Karaka 2010: A Week of Success
12 February 2010
A staggering sale week at Karaka last week saw pre-sale expectations thoroughly surpassed, from vendors to buyers to casual observers seeing no signs of recession dampening spirited trade at New Zealand Bloodstock's annual yearling showcase.
At each level of the seven-day Sale - the Premier, Select and Festival sessions - there were significant increases on last year's figures, combining to post a dramatic turnaround in the results after last year's downturn.
In total, 1621 yearlings were catalogued for the 2010 Sales Series, 89 lots less than last year. In the final breakdown, turnover for the sale increased almost $20 million to $93,567,400, 25% up on the 2009 figure with 70 fewer horses sold.
The combined sale average increased 33% to finish at $82,876, the second highest in NZB history. A healthy $12,000 (40%) increase in median to $42,000 also signalled the strength and depth witnessed in the middle market.
Amongst its highlights, the Sale saw the first million-dollar lots of the Australasian yearling sales season. With NZB still holding the Australasian record of $3.6 million for a yearling sold at auction in the southern hemisphere, the top price of $2 million this year (Lot 373) became the third-equal highest yearling to ever go through the Karaka ring.
Two other yearlings hit the magical the million dollar mark (Lots 102 & 431), just one less than the record four sold in 2007.
New Zealand Bloodstock Co-Managing Director Petrea Vela summed up the sale company's take on the week.
"It has been a phenomenal week in the world of New Zealand thoroughbreds. We've had so many buyers and vendors tell us that this was the strongest sale they've ever been to in New Zealand.
"Many of the factors that contributed to our records in 2008 weren't present this year, instead we were coming off a recession and there were still a question mark over the extent to which our industry had recovered. But it would seem that the combination of the consistent success by NZ horses, the great crop of yearlings presented, and the NZ dollar have made NZ as attractive a market as it has ever been.
"The magic ingredient this week was no doubt the force of the Australian buyers. NZ middle-distance and staying horses are making such an impression there that there was overwhelming demand for those types of horses. We are very fortunate as an industry to have a market with that sort of firepower right on our doorstep, and hope this week's investment pays dividends for that support."
Buyers
The powerful international buying bench assembled at Karaka was this year headed by Hamilton-based trainer, Graeme Rogerson, buying predominantly for prominent Melbourne owner, Lloyd Williams. Returning for the first time to the top of the leading buyers list since 2005, Rogerson Bloodstock secured 28 yearlings for an aggregate of $5,018,000.
His highest-priced purchase was $500,000 for Lot 15, the Encosta de Lago colt from the Zabeel mare, Liberty Walk.
With New Zealanders securing 61% of the horses sold (683 lots) the total New Zealand spend was a fraction ahead of last year, at $36 million, versus $35 million for 784 horses in 2009.
Always prominent at Karaka, it was Te Akau Racing who lead the New Zealand charge and ended up second on the buyers list. David Ellis and Mark Walker's stable boosted its numbers with 29 youngsters, including one of the three million-dollar lots.
Ellis bid to $1.3 million to secure Pencarrow Stud's Redoute's Choice colt at Lot 431, a three-quarter brother to their former stable star, Darci Brahma.
Amongst the other prominent New Zealanders were bloodstock agents Paul Moroney and Bruce Perry, and Cambridge trainer Roger James.
The Australian buying bench put in a powerful showing, eventually securing 26% of the catalogue - 321 for $46,674,500 -48% of the sale aggregate.
With well-documented success with a string of kiwi thoroughbreds including the likes of Master O'Reilly, Vigor, Keano and Ballack, Melbourne-based trainer Danny O'Brien headed the Australian onslaught spending $2.6 million on 15 horses.
The buyers sheet reads as a who's who of top Australian trainers featuring the likes of Bart Cummings, Gai Waterhouse, Mark Kavanagh, Peter Moody, John Hawkes and Mick Price, all spending in excess of $1 million.
The Hong Kong Jockey Club was again active at Karaka, securing six lots for their International Sale in November. In total 66 horses were purchased for Hong Kong, at a spend of $8,212,500, with bloodstock agents Justin Bahen, Apollo Ng and Willie Leung also active throughout the sessions. A relative newcomer to Karaka, Bahen purchased 16 yearlings for $986,000.
