Cover image courtesy of Inglis

With the four Inglis yearling sales to be held in the summer and autumn of 2026, the dates have been announced, and entries are open. Inglis opens with the Classic sale on February 8, 9 and 10, moves south to Melbourne for the Premier Sale on March 1, 2, and 3, then heads back to Sydney for the showcase sale of Easter on March 29 and 30, before ending with the good value HTBA sale on April 19. Entries for all four sales close on August 15.

“We were delighted with how our yearling sales series in 2025 played out, particularly relative to the performance of other sales early in the season, so to have defied and then reversed the negative market trend of those sales was very satisfying,” said CEO Sebastian Hutch.

When asked by TTR AusNZ about the difficulties in the market, especially at the middle of the market, Hutch said, “There’s a reward for quality regardless of pedigree. In some ways, this year has been a survival of the fittest with those better operators, who are often smaller farms, having strong results as people recognise the quality coming off those farms.”

The changing stallion environment

With Champion Sires of the recent past like Fastnet Rock and Exceed And Excel both retired, and Snitzel and Lonhro recently deceased, while I Am Invincible and Written Tycoon are reaching the twilight of their careers, Hutch feels the market has been more selective in taking risks on emerging horses, but the counter to this is that vendors who took punts on the second, third, and fourth seasons of those emerging sires will benefit in 2026.

“We often make year on year comparisons, as if the profile of the stock offered is the same year on year, but it’s not necessarily the case. It’s not a secret that we have a stallion population in transition, and the market has been heavily scrutinising the stock of emerging stallions to work out who will be the next successful horse. It’s hard to quantify that effect on the market, but it feels like we don’t have the same depth of stallions as a decade ago.

“There is opportunity for buyers to take chances on emerging stallions and be rewarded for their judgement, while others might be more circumspect in their choices. These young stallions have the capacity to become more important to the market in 2026, and there will be plenty of people who have stock by those stallions who bred to those horses at fees lower than they stand in 2025 and those vendors have an opportunity to strike a big payday in 2026.”

Stallions such as this season's Leading First Season Sire Ole Kirk, this season's Leading Second Season Sire Too Darn Hot (GB) are among those stallions who are looking to join the likes of Zoustar in becoming the new wave of market leaders.

Excited for Easter with the Winx colt to headline

The 2025 Inglis Yearling Sales saw a rise in turnover and average, against the expectations of the marketplace, headlined by a massive Inglis Australian Easter Yearling Sale that saw 399 yearlings sold at a clearance rate of 88% for $151 million, similar to the year before which was propped up by the $10 million sale of Quinceanera (Pierro), the first foal of Champion race mare Winx (Street Cry {Ire}). Her second foal, a colt by Champion Sire Snitzel, is earmarked for Easter in 2026.

“We are particularly excited about the Easter Yearling Sale, given the incredible performance of the sale in 2025, and we firmly believe that the format of the sale, with catalogued lots to be capped at 450, will allow us to again deliver outstanding results for those who support the sale with appropriate stock,” said Hutch.

The 2025 Inglis Easter Yearling Sale was expected to show falls on the year before, because there wasn’t the Winx filly to add $10 million to the aggregate, yet the aggregate stayed the same thanks to a lift in the average and median price to $447,000 and $360,000 respectively. The 2025 sale-topping colt who sold for $3 million to Gai Waterhouse, Adrian Bott and Kestrel Thoroughbreds was a Home Affairs colt who is yet to be named. He is the first foal of Group 1 winner Shout The Bar (Not A Single Doubt).

Middle of the market impact

It’s easy to write about the headline horses, but what about the middle of the market? In 2025, breeders found it tough selling at the mid-level sales across Australia, but Inglis sales did well. “From our perspective, we ran a very healthy Classic sale. Premier was the first sale of 2025 to be up on the year before, and there’s a compelling case to be made that Easter was the best Easter of all time relative to the number of horses on offer.

“The HTBA sale was up 50% year on year. We delivered market leading results across the board, and the feedback we had from the majority of vendors was positive and ultimately, a reflection of the work we’ve done at Inglis. We’ve been preparing for a difficult year for some time, and it’s like the saying, when the going gets tough, the tough get going.”

