill Stud’s Champion Sire Proisir leads the charge with 63 of his offspring catalogued across both books, whereas Waikato Stud’s Noverre (NZ) is the most represented first season sire, with 43 progeny before withdrawals. Cambridge Stud’s Sword Of State follows hot on his heels with 36 yearlings, also putting him within the top 10 general sires by numbers.

Table: Top 10 sires by number of progeny catalogued across Book 1 and Book 2, including withdrawn lots

The tall, dark, and handsome G1 New Zealand 2000 Guineas-winning son of Savabeel, Noverre was well received when his first yearlings were offered on the Gold Coast earlier this month, averaging $350,000 for three lots offered - over 38 times his service fee (when accounting for exchange rates). Michael Freedman Racing and Michael Wallace paid a top price of $500,000 for his daughter out of dual Group winner Shopaholic (NZ) (Pins), offered by Waikato Stud.

Lot 435 in Woburn Farm’s draft, his son out of G2 Eight Carat Classic victress Alagant Satin (NZ) (Al Akbar), is his sole pinhook offspring at Karaka, having been sold by Curraghmore to Raptor Thoroughbreds at the New Zealand Bloodstock National Weanling Sale for NZ$100,000.

Table: First season sires by number of progeny catalogued across Book 1 and Book 2, including withdrawn lots

The Champion 2YO son of another champion in Snitzel, Sword Of State averaged $240,833 across six lots sold at the Gold Coast, at 16 times his service fee. Ridgmont, Bjorn Baker Racing, S & J Gosling, and Clarke Bloodstock (FBAA) went to $380,000 to secure the first foal of G2 Royal S. winner Needle And Thread (Makfi {GB}) from Kia Ora Stud. Amongst his progeny is Lot 76 from Rich Hill Stud’s draft, a colt out of Little Belle (NZ) (Shocking), a half-sister to Group 3 winner and Group 1-placed Sacred Satono (NZ) (Satono Aladdin {Jpn}).

Coolmore Stud’s pin-up first season sire Home Affairs is the most presented Australian sire with 15 of his progeny in the catalogue. Of his 47 offspring sold at the Magic Millions Gold Coast Yearling Sale, he averaged $383,298 in purchase price, 3.5 times his service fee. While seven Karaka lots were purchased as weanlings, some of New Zealand’s top producers visited him in his debut year at stud, including Orinda (NZ) (O’Reilly {NZ}), dam of Lot 174 as well as G1 Australian Derby-winning stallion Jon Snow (NZ) and Listed Gold Crown winner Princess Rhaenys (NZ) (Ifraaj {GB}).

Racing incentives are rewarding Kiwi investments

“The racing industry at the moment is more positive than I've seen in my 33 years with the company,” Seabrook said. He credits the prize money increases and opportunities in New Zealand racing, stemming from the last 18 months since the establishment of Entain New Zealand, for the industry’s attitude change ahead of Karaka. “It's been a real shift. There's a really good vibe around the place.

“You’ve got the Karaka Millions on Saturday night, which will be televised live on Channel 7 in Australia, which is incredible, and the last three races are part of the World Pool.”

Saturday’s meeting boasts over NZ$5 million in prize money across a six race card, headlined by the NZ$1 million Karaka Millions 2YO and NZ$1.5 million Karaka Millions 3YO for sales graduates. An additional NZ$1 million is available in bonuses for Karaka graduates competing in 40 maiden races across the country each season, giving trainers and owners even quicker returns on investment.

Excitingly, New Zealand Thoroughbred Racing and 1/ST have partnered to create an international race series, giving winners of select New Zealand and North American races opportunities to compete in the other hemisphere. All airfare and freight will be covered by the partnership for participating horses. In the first leg of the series running this weekend, winners of the G2 Pegasus World Cup Filly & Mare Turf and G1 Pegasus World Cup Turf will be invited to the G1 New Zealand Thoroughbred Breeders S. and G1 Bonecrusher New Zealand S. on Champions Day on March 8.

“I just think, with how strong our Ready To Run sale is and the strong prize money, it just gives us a little bit of confidence that the sums will hold up well this year,” Seabrook said.