The Singapore spend at Karaka continues to grow exponentially, leaping from around $1 million each year up until 2007, to over $4.5 million on 45 horses this year.
This includes the first million dollar yearling to go from Karaka to Singapore when Jayven See purchased Esker Lodge's $1 million Fastnet Rock colt from Popsy at Lot 102. Prior to this year, the top price paid for a Singapore-bound yearling from Karaka was $240,000.
Other countries active at Karaka were Japan, Malaysia, Ireland, and the United Kingdom.
Sires
Seven entries by Redoute's Choice - ranging in price from $1.4 million to $180,000 - contributed to the sire's hold as the leading sire by average at $454,286.
A pleasing outcome for the kiwis from sales week was the hot demand for their local sires, underpinned by champion Zabeel. With an average of $315,000 for 41 lots sold, Zabeel's crop generated total receipts of $12,945,000, 14% of the sale's turnover.
Other prominent local sires were Waikato Stud's O'Reilly and Rich Hill Stud's Pentire both selling up to $600,000. Pentire's Lot 267 went to Japan buyer Hajime Kaneko while Waikato Stud purchased Phoenix Park's O'Reilly filly at Lot 189.
Fellow Waikato Stud sire Pins also reached lofty heights with Gai Waterhouse bidding to $650,000 to secure Lot 111, a half-sister to Group 2 STC Reisling Stakes winner Hips Don't Lie (Stravinsky).
The fairytale of Darci Brahma came full-circle at Karaka in 2010 with his first crop of yearlings highly sought after. He headed the first season sire table with an average of $118,439. His top price was $480,000 for the colt from Fairy Lights bought by Dean Hawthorne from The Oaks Stud.
Bred and sold by Peter and Philip Vela's Pencarrow Stud, the winner of five Group 1 races sold at Karaka just six years ago for $1.1 million. Now standing at The Oaks Stud, his youngsters are now bound for stables in NZ, Australia, Singapore, Ireland and Hong Kong.
Vendors
Selling exclusively at Karaka, Sir Patrick and Justine Lady Hogan's Cambridge Stud emerged the leading vendor for the 28th year in a row and topped the sale with Lot 373. The bay colt by the perennial champion Zabeel from Diamond Like provided the stud with their 11th million dollar lot. He is also the fifth yearling from the Eight Carat family to break the million at Karaka.
Gordon Cunningham's Curraghmore Stud followed Cambridge with 41 lots selling for $7,355,000, including three $500,000 Encosta de Lago yearlings. Two of them being colts bound for Hong Kong, and a filly purchased by Hawkes Racing.
For the second year in a row, Pencarrow Stud's choice draft of yearlings, including their $1.3 million three-quarter brother to Darci Brahma, assured their place as the leading vendors by average at $276,333 for 15 sold.
Bob Emery's Belvedere Farm claimed second-highest honours, with five sold for an average of $198,000, including Lot $425,000 for Lot 441.
Bill Gleeson's Palmerston North operation, Wellfield Lodge, also did well, selling 11 lots for $195,909. Other prominent vendors with smaller offerings included Wayne and Vicki Pike's Longlands Stud and Tim Bodle's Whakanui Stud.
All 2010 National Yearling Sales Series purchases are eligible to enter for the Karaka Million Series which includes the Karaka Million for 2YOs in 2011 as well as the Karaka 3YO Mile in 2012. Click here for more information including conditions of entry and entry form.