The Inglis Premier Yearling Sale in Melbourne showed good gains for vendors with the median in book one rising from $90,000 in 2024 to $100,000 in 2025, while book two stayed static with a median of $30,000 in both years, but the average rose from $40,000 to $44,000.

The Inglis Classic Yearling Sale, which has been growing a strong reputation among buyers for being a sale where you can buy a good type for decent value money. Vendors were rewarded in 2025 with the median and average staying static compared to 2024 at $70,000 and $92,000 respectively. Importantly for vendors, there was an 82% clearance rate, meaning the team at Inglis worked hard to find buyers for a high proportion of the catalogue.

At the lower end of the market, which struggled during 2025 as the economic pressures and cost of living crisis began to prevent racehorse owners from taking a punt on a nicely conformed yearling, HTBA yearling sale increased from a median of $10,000 in 2024 to a median of $15,000 in 2025, with the average rising from $18,700 to $21,900.

Impact of Inglis Digital on the yearling market

One key point of difference between Inglis and their competitors is the reach of their Inglis Digital platform for sales. “Our digital platform has been a fantastic window for us into new business. It’s developed as a tremendous entry point to the bloodstock market, and I would say with certainty that people begin at the digital sales, then progress into the yearling market (as buyers),” said Hutch.

“There are several trainers who’ve grown their own ownership base because someone purchased a share in a racehorse via digital. It’s been an access point for new breeders, new traders, and new pinhookers. It’s an important part of our business and of the market. We have invested heavily in the platform, and have a strong team who operate it every fortnight.

“We think it’s been a net positive for the market, as it provides a cost efficient sale platform for vendors and buyers, and most importantly it has brought transactions that traditionally happened in private into the public domain. An auction environment gives more options for people trading in and out of stock through it; and buyers can invest in a yearling at one of our sales with a legitimate option to trade out of the horse later through the digital sale. That’s been a real positive for the digital market, and we’ve seen a huge growth in horses being sold to Hong Kong through there.”

“We are not ignorant of the challenges in the market, but we are trying to facilitate the best market for our vendors and buyers. We are better prepared than anyone else.”

Cover image courtesy of The Hong Kong Jockey Club

The New Zealand Thoroughbred Breeders' Association (NZTBA) celebrated its annual award ceremony on Saturday night in a glittering ceremony which saw those connected with Ka Ying Rising (NZ) (Shamexpress {NZ}) take out several of the key awards for the night.

Stewart wins Young Achievers Award

The Mary Lynne Ryan Young Achievers Award honour a talented young person working in the thoroughbred industry, reflecting the dedication and passion of the late Waikato horsewoman Mary Lynne Ryan. The three finalists for 2024/25 were Waikato Stud’s Simon Lawson, Wentwood Grange Stud’s Richelle McMillan, and White Robe Lodge’s Jack Stewart who won the award.

The son of White Robe Lodge founder Brian Anderton’s daughter Karen Stewart and her husband Wayne, Jack Stewart wasn’t expecting to win against such strong competition. “It caught me on the hop a bit, it’s not often the southerners get the spoils and it was great to get the individual recognition. It’s not a true reflection of life, as it’s a team effort at the stud between Granddad, Mum, Dad and myself, and any accolades for me is really part of the whole of what we are doing here,” said Jack Stewart.

White Robe Lodge was founded in 1956 by Brian Anderton who received a New Zealand award for outstanding contribution to racing excellence in 1993 and he was inducted to the New Zealand Racing Hall of Fame in 2012. This spring will be the 70th year that White Robe Lodge has stood stallions.

“It was a great night. I’m glad we came up. Granddad has all those Group 1 winners and has been recognised before. The night was a good chance to catch up with people, as all the racing people and breeders were there. We had a table with good friends, and even with a lot of awards to get through, it was a nicely streamlined evening.

“When you work with horses you keep your head down, and you don’t think about things like this. I’ll be back mucking out first thing tomorrow, back to reality!”

