Karaka 2011 Witnesses Week of Solid Trade
8 February 2011
New Zealand Bloodstock's 2011 National Yearling Sales Series concluded at Karaka yesterday, with the week-long auction showcase buoyed by a powerful international buying bench that underpinned the successful week.
After the first lot selling for $600,000, the steady trade on the first day of the Premier Sale masked the buying frenzy which was to come on Day 2, when buyers stepped up their enthusiasm to secure the selection on offer.
The result was a Premier Sale result which exceeded pre-Sale expectations and provided a flow-on effect to the subsequent sessions, highlighted by strong international demand for the New Zealand product on offer.
Of concern throughout the week was the subdued activity from the local New Zealand buyers. With international buyers dominating the Premier Sale, many local buyers targeted the Select and Festival Sales without sufficient firepower to absorb the quantity of horses on offer.
New Zealand Bloodstock Co-Managing Director Andrew Seabrook identifies the distinction between the local and international buying strength as the most significant influence on this year's Sale.
"It seems a combination of success by the NZ horses and a favourable exchange rate lured a lot of Australians to Karaka this year and we're very grateful for their participation.
"We made a point this year of exposing the success from our Select Sale to the Australian market, and one of the highlights was seeing a number of Australians stay on for that session."
"It is worrying however to see the overall New Zealand spend down over $11 million this year which had an obvious effect on clearance rates at our Select and Festival Sales. Fortunately the force of the Australian buying strength went some way towards making up for a weakness from our local buyers helping us to post extremely pleasing results.
"We want to thank all buyers for their significant contribution to the Sales Series this week and hope that their Karaka purchases duly perform for them and their owners on the track."
Karaka Million
The week got underway with the Karaka Million Twilight Meeting last Sunday evening, where Fort Lincoln and Banchee became the latest pin-ups of the Karaka Million sales incentive series, winning the $1m 2YO and $200,000 3YO features respectively.
With a heated battle in the home straight, two-year-old Fort Lincoln (Charge Forward) came with a late run to smother three gun prospects in Antonio Lombardo, Planet Rock and Super Easy to take the spoils for owner John Street of Lincoln Farm, and trainer Lisa Latta.
The $10,000 Karaka Million Vendor Bonus this year went the way of Mrs Joan Egan and the Estate of Ms Marilyn Kent who offered the colt through Gordon Cunningham's Curraghmore Stud.
Summary Statistics
Selling got underway the following morning with the 2011 Premier Sale providing the first 503 of the 1622 lots catalogued for the week.
This session posted exceptional results, with the turnover and sale median both exceeding the strong result seen last year. Notably the Sale was without any million dollar lots this year, further demonstrating the overwhelming strength of the middle market on display.
This trend continued throughout the week to post a combined session average and median which both exceed last year's result, albeit with a decrease in the clearance rate.
Across the seven days of selling, 1050 yearlings were sold for a combined turnover of $88,094,250 (down 6% from $93,567,400 in 2010 with 80 more horses sold).
Turnover at the 2010 Sales Series was New Zealand Bloodstock's second highest on record, increasing by $20 million - a massive 25% - on the previous year. The result this week therefore continues a healthy upward trend of an 18% increase from 2009, notwithstanding the extraordinary spike last year.
The top price of the Sale was $875,000 paid for the colt by Red Ransom at Lot 466 by prominent New Zealand buyer, David Ellis. The colt is the half-brother to the leading three-year-old filly in New Zealand this season in King's Rose (Redoute's Choice), trained by Jason Bridgman at Te Akau Racing.
Two other lots reached the $800,000 mark, with a total of 14 yearlings making $500,000 or more this year compared with 11 last year, including three six-figure sales.
With an almost identical number of horses catalogued this year compared to last year, 18 more were withdrawn and 79 fewer were sold, representing a clearance rate of 72% (compared with 76% last year).
By the close of selling, the combined sale average for all horses sold at Karaka 2011 was a respectable $83,899, up on last year's $82,876 to become the second highest combined average achieved at Karaka.
The combined sale median was also very strong at $45,000, up 7% from $42,000 at last year's Sale, and up 50% on the $30,000 median posted two years ago.
Buyers
Underpinning the success of Karaka 2011 was no doubt the international buying bench, lead by the mass of Australian buyers present at Karaka. Together Australian buyers spent $50.8m on 349 horses, compared with a total spend of $46.6m for 321 last year which had shown a dramatic increase from $24m for 239 the previous year.
The leading buyer this year was Connolly Bloodstock with 18 young horses bought for an aggregate of $5,230,000 at an average of $290,556. Connolly's top price was $650,000 paid for Lot 450, the Encosta de Lago half-sister to G1 HK International Sprint winner Green Birdie.
Amongst the others very active were Mark Kavanagh, Lloyd Williams' Hudson Conway, Peter Moody, Danny O'Brien, John Foote, Hawkes Racing, John O'Shea, Gai Waterhouse, Bart Cummings and Duncan Ramage, all spending well in excess of $1 million.
By contrast to the growth seen from the Australian contingent, the total spend by New Zealand buyers this year was down over $11m to $24.8m for 596 horses from $36.7m for 702 last year. With $20 million spent at the Premier Sale last year, this session experienced the most significant decline with just $12.4 spent by the locals there this year.
Bucking the trend to lead the New Zealand buying bench was David Ellis of Te Akau Racing, flanked by trainer Mark Walker who has now taken up residence at Te Akau's new Singapore stable. Together the Te Akau team acquired 33 yearlings - from $16,000 to $875,000 - across the Premier & Select sessions.
This makes Ellis the leading New Zealand buyer for the sixth year in a row. Last year he bought 29 horses for $4,167,500 at an average of $143,707, while this year he upped his total to 33 for $4,774,500 for an average of $144,682.