Click on the following links for Passed Lots: Premier Sale Select Sale Festival Sale
2010 NATIONAL YEARLING SALES SERIES COMBINED STATISTICS
| 2010 | 2009 | |
|---|---|---|
| Aggregate | $93,567,400 | $74,867,700 |
| Average | $82,876 | $62,442 |
| Median | $42,000 | $30,000 |
| Clearance | 76% | 77% |
| Catalogued | 1621 | 1710 |
| Withdrawn | 145 | 143 |
| Offered | 1476 | 1567 |
| Passed | 347 | 368 |
| Lots Sold | 1129 | 1199 |
| Top Price | $2,000,000 | $800,000 |
Top Lots
| Lot | Type | Sire | Dam | Vendor | Purchaser | Location | Price |
|---|---|---|---|---|---|---|---|
| 373 | B.C | Zabeel | Diamond Like | CAMBRIDGE STUD | JAMES BESTER BLOODSTOCK | NSW | $2,000,000 |
| 431 | B.C | Redoute's Choice | Grand Echezeaux | PENCARROW STUD | MR DC ELLIS | TE AKAU | $1,300,000 |
| 102 | B.C | Fastnet Rock | Popsy | ESKER LODGE LTD | MR J SEE | SINGAPORE | $1,000,000 |
| 111 | B.F | Pins | Procure | WHAKANUI STUD LTD | MRS GM WATERHOUSE | NSW | $650,000 |
| 189 | B.F | O'Reilly | Star Affair | PHOENIX PARK | WAIKATO STUD 2001 LTD | MATAMATA | $600,000 |
| 267 | BR.C | Pentire | Amritsar Jet | RICH HILL THOROUGHBREDS | MR H KANEKO | JAPAN | $600,000 |
| 40 | B.C | Zabeel | Markisa | WENTWOOD GRANGE | DGR THOROUGHBRED SERVICES | NSW | $575,000 |
| 264 | C.F | Encosta de Lago | Allez France | CURRAGHMORE STUD LTD | HAWKES RACING | NSW | $500,000 |
| 113 | B.C | Encosta de Lago | Push a Venture | CURRAGHMORE STUD LTD | MAGUS EQUINE LTD | HONG KONG | $500,000 |
| 266 | B.C | Encosta de Lago | Amanusa | CURRAGHMORE STUD LTD | MR AS NG | HONG KONG | $500,000 |
| 15 | B.C | Encosta de Lago | Liberty Walk | HAUNUI FARM LTD | ROGERSON BLOODSTOCK | HAMILTON | $500,000 |
| 402 | B.C | Darci Brahma | Fairy Lights | THE OAKS STUD | DEAN HAWTHORNE BLOODSTOCK | CAMBRIDGE | $480,000 |
| 103 | B.C | Zabeel | Power and Grace | CAMBRIDGE STUD | MRS GM WATERHOUSE | NSW | $475,000 |
| 202 | B.C | Redoute's Choice | Surprize Surprize | LYNDHURST FARM | DGR THOROUGHBRED SERVICES | NSW | $460,000 |
| 229 | B.C | Pins | Velvet and Satin | PENCARROW STUD | MR DC ELLIS | TE AKAU | $460,000 |
| 357 | B.C | Zabeel | Dane Dancer | CAMBRIDGE STUD | INTERNATIONAL BLOODSTOCK | AUCKLAND | $450,000 |
| 331 | BR.C | Pentire | Charmed | LONGLANDS STUD LTD | KRANJI THOROUGHBREDS LTD | SINGAPORE | $450,000 |
| 301 | B.C | Montjeu | Blowin in the Wind | ESKER LODGE LTD | MR JB CUMMINGS | NSW | $440,000 |
| 441 | B.C | Fastnet Rock | Haibah | BELVEDERE FARM | HONG KONG JOCKEY CLUB | HONG KONG | $425,000 |
| 470 | B.C | Zabeel | Justa Tad | CAMBRIDGE STUD | MRS GM WATERHOUSE | NSW | $425,000 |
Leading Purchasers by Aggregate
| Purchaser | Bought | Aggregate | Average | Top Price |
|---|---|---|---|---|
| ROGERSON BLOODSTOCK | 28 | $5,018,000 | $179,214 | $500,000 |
| NEW ZEALAND BLOODSTOCK LTD | 82 | $4,893,100 | $59,672 | $400,000 |