White Robe Lodge has an exciting future ahead with the announcement that Alflaila (GB), a multiple Group-winning son of Champion Sire Dark Angel (Ire), will join the stud this spring. “It’s an exciting spring coming up. The first crop of Ancient Spirit will be three and we will see them really hit their straps, and the new horse Alflaila has a lot of things happening around him. His sire Dark Angel was crowned Champion Sire after we announced him, and Harry Angel, another son of Dark Angel, has had three Group 1 winners in Australia. He’s getting good publicity and support.”

Steve Davis awarded Personality of the Year

Auctioneer Steve Davis won the 2024/25 Personality Of The Year Award, and was working as the event’s MC during the ceremony. “I was the MC for the night and had been informed that someone else was the winner, and then I was listening to the bio and I thought, I didn’t know he was born in the Hawke's Bay. And then they mentioned about being a teacher, and I was a little confused that someone else had also done that, but it soon became apparent it was me,” said Davis.

“We had a couple more awards to do after that too. It was a pleasant surprise, and nice to be recognised. The irony is that I’d hosted the Waikato Breeders’ day at the races a few weeks before, and I won the nomination to Mr Mozart, so I donated it to the Sunline Scholarship auction. It’s the gift that keeps on giving!”

The Ka Ying Rising influence

Connections of Hong Kong Horse Of The Year Ka Ying Rising (NZ) (Shamexpress {NZ}) took out three awards being the Broodmare Of The Year Award, which went to his dam Missy Moo (NZ) (Per Incanto {USA}), the Small Breeder Of The Year, which went to his breeder Grandmoral Lodge, and the gelding also won Seton Otway Horse Of The Year.

The NZTBA Horse Of The Award goes to a “New Zealand-bred horse, bred by a NZ-based and NZTBA-member breeder, whose racing performance in the season under review most clearly reflects true merit at the highest level.”

Ka Ying Rising was unbeaten in eight starts in 2024/25, winning four Group 1 races and taking his earnings over HK$65.9 million (AU$12.8 million). Unfortunately, his dam Missy Moo died in 2021 after foaling Ka Ying Rising’s half-brother Ka Ying Glory (NZ) (Turn Me Loose {NZ}) who is also racing in Hong Kong.

Per Incanto knocks Savabeel from the Centaine Award

The Grosvenor Award is given to the Champion New Zealand-based sire by total progeny earnings within New Zealand, while the Dewar Award is received by the stallion with the highest total progeny earnings within New Zealand and Australia. Finally, the Centaine Award is given to the Champion New Zealand-based sire by total progeny earnings worldwide.

For the first time in nine seasons, Savabeel didn’t win the Centaine Award, which went to Little Avondale Stud’s Per Incanto (USA). Having risen from an initial fee of NZ$4000 plus GST to this season’s NZ$60,000 plus GST, Per Incanto’s victory marks a new era for the New Zealand industry.

Savabeel continued his success in the two domestic stallion awards, taking out the Grosvenor Award and Dewar Award for the 10th year in a row.

Breeder Of The Year is Waikato Stud

The Sir Patrick and Justine, Lady Hogan Breeder Of The Year Award goes to “the New Zealand breeder whose operation, in the season under review, most clearly reflects true breeding merit through the quality of racing performance, relative to its scale and location.” In 2024/25, the four finalists were Sir Brendon and Lady Jo Lindsay, Pencarrow Stud, Nearco Stud, and Waikato Stud.

Waikato Stud were awarded the victory, which was the eleventh time the farm has won the award. The farm’s highlights for the season include G1 NZ 2000 Guineas winner Savaglee (NZ) (Savabeel), G1 Manawatu Sires’ Produce Stakes winner La Dorada (NZ) (Super Seth), Group 2 winner Tuxedo (NZ) (Tivaci), and several Listed winners.

Cover image courtesy of Race Images

Bred by New Zealand’s Beaufort Downs, located on the South Island near Christchurch, Platinum Diamond (NZ) (Hello Youmzain {Fr}) was sold at the New Zealand Bloodstock National Yearling Sale of 2024 for NZ$90,000 to trainer Lisa Latta. Her 0.75l victory in Saturday’s Listed Ryder Stakes took her record to three wins in succession, having run fourth on debut in early May.

