Cover image courtesy of Magic Millions
Data from Magic Millions website as at 19 January 2026
The Magic Millions Gold Coast Yearling Sale sets the tone for the yearling season as the first major sale on the calendar, and its large catalogue traditionally provides strong depth across the market.
In 2026, the headline metrics were strikingly similar to 2025, although the reduced catalogue size delivered a modest but meaningful lift at the lower end, so we took a deeper look.
A return to old volumes
The 2026 catalogue comprised 1,221 yearlings, down from approximately 1,400 in both 2024 and 2025. This represented a return to the volumes seen in 2022 and 2023.
Despite the change in scale, there was notable consistency in sales. The overall median held steady at $150,000 across Books 1 and 2, unchanged for the third consecutive year. Book 1 followed the same pattern, with a median of $200,000 in 2024, 2025 and 2026.
| 2026 | 1221 | 146 | 932 | $150,000 | $228,407 | 86.70% | $200,000 | $42,500 |
| 2025 | 1401 | 138 | 1009 | $150,000 | $214,623 | 79.89% | $200,000 | $35,000 |
| 2024 | 1474 | 138 | 1132 | $150,000 | $212,311 | 84.73% | $200,000 | $35,000 |
| 2023 | 1279 | 135 | 1015 | $170,000 | $240,371 | 88.72% | $210,000 | $50,000 |
| 2022 | 1235 | 136 | 1013 | $180,000 | $239,556 | 92.17% | $230,000 | $46,000 |
Table: Magic Millions Gold Coast Yearling Sale overall 5-year metrics
This was the second year operating under the revised sale format, with no selling on Saturday, an extended Friday session, and Book 2 conducted on Sunday.
While the sale lacked the headline moment of 2025 - when Lia La La (Home Affairs) set a new record at $3.2 million - it did deliver increases in average prices across all four quartiles, while maintaining the median.
In 2026, two lots were the equal top price at $2 million each, being Lot 59, the Frankel (GB) colt from Antibes (Lonhro) and Lot 345, an Extreme Choice colt from Hazlebrook (Hinchinbrook).
Gallery: 2026 Magic Millions Gold Coast Yearling Sale top lots, images courtesy of Magic Millions
A total of 15 seven-figure yearlings were sold, up slightly from 13 in 2025, but well below the 23 achieved in 2024.
The gross expenditure on the top five lots fell to $8.6 million, compared with $11.9 million in 2025 and $9 million in 2024 - reinforcing the sense that spending at the very top eased this year.
| 2026 | 15 | $2,000,000 | $8,600,000 |
| 2025 | 13 | $3,200,000 | $11,900,000 |
| 2024 | 23 | $2,100,000 | $9,050,000 |
| 2023 | 20 | $2,700,000 | $11,600,000 |
| 2022 | 19 | $1,900,000 | $8,000,000 |
Table: Seven figure yearlings at Magic Millions Gold Coast Yearling Sale
Where the change happened
Breaking Book 1 results into quartiles provides a clearer picture of how the commercial market shifted. While Book 2 is referenced where relevant, it is not included in the quartile calculations.
The lowest average across the past five years occurred in 2024. Since then, averages have risen in both 2025 and 2026.
Importantly, 2026 marked a reversal of the four-year trend of declining averages across all quartiles, with each showing a modest year-on-year lift. The strongest improvement came at the bottom of the market.
Magic Millions Director Barry Bowditch said the results reflected improved depth across all levels.
Barry Bowditch | Image courtesy of Magic Millions
“We were pleased with the outcomes for vendors across the board this year. There was a strong depth across all levels of the market, and the clearance rate was excellent for a catalogue of this size,” said Magic Millions Director Barry Bowditch.
“We had more withdrawals than last year, so there were less horses sold overall but the figures show that we are moving the needle at the lower and middle end of the market. That's the part of the market which is more vulnerable to the economic climate, making the results very pleasing.
“The figures show good depth of buyers, especially with Book 2 where the solid position of the market was most obvious.”
“The figures show good depth of buyers, especially with Book 2 where the solid position of the market was most obvious.” - Barry Bowditch
With an average of 783 Book 1 yearlings sold annually over the past five years, 2026 was the smallest of that period, with 753 sold.
This reflects the smaller catalogue, a higher number of withdrawals, and a steady clearance rate rather than a contraction in demand.
| 2026 | 753 | 200,000 | $594,519 | 253,360 | 154,601 | 82,262 | 179 | $51,466 |
| 2025 | 768 | 200,000 | $591,166 | 250,916 | 154,089 | 79,609 | 241 | $44,539 |
| 2024 | 819 | 200,000 | $592,537 | 260,319 | 165,186 | 84,976 | 313 | $46,511 |
| 2023 | 790 | 210,000 | $629,645 | 275,076 | 173,535 | 87,772 | 225 | $61,449 |
| 2022 | 785 | 230,000 | $602,270 | 289,056 | 184,133 | 96,536 | 228 | $56,502 |
Table: Magic Millions Gold Coast Yearling Sale quadrant analysis by year
While 2022 remains the strongest year by median, with Book 1 reaching $230,000, the past three years have been remarkably stable at $200,000.
Across all four quartiles, average prices increased on 2025, although they remain below the highs of 2022. The tighter catalogue had the greatest impact at the lower end, with the bottom 25% averaging $82,260 - up 3% from $79,600 in 2025.
The top and second quartiles both rose by around 1%, while the third quartile was effectively flat.