| MR DC ELLIS | 29 | $4,167,500 | $143,707 | $1,300,000 |
| O'BRIEN THOROUGHBREDS | 15 | $2,640,000 | $176,000 | $380,000 |
| MOODY RACING PTY LTD | 15 | $2,250,000 | $150,000 | $260,000 |
| HAWKES RACING | 11 | $2,157,000 | $196,091 | $500,000 |
| PATINACK FARM PTY LTD | 9 | $2,150,000 | $238,889 | $400,000 |
| MRS GM WATERHOUSE | 6 | $2,080,000 | $346,667 | $650,000 |
| JAMES BESTER BLOODSTOCK | 1 | $2,000,000 | $2,000,000 | $2,000,000 |
| DGR THOROUGHBRED SERVICES | 6 | $1,945,000 | $324,167 | $575,000 |
| HONG KONG JOCKEY CLUB | 6 | $1,705,000 | $284,167 | $425,000 |
| INTERNATIONAL BLOODSTOCK | 10 | $1,615,000 | $161,500 | $450,000 |
| PAUL MORONEY BLOODSTOCK | 16 | $1,320,000 | $82,500 | $180,000 |
| MR JB CUMMINGS | 5 | $1,230,000 | $246,000 | $440,000 |
| MR MA KAVANAGH | 8 | $1,180,000 | $147,500 | $240,000 |
| M G PRICE RACING & BREEDING | 5 | $1,170,000 | $234,000 | $320,000 |
| JOHN CHALMERS BLOODSTOCK | 14 | $1,155,000 | $82,500 | $175,000 |
| BC3 THOROUGHBREDS | 6 | $1,085,000 | $180,833 | $330,000 |
| BRUCE PERRY BLOODSTOCK | 14 | $1,060,500 | $75,750 | $135,000 |
| MR RA JAMES | 9 | $1,047,500 | $116,389 | $275,000 |
| MR J SEE | 1 | $1,000,000 | $1,000,000 | $1,000,000 |
Leading Vendors by Aggregate
| Vendor | Sold | Aggregate | Average | Top Price |
|---|---|---|---|---|
| CAMBRIDGE STUD | 55 | $10,288,500 | $187,064 | $2,000,000 |
| CURRAGHMORE STUD LTD | 41 | $7,355,000 | $179,390 | $500,000 |
| WAIKATO STUD | 56 | $5,365,000 | $95,804 | $350,000 |
| WINDSOR PARK STUD LTD | 60 | $5,295,000 | $88,250 | $420,000 |
| HAUNUI FARM LTD | 50 | $4,820,500 | $96,410 | $500,000 |
| TRELAWNEY STUD LTD | 35 | $4,574,000 | $130,686 | $350,000 |
| RICH HILL THOROUGHBREDS | 39 | $4,471,000 | $114,641 | $600,000 |
| PENCARROW STUD | 15 | $4,145,000 | $276,333 | $1,300,000 |
| ESKER LODGE LTD | 33 | $3,439,000 | $104,212 | $1,000,000 |
| WESTBURY STUD | 36 | $3,277,800 | $91,050 | $400,000 |
| LITTLE AVONDALE STUD | 30 | $3,015,500 | $100,517 | $250,000 |
| WENTWOOD GRANGE | 19 | $2,675,500 | $140,816 | $575,000 |
| THE OAKS STUD | 27 | $2,605,500 | $96,500 | $480,000 |
| HALLMARK STUD LTD | 24 | $2,386,000 | $99,417 | $300,000 |
| WELLFIELD LODGE | 11 | $2,155,000 | $195,909 | $420,000 |
| LYNDHURST FARM | 17 | $2,123,000 | $124,882 | $460,000 |
| PHOENIX PARK | 15 | $1,485,500 | $99,033 | $600,000 |
| WHAKANUI STUD LTD | 9 | $1,482,000 | $164,667 | $650,000 |
| SEATON PARK LTD | 23 | $1,254,350 | $54,537 | $200,000 |
| SHELBY PARK LTD | 16 | $1,193,000 | $74,563 | $300,000 |
| BRIGHTHILL FARM | 20 | $1,160,000 | $58,000 | $380,000 |
Leading Vendors by Average
| Vendor | Sold | Average | Aggregate | Top Price |
|---|---|---|---|---|
| PENCARROW STUD | 15 | $276,333 | $4,145,000 | $1,300,000 |
| BELVEDERE FARM | 5 | $198,000 | $990,000 | $425,000 |
| WELLFIELD LODGE | 11 | $195,909 | $2,155,000 | $420,000 |