Having won the Listed Castletown Stakes leading into the Ryder Stakes, Platinum Diamond was sent out by punters as the $2.80 second favourite to Spandeedo (NZ) (Ferrando {NZ}), who had won the race she’d debuted in, and was also coming off a last start win.

A December foal who keeps improving

In an industry that favours early foals, Platinum Diamond was born on December 4, 2022, and she didn't race until May of her juvenile season.

“She was a late foal. We actually had a lot of trouble getting the mare in foal, and she ended up being one of the last mares covered by Hello Youmzain before he got on the plane back to the Northern Hemisphere. We’d missed two seasons before her, and just wanted to get a foal,” said Beaufort Downs’ co-owner Annabel Tuthill.

“Being a December foal, she was quite behind the others at (yearling) selection time, and New Zealand Bloodstock put her in book two as she was quite backwards, but the time we got the sales she’d really developed and was a gorgeous filly. She walked so well at the sale, and has a great temperament, really business like. She went to a good trainer and it’s turned out alright. Lisa has given her lots of time and she’s had good opportunities.”

One of two Southern Hemisphere first crop stakes winners for Cambridge Stud’s Hello Youmzain (Fr) who also has three Northern Hemisphere stakes winners, Platinum Diamond is the second foal for winning mare Spritz (NZ) (Thorn Park).

Bittersweet for the farm

Spritz, whose only win in 16 starts was over a mile on a heavy track, is a half-sister to Corsage (NZ) (Volksraad {GB}) who was the Joint second filly on 2008-09 NZ 2YO Free Handicap thanks to running third in the G1 Diamond Stakes and is the dam of G2 Wakefield Challenge Stakes winner Aotea Lad (NZ) (Savabeel).

“The mare died about three weeks ago in the paddock from an aneurism. It was about a week before Platinum Diamond’s first stakes win. That’s the ups and downs of breeding and is pretty gutting. It’s a weird feeling when Platinum Diamond wins, it’s a thrill, but without the mare to carry on the line, it is bittersweet,” said Tuthill.

“My grandmother raced the third dam Seamist, and we don’t have anything else left from the family now.” Seamist (NZ) (Beaufort Sea {USA}) won 12 races, led by the G1 New Zealand Stakes and nine others at black type level. She placed in the G1 Thorndon Mile-twice, G1 NZ 1000 Guineas, and G1 Easter Handicap. As a broodmare, she produced seven winners led by G2 New Zealand Cup winner Torlesse (NZ) (Volksraad {GB}), stakes-placed trio of Truthful (Trustful), Mistify (Montjeu {Ire}) and Mistique (Montjeu {Ire}). Seamist’s daughter, Spray (NZ) (Entrepreneur {GB}) was unplaced in one start, and is the dam of Spritz and the aforementioned stakes-placed Corsage, as well as Spritz’s Group 2-placed full sister Miss Thorn (NZ).

Spritz’s first named foal is the 5-year-old gelding Healthy Healthy (NZ) (Per Incanto {USA}) who has done all his racing in Hong Kong. From 34 starts, he’s won five times for trainer Pierre Ng, and has earnings over HK$7.1 million (AU$1.37 million). Beaufort Downs sold him at the 2021 New Zealand Bloodstock National Yearling Sale for NZ$160,000. After Healthy Healthy was born, Spritz was given the next year off, then missed to Per Incanto the following season, before finally getting in foal the following season to Hello Youmzain.

A Too Darn Hot to look forward to

Beaufort Downs will sign off the final chapter with Spritz next summer when Platinum Diamond’s Too Darn Hot (GB) half-brother walks through the yearling sale ring. Spritz wasn’t served the next season of Platinum Diamond’s birth, given the late arrival of Platinum Diamond, then was sent to the Hunter the following season where she was covered by Too Darn Hot.

“She actually got in foal to Too Darn Hot first pop. Sometimes it happens like that, and the colt is a lovely horse. He’s very like her temperament wise, very chill, and we are looking forward to taking him to the sales next year.”

