Cover image courtesy of Inglis
Just like the Inglis Australian Weanling Sale, the Inglis Great Southern Sale showed gains across all metrics in 2026, up from 2025, and up over a five year period. The Sydney-based weanling sale’s average has risen 27% in the past five years, while the Melbourne-based sale has improved 14% in the same period.
Figures from Inglis website as at June 14, 2026.
Figures show the Great Southern Sale grossed $15,306,500, with 296 lots sold at an average of $51,711 and a median of $25,000.
That gross was up sharply on the $10,161,000 recorded in 2025 and also well ahead of the $12,103,500 achieved in 2022. More horses were sold in 2026 than in any of the previous five years.
For Inglis CEO Sebastian Hutch, the result added to the company’s broader weanling-sale momentum, with its two weanling sales grossing almost $35 million combined in 2026.
“When you look back and reflect, to gross almost $35 million for our weanling sales series is really incredible,” Hutch said.
Sebastian Hutch | Image courtesy of Inglis
The broader weanling market still shows clear differences between each sale’s profile. Magic Millions recorded the highest average of the three major weanling sales in 2026 at $76,724, ahead of the Inglis Australian Weanling Sale at $66,464 and Great Southern at $51,711.
For Inglis, the key point was the direction of travel across its two-sale weanling series. The Australian Weanling Sale average has risen 27% across five years, while Great Southern has lifted 14% across the same period.
“When you look back and reflect, to gross almost $35 million for our weanling sales series is really incredible. Especially when you consider the Magic Millions Weanling Sale grossed $16,149,500, so our sales have more than doubled that,” Hutch said.
| 2026 | 296 | $25,000 | 78% | $15,306,500 | $51,711 |
| 2025 | 227 | $20,000 | 81% | $10,161,000 | $44,762 |
| 2024 | 271 | $20,000 | 72% | $12,140,600 | $44,799 |
| 2023 | 254 | $16,000 | 71% | $9,966,273 | $39,237 |
| 2022 | 272 | $22,000 | 81% | $12,103,500 | $44,498 |
Table: Five year metrics of the Inglis Great Southern Sale
Quartile analysis
The Inglis Great Southern Sale has changed shape across the past five years, with the broodmare section last run in 2024. For that reason, this analysis looks only at the weanling portion of the sale, giving a cleaner like-for-like comparison.
Four of the past five sales have been held across two days, with only the smaller 2025 catalogue run on a single day. The lowest point across the period came in 2023, when the gross fell below $10 million, the average dropped under $40,000 and the median sat at just $16,000.
The 2026 sale was a strong recovery from that low. The average reached $51,711, while the median rose to $25,000, the highest in the sale’s history.
That record median is an important marker, but it also needs context. A $25,000 median still means half the horses sold made $25,000 or less. For breeders carrying service fees, mare costs, foaling, feed, vet work, staff, sales preparation and transport, that remains a hard number.
The top quartile continued to drive the sale. The top 25% of lots averaged $144,392, up 14% on 2022 and well ahead of last year’s $120,658.
The second quartile also improved, rising 15% across the five-year period to average $43,716 in 2026.
The strongest percentage gain came in the third quartile, which rose 18% from 2022 to average $15,372 this year. That was an improvement, but still a long way from covering costs for many breeders.
The lowest 25% of sold lots averaged $3,365 in 2026, down 9% on 2022 and also below last year’s $4,105.
| 2026 | 296 | $51,711 | $144,392 | $43,716 | $15,372 | $3,365 |
| 2025 | 227 | $44,762 | $120,658 | $39,107 | $15,079 | $4,105 |
| 2024 | 271 | $44,799 | $124,274 | $38,199 | $12,744 | $2,566 |
| 2023 | 254 | $39,237 | $145,714 | $33,606 | $10,187 | $2,328 |
| 2022 | 272 | $44,498 | $124,676 | $37,301 | $12,588 | $3,684 |
Table: Quartile analysis of the Inglis Great Southern Sale over five years
For the bottom end of the market, the broader issue remains - high costs are making it very difficult for many breeders to make money. Additionally, as digital sale options continue to grow across the weanling market, the live auction market is being reshaped. Physical catalogues are becoming more concentrated around foals with stronger commercial appeal, while the least commercial stock is either struggling for traction or being traded elsewhere.
In a story well known by most breeders in the industry: while overall metrics can rise, the breeder experience remains vastly uneven. The better foals are being rewarded, but the bottom end is very exposed.
A domestic-driven market
Australian buyers dominated the 2026 Inglis Great Southern Sale, with NSW and Victoria providing the bulk of the spend.
NSW-based buyers were responsible for the largest share of the gross, spending $6,482,000 across 99 purchases. That accounted for 42% of the sale’s total spend and came at an average of $65,475.
Victorian buyers bought the greatest number of horses, securing 115 lots for a combined $4,695,000. That represented just over 30% of the aggregate, at an average of $40,826.
New Zealand buyers were also active, purchasing 24 weanlings for $1,369,500 at an average of $57,063. Western Australian buyers spent $938,000 across 16 lots, averaging $58,625, while Queensland buyers purchased 18 lots for $807,000 at an average of $44,833.