| CAMBRIDGE STUD | 55 | $187,064 | $10,288,500 | $2,000,000 |
| LONGLANDS STUD LTD | 5 | $182,000 | $910,000 | $450,000 |
| CURRAGHMORE STUD LTD | 41 | $179,390 | $7,355,000 | $500,000 |
| WHAKANUI STUD LTD | 9 | $164,667 | $1,482,000 | $650,000 |
| WENTWOOD GRANGE | 19 | $140,816 | $2,675,500 | $575,000 |
| TRELAWNEY STUD LTD | 35 | $130,686 | $4,574,000 | $350,000 |
| LYNDHURST FARM | 17 | $124,882 | $2,123,000 | $460,000 |
| RICH HILL THOROUGHBREDS | 39 | $114,641 | $4,471,000 | $600,000 |
| ELIZA PARK | 6 | $111,250 | $667,500 | $260,000 |
| ESKER LODGE LTD | 33 | $104,212 | $3,439,000 | $1,000,000 |
| LITTLE AVONDALE STUD | 30 | $100,517 | $3,015,500 | $250,000 |
| HALLMARK STUD LTD | 24 | $99,417 | $2,386,000 | $300,000 |
| PHOENIX PARK | 15 | $99,033 | $1,485,500 | $600,000 |
| KIRKWALL THOROUGHBREDS | 5 | $96,800 | $484,000 | $310,000 |
| THE OAKS STUD | 27 | $96,500 | $2,605,500 | $480,000 |
| HAUNUI FARM LTD | 50 | $96,410 | $4,820,500 | $500,000 |
| WAIKATO STUD | 56 | $95,804 | $5,365,000 | $350,000 |
Leading Sires by Average (three or more sold)
| Sire | Sold | Average | Aggregate | Top Price |
|---|---|---|---|---|
| Redoute's Choice | 7 | $454,286 | $3,180,000 | $1,300,000 |
| Zabeel | 41 | $315,732 | $12,945,000 | $2,000,000 |
| Encosta de Lago | 13 | $306,923 | $3,990,000 | $500,000 |
| Fastnet Rock | 11 | $294,545 | $3,240,000 | $1,000,000 |
| Flying Spur | 4 | $270,000 | $1,080,000 | $325,000 |
| Fusaichi Pegasus | 5 | $185,000 | $925,000 | $260,000 |
| Starcraft | 9 | $162,333 | $1,461,000 | $360,000 |
| Pins | 49 | $154,194 | $7,555,500 | $650,000 |
| Exceed and Excel | 3 | $150,000 | $450,000 | $180,000 |
| Dehere | 6 | $147,500 | $885,000 | $320,000 |
| Stravinsky | 4 | $147,500 | $590,000 | $220,000 |
| O'Reilly | 73 | $137,507 | $10,038,000 | $600,000 |
| General Nediym | 4 | $130,000 | $520,000 | $325,000 |
| Pentire | 34 | $128,765 | $4,378,000 | $600,000 |
| Hussonet | 3 | $123,333 | $370,000 | $220,000 |
| Elusive Quality | 4 | $122,500 | $490,000 | $200,000 |
| Commands | 4 | $120,750 | $483,000 | $220,000 |
| Darci Brahma | 49 | $118,439 | $5,803,500 | $480,000 |
| Oratorio | 6 | $116,250 | $697,500 | $240,000 |
| Stratum | 4 | $112,000 | $448,000 | $250,000 |
Leading First Season Sires (three or more sold)
| Sire | Sold | Average | Aggregate | Top Price |
|---|---|---|---|---|
| Darci Brahma | 49 | $118,439 | $5,803,500 | $480,000 |
| Nadeem | 7 | $85,000 | $595,000 | $160,000 |
| Holy Roman Emperor | 6 | $82,833 | $497,000 | $200,000 |
| Perfectly Ready | 44 | $49,489 | $2,177,500 | $290,000 |
| Fast 'n' Famous | 30 | $44,400 | $1,332,000 | $120,000 |
| Gallant Guru | 3 | $36,167 | $108,500 | $57,500 |
| Lucky Unicorn | 33 | $34,348 | $1,133,500 | $130,000 |
| Gonski | 3 | $29,333 | $88,000 | $50,000 |
| Royal Gem | 8 | $6,825 | $54,600 | $20,000 |