Small numbers but high quality

Western Australian 4-year-old mare Luvnwar (NZ) (War Decree {USA}) won the 2024 Listed Belmont Guineas and was sold by Beaufort Downs for NZ$22,500 and she’s won her last two in succession recently. It’s a good record for a farm whose first yearling draft was in 2019 and produced Group 2-placed Milford Sound (NZ) (Ocean Park {NZ}) from just six yearlings offered. Recent drafts have been between 10 and 15 yearlings each.

“We’ve had a good season. We have only small numbers and we’ve bred a couple of recent stakes winners and a few that are stakes-placed too.”

Beaufort Downs consists of 100 acres of beautiful rolling North Canterbury grass land and is run by experienced horse people. Annabel Tuthill represented New Zealand as an event rider, while her husband Olly Tuthill has represented England as a polo player.

“The South Island punches above its weight a fair bit.” When asked about the difficulties of being so far from the major stallion locations, Tuthill had a different perspective.

“We are only half an hour from Christchurch airport, so we can fly horses to the Hunter easily as it’s a direct flight from Christchurch to Sydney. It’s quicker to get to the Hunter than to the North Island, which means we can have a bit of a difference to the other studs. It’s not too big a deal and our horses travel really well.

“We have a lovely farm, nice rolling country, loads of fresh grass and we use that to our advantage and manage everything else. You do the best with what you have.” The pragmatism will set this young farm up in good stead going forwards, and with an exciting rising 3-year-old filly in Platinum Diamond already flying the flag for the farm, it looks like we’ll be hearing a lot more from Beaufort Downs.

Europe

Graffard’s double as Calandagan wins Group 1

By TDN Europe

Two years, two geldings, two King Georges. Francis Graffard has carried all before him in his native France this season and he returned triumphant to Ascot on Saturday with Calandagan (Ire) his willing accomplice to repeat the success of last year's stable-mate Goliath (Ger).

“I'd prefer to have a very good gelding than a bad colt,” the trainer quipped in response to a query as to the missing anatomy of the son of Gleneagles (Ire). It is hard to argue with that assertion when scrutinising Calandagan's increasingly impressive race record, which now includes back-to-back Group 1 wins at Saint-Cloud and Ascot and another four runner-up finishes at the top level, including behind City Of Troy (USA) in the top-rated race in the world last year, the G1 Juddmonte International.

The Aga Khan Studs' homebred was narrowly favoured over Jan Brueghel (Ire) to continue his run of success at the Berkshire track, where he first properly burst onto the scene last year with his 6l romp in the King Edward VII Stakes. Onlookers were expecting a battle royal between that pair, who had been first and second when last they met in the Coronation Cup at Epsom. But if there is anything to be learned from the 75th running of the King George VI and Queen Elizabeth Stakes, it is never to second-guess the race tactics of the Ballydoyle runners.

The St Leger-winning duo of Jan Brueghel and Continuous (Jpn) took up the running from the outset but instead of going on as might have been expected, Continuous was under an apparent tight hold from Wayne Lordan to sit at the girth of Jan Brueghel and Ryan Moore as they hugged the rail up front, with Rebel's Romance (Ire) tucked in behind the Aidan O'Brien pair.

“The tactics during the race were not what I was expecting, when I saw Continuous going very steadily it was all different,” said Graffard. “When the filly kicked on for home, my horse was still travelling well and I was hoping he was going to catch her at the end. He lengthened so strongly, he's a very good horse.”

HH Aga Khan III won just the second running of the King George back in 1952 with his Derby, Eclipse and St Leger winner of the same year, Tulyar. His grandson, HH Aga Khan IV, struck next with the brilliant Shergar (Ire) in 1981 and that success was followed by victories for Alamshar (Ire) and Azamour (Ire) in 2003 and 2005. Twenty years on and that great owner-breeder is no longer with us but his legacy will live on well beyond his sad passing back in February, as this season's results have already exemplified.

The winner cannot of course be aimed at the Arc but he could be seen back on English shores as soon as August 20 for a repeat crack at the Juddmonte International. The small matter of a $3 million bonus is on offer should Calandagan go on to win the Japan Cup after winning the King George, with the latter also having 'win-and-you're-in' status for the Breeders' Cup.