Hong Kong buyers produced the strongest average among locations with two or more purchases, buying seven weanlings for $497,000 at an average of $71,000.
| NSW | 99 | $6,482,000 | $65,475 |
| VIC | 115 | $4,695,000 | $40,826 |
| NEW ZEALAND | 24 | $1,369,500 | $57,063 |
| WA | 16 | $938,000 | $58,625 |
| QLD | 18 | $807,000 | $44,833 |
| HONG KONG | 7 | $497,000 | $71,000 |
| SA | 14 | $198,000 | $14,143 |
| TAS | 1 | $180,000 | $180,000 |
| TAIWAN | 1 | $120,000 | $120,000 |
| JAPAN | 1 | $20,000 | $20,000 |
Table: Buyer locations at the 2026 Inglis Great Southern Sale
Sires with 100% clearance
With 105 different stallions represented in the catalogue, the sale offered a broad read on sire demand.
Ten stallions with five or more lots catalogued achieved a 100% clearance rate, and Ghaiyyath (Ire) produced the standout result.
Ghaiyyath (Ire) | Standing at Darley
The Darley stallion had five lots offered and all five sold, grossing $830,000 at an average of $166,000. Those figures came off a 2024 service fee of $27,500 inc GST.
Ghaiyyath has had a significant season with his first crop of 3-year-olds. He has sired dual Group 1 winner Observer, who retires to stud in 2026, and has five stakes winners from that first crop, with 12 stakes winners overall. Opera Ballo (Ire) also became his first European Group 1 winner.
Street Boss (USA) was also in demand, with all five of his weanlings selling for a combined $515,000 at an average of $103,000. His 2024 service fee was $66,000.
Maurice (Jpn) cleared all five of his lots at an average of $80,300, while first-season sire Ozzmosis also sold five from five at an average of $52,400.
Nicconi had five from five sell at an average of $44,800, while Zousain had six sold from seven catalogued, with one withdrawn, at an average of $23,333.
The 100% clearance list also showed the difference between clearing stock and commanding a premium. State Of Rest (Ire) averaged $20,700, Shamus Award averaged $14,688, Pierata averaged $13,600 and Paulele averaged $9,400.
For sires such as Ghaiyyath and Street Boss, the clearance rate came with serious commercial reward. For others, it showed buyers were prepared to transact, but only at a much lower level.
| Ghaiyyath (Ire) | 5 | 5 | $830,000 | $166,000 | |
| Street Boss (USA) | 5 | 5 | $515,000 | $103,000 | |
| Maurice (Jpn) | 5 | 5 | $401,500 | $80,300 | |
| Ozzmosis | 5 | 5 | $262,000 | $52,400 | |
| Nicconi | 5 | 5 | $224,000 | $44,800 | |
| Zousain | 7 | 6 | 1 | $140,000 | $23,333 |
| State of Rest (Ire) | 5 | 5 | $103,500 | $20,700 | |
| Shamus Award | 8 | 8 | $117,500 | $14,688 | |
| Pierata | 5 | 5 | $68,000 | $13,600 | |
| Paulele | 5 | 5 | $47,000 | $9,400 |
Table: Sires with 100% clearance and more than five lots at the 2026 Inglis Great Southern Sale
First-season sires all about the Slipper
Among the first-season sires, the market leaned heavily into Golden Slipper form.
King’s Gambit proved the most popular of the local first-season sires by average, with two sold from five catalogued at an average of $126,000. One was passed in and two were withdrawn.
A Listed winner on debut at two and winner of the G2 Roman Consul Stakes at three, King’s Gambit also brought the right juvenile reference. He was placed in the G1 Golden Slipper behind Shinzo and Cylinder, a form line which continues to carry obvious commercial weight.
King's Gambit | Standing at Newgate Farm
He was well supported in his first season at stud, covering 175 mares at a fee of $22,000 inc GST.
Shinzo continued to find support, with five weanlings sold at an average of $82,000. Cylinder, runner-up in the same Golden Slipper, had eight sold at an average of $71,875.
Ozzmosis also made a clean start, with all five of his weanlings selling at an average of $52,400.
Chaldean (GB) topped the first-season table by average with his only lot selling for $180,000.
A meaningful trend came through the Slipper-linked Australian sires with multiple lots through the ring.
The result reinforced a familiar point about the Australian market. Buyers still place a premium on early 2-year-old performance, fast juvenile form and stallions with an easy commercial story.
| Chaldean (GB) | 1 | 1 | $180,000 | $180,000 | ||
| King's Gambit | 5 | 2 | 1 | 2 | $252,000 | $126,000 |
| Shinzo | 8 | 5 | 1 | 2 | $410,000 | $82,000 |
| Cylinder | 14 | 8 | 2 | 4 | $575,000 | $71,875 |
| Ozzmosis | 5 | 5 | $262,000 | $52,400 | ||
| Benbatl (GB) | 8 | 5 | 3 | $181,000 | $36,200 | |
| Native Trail (GB) | 11 | 3 | 4 | 4 | $92,000 | $30,667 |
Table: Top first season sires by average at 2026 Inglis Great Southern Sale