Book 2 shows improvement
The smaller catalogue also produced stronger outcomes in Book 2, where the median rose sharply from $35,000 in 2025 to $42,500 in 2026.
This may reflect vendors opting to divert lower-end horses to online platforms rather than incur the full costs of yearling preparation, with sale numbers dropping notably as Magic Millions tighten up the Book 2 entries. As a result, vendors who presented quality individuals in Book 2 were rewarded more consistently than last year.
Buyer numbers and behaviour
Buyer behaviour continues to evolve. Note that buyer data is presented in the official Magic Millions format, meaning buying partnerships are counted separately and the data has not been consolidated.
In 2026, 465 individual buyers or buying groups purchased an average of two horses each, from 932 horses sold. This represents a slight decline from 2025, when 480 buying groups purchased 1,009 horses at an average of 2.1 each.
The key takeaway is broader participation. The proportion of buyers purchasing just one horse increased from 62% in 2025 to 65% in 2026, indicating a wider spread of buying activity despite the smaller catalogue.
This trend was also evident among major buyers.
Adrian Bott and Gai Waterhouse | Image courtesy of The Image Is Everything
Gai Waterhouse and Adrian Bott, in partnership with Kestrel Thoroughbreds, were again the leading buyers by volume, purchasing 17 yearlings for $7 million - down from 24 yearlings for $9 million in 2025, but a quick look at the results shows another eight purchased with various syndicators - including the newly formed 'Lucky Down Under'.
Chris Waller and Mulcaster Bloodstock topped the buyers by gross, spending $8.7 million on 14 yearlings.
| 2026 | 1221 | 932 | $150,000 | 465 | 2 | 301 | 65% | Gai Waterhouse & Adrian Bott/Kestrel Thoroughbreds | 17 | Waller Racing/Mulcaster Bloodstock | $8,685,000 |
| 2025 | 1401 | 1,009 | $150,000 | 480 | 2 | 299 | 62% | Gai Waterhouse & Adrian Bott Racing/Kestrel Thoroughbreds | 24 | Gai Waterhouse & Adrian Bott Racing/Kestrel Thoroughbreds | $9,005,000 |
| 2024 | 1474 | 1,132 | $150,000 | 533 | 2 | 339 | 64% | Ciaron Maher Bloodstock | 24 | Ciaron Maher Bloodstock | $8,145,000 |
| 2023 | 1279 | 1,015 | $170,000 | 497 | 2 | 318 | 64% | Gai Waterhouse & Adrian Bott Racing/Kestrel Thoroughbreds | 21 | China Horse Club/Newgate/Go/Trilogy | $10,100,000 |
| 2022 | 1235 | 1,013 | $180,000 | 439 | 2 | 280 | 64% | Ciaron Maher Bloodstock | 37 | Ciaron Maher Bloodstock | $13,180,000 |
Table: Buyer behaviour at the Magic Millions Gold Coast Yearling Sale
Fewer yearlings, fewer vendors
The reduction of 180 yearlings from the 2025 catalogue was mirrored in vendor numbers. In 2026, the 1,221 yearlings were offered by 119 vendors, with the average number of yearlings per vendor holding steady at just over 10.
Arrowfield Stud and Widden Stud were the leading vendors by volume, selling 48 yearlings each.
The number of vendors offering three or fewer lots declined sharply, from 14 in 2025 to eight in 2026. Given the overall contraction in catalogue size - and the loss of many smaller breeders and farms in recent years - this is consistent with tighter supply rather than a structural shift.
| 2026 | 1221 | 932 | $150,000 | 119 | 10 | Arrowfield & Widden | 48 |
| 2025 | 1401 | 1,009 | $150,000 | 137 | 10 | Widden Stud | 71 |
| 2024 | 1474 | 1,132 | $150,000 | 155 | 10 | Widden Stud | 76 |
| 2023 | 1279 | 1,015 | $170,000 | 141 | 9 | Arrowfield Stud | 63 |
| 2022 | 1235 | 1,013 | $180,000 | 121 | 10 | Arrowfield Stud | 73 |
Table: Vendor data over last five years
Stallion depth remains resilient
The number of stallions standing in Australia continues to decline, falling from a peak of 3,926 in 1986 to 440 in 2023 - the conception year for the 2026 sale.
This represents a significant drop from the 505 sires standing in 2022.
Despite this, the 2026 catalogue featured yearlings by 122 different stallions, only marginally down from 127 in 2025 and notably higher than the 102 represented in 2022.
This suggests that, at least at the commercial level, stallion diversity remains comparatively robust.
Fifteen stallions represented did not stand in Australia in 2023, up from twelve last year. Six were based in New Zealand, with the remainder from the Northern Hemisphere. Frankel (GB) led international representation with 12 yearlings catalogued, including one of the sale toppers. Kingman (GB), Siyouni (Fr) and Baaeed (GB) were also represented.
| 2026 | 1221 | 932 | $150,000 | 122 | 15 | 440 |
| 2025 | 1401 | 1,009 | $150,000 | 127 | 12 | 501 |
| 2024 | 1474 | 1,132 | $150,000 | 133 | 13 | 525 |
| 2023 | 1279 | 1,015 | $170,000 | 112 | 2 | 529 |
| 2022 | 1235 | 1,013 | $180,000 | 108 | 5 | 504 |
Table: Distribution of stallions in the Magic Millions Gold Coast yearling sale catalogue