“I would have no problem bringing him back to 10 furlongs, but I will discuss it with the owner,” Graffard said. “A mile and a half is also the perfect distance for him, but he ran really strongly in the race at York last year and if he comes back really well, why avoid the race? We could maybe go for the Japan Cup at the end of the season. He will have a big target somewhere.”

Too Darn Hot filly aimed at Breeders’ Cup

By Emma Berry, TDN Europe

On her third appearance at Ascot, 2-year-old filly Fitzella (GB) (Too Darn Hot {GB}) set a fierce gallop from the gates and was never headed when winning the G3 Princess Margaret Stakes by a length from Staya (GB) (Havana Grey {GB}).

Bred by Bob and Pauline Scott at Parks Farm Stud, the winner had been beaten only a neck on her debut at the track in May before posting a convincing win at Haydock and then running fourth in the G3 Albany Stakes at the royal meeting. Fitzella is trained by Hugo Palmer, who outlined his intention to aim her towards the G1 Breeders' Cup Juvenile Fillies' Turf at the end of the season.

“She has shown great gate speed today. The first weekend of November is a long way from now so she will definitely run again, and possibly twice, but I wouldn't think more than that. This is her fourth start of the year so I wouldn't want her to have much more than five or six,” said the trainer.

A daughter of the Exceed And Excel mare Shamandar (Fr), Fitzella is a half-sister to the Listed-placed Admiral Nelson (Kingman) and was bought as a yearling from the Goffs UK Premier Sale for £170,000 (AU$348,000) by Sackville Donald and Manor House Stables, where Palmer trains.

Palmer added, “I'm delighted for (her owners) Derek Passant and for Hefin (Williams), who are big supporters or ours and of others – they are big supporters of the game and this is the first group horse they've had. She was an expensive yearling but she was beautiful, and she still is.”

Palmer secured a quick-fire Group 3 double when Cheshire Dancer (Pheonix Of Spain) got the nod in a scintillating four-way finish for the G3 Valiant Stakes.

America

Trainer Barocio nabs first Grade 1 with surprise in G1 Bing Crosby

By TDN

It was bombs away Saturday at Del Mar as 18-1 outsider Lovesick Blues (USA) (Grazen {USA}) surged past pacesetter Hejazi (Bernardini) in the final 16th to spring the upset in the 1200-metre G1 Bing Crosby Stakes and secure himself a spot in the G1 Breeders' Cup Sprint in November.

The true war horse of the field (his 40 starts leading into this race were more than several other runners combined), the 7-year-old gelding began his career all the way back in 2020, earning wins at nearly every California track and banking over $770,000 (AU$1.2 million) with the G1 Bing Crosby win taking him to 9 wins from 41 starts. And while his career began at the lowest maiden claiming levels, Lovesick Blues has seen an uptick in form over the last two years. His first stakes start was a third, beaten just a neck, in the 2023 edition of the G3 Daytona Stakes at Santa Anita and he's been knocking on the door ever since.

Purchased privately from breeder Nick Alexander to kick 2025, Lovesick Blues left Steven Miyadi's barn to join trainer Librado Barocio this year and has contested exclusively stakes company in four starts as a 7-year-old including a win in the six-furlong Siren Lure Stakes two back at Santa Anita on May 10. Fourth most recently in the same G3 Daytona Stakes he placed in two years ago, the son of Grazen (USA) was stepping into immensely deep waters Saturday to tackle his first Grade 1.

“When he broke I said 'great' and we taught him how to close, so when Giovanni (Franco) was turning for home and circling them, I knew he was running,” said Barocio. “I picked up my wife, I was going crazy. Man, what a miracle happened. My first Grade 1.”

The fifth graded stakes winner for leading California sire Grazen, Lovesick Blues is also his sire's first Grade 1 winner though he has been represented by previous Grade 1 placings from Lieutenant Dan (USA) and Enola Gray (USA). Queenofhercastle (USA) (Ministers Wild Cat {USA}), a winner herself, has produced three winners from as many to race including this runner's half-brother, Golden State Juvenile Stakes winner Speedy Wilson (USA) (Tough Sunday {USA}). The dam herself is a half to graded stakes winner Queen Bee To You (USA) (Old Topper {USA}), already responsible for stakes-placed Princess Madison (USA) (Speightstown {USA}).