David Ellis says there were clear positives to be taken from the week's results.
"I thought that, taking everything into account - including the state of the New Zealand racing industry and the recession that this country is climbing out of - that the Karaka Sales Series was an outstanding success.
"From my point of view, all of the really athletic, well-bred individuals were eagerly purchased and we all have to give New Zealand Bloodstock a big tick for staging such a successful sale in this challenging environment.
"Of all the sales, the Premier Sale was the most successful and it is easy to understand why. The catalogue was very strong and this was reflected in the buying results.
"From Te Akau's perspective, we bought exactly to our requirements - the quality of horses that we sought - and we are delighted with our new yearlings who are currently spelling at Te Akau Stud. The interest from existing and new owners in our yearlings has already been enormous with over 80% of them sold already."
The third leading buyer this year was the Hong Kong Jockey Club with 12 horses purchased for the Club's International Sale in March. The HJKC was represented at Karaka by Mark Richards who paid a top price of $440,000 for Lot 193, the Encosta de Lago colt from the family of Racing to Win.
With the Sale timed inconveniently for those wanting to celebrate Chinese New Year, the total spend by Hong Kong buyers was $6.9m for 39 yearlings compared with $8.2m for 66 last year.
Singapore buyers took home $3.6m worth of bloodstock this time around, versus a $4.3m spend last year, which included a $1 million purchase.
Vendors
In an extraordinary feat, Sir Patrick & Lady Justine Hogan's Cambridge Stud became the leading vendor by aggregate at the Karaka Sales for the 30th year in a row.
With a formidable record at Karaka, the Stud has sold seven of the eight all-time highest priced yearlings to go through the ring, and 11 yearlings that have fetched six figure sums.
This year, without a million dollar lot, Cambridge Stud sold 62 yearlings for an aggregate of $11,021,000, almost a million dollars clear of the next on the list which was Windsor Park Stud with 78 horses sold.
With the top price of the Sale, Cambridge Stud's entries averaged $177,758 across both the Premier and Select sessions.
With horses in all three sales sessions, Nelson & Rodney Schick's Windsor Park Stud was next on the list with its strongest ever sale at Karaka, with 78 yearlings selling for $10,095,000 at an average of $129,423.
Leading the vendors by average was Richard Rutherford's Beltana Stud, with three entries selling for $640,000 at an average of $213,333.
Sires
In a heartening result for the New Zealand industry, the clearly dominant sire factor at Karaka was industry stalwart Zabeel, whose progeny were in hot demand off the back of another four individual Group 1 winners last season.
In the final tally, 27 yearlings by Zabeel averaged a remarkable $346,111, with his progeny heading the way of Mark Kavanagh (3), Rick Connolly (3), Peter Moody (2), and Duncan Ramage (2) amongst others.
One of the star attractions of this year's Sale was the 35 entries by super-sire High Chaparral, who came in at second on the sires' tables by aggregate and fifth by average with 33 entries sold for an average of $237,500. Amongst those who secured his sought-after progeny was Gai Waterhouse who takes home three fillies and one colt by the son of Sadler's Wells amongst her six purchases.
For complete results files and post-Sale reports from the Premier, Select and Festival Sales, or to view Passed Lots, visit www.nzb.co.nz.
2011 NATIONAL YEARLING SALES SERIES COMBINED STATISTICS
| 2011 | 2010 | 2009 | |
|---|---|---|---|
| Aggregate | $88,094,250 | $93,567,400 | $74,867,700 |
| Average | $83,899 | $82,876 | $62,442 |
| Median | $45,000 | $42,000 | $30,000 |
| Clearance | 72% | 76% | 77% |
| Catalogued | 1622 | 1621 | 1710 |
| Withdrawn | 163 | 145 | 143 |
| Offered | 1,459 | 1476 | 1567 |
| Passed | 408 | 347 | 368 |
| Lots Sold | 1,050 | 1129 | 1199 |
| Top Price | $875,000 | $2,000,000 | $800,000 |
Top Lots
| Lot | Type | Breeding | Vendor | Purchaser | Location | Price |
|---|---|---|---|---|---|---|
| 466 | B.C | Red Ransom / Nureyev's Girl | Cambridge Stud | Mr DC Ellis | Te Akau | $875,000 |
| 179 | B.C | Danehill Dancer / Ballycairn | Cambridge Stud | Mr DC Ellis | Te Akau | $800,000 |
| 372 | B.F | Zabeel / Jesmonds Gift | Cambridge Stud | BBA - Ireland | NSW | $800,000 |
| 258 | B.F | Zabeel / Dane Dancer | Cambridge Stud | Mr MA Kavanagh | VIC | $700,000 |
| 261 | B.C | Zabeel / Danger Point | Cambridge Stud | Moody Racing Pty Ltd | VIC | $675,000 |
| 450 | B.F | Encosta de Lago / Mrs. Squillionaire | Whakanui Stud Ltd | Connolly Bloodstock | NSW | $650,000 |
| 293 | B.C | High Chaparral / Egoli Lass | Windsor Park Stud | Mr MB Lee | Hong Kong | $625,000 |
| 438 | B.F | Darci Brahma / Miss Distinction | Hallmark Stud | Connolly Bloodstock | NSW | $625,000 |
| 1 | B.C | High Chaparral / Queen Caelia | Windsor Park Stud | Surf Coast Racing Pty Ltd | VIC | $600,000 |
| 225 | B.F | Zabeel / Cat Shmea | Curraghmore Stud | Connolly Bloodstock | NSW | $550,000 |
| 256 | B.C | Iffraaj / Danasia | Haunui Farm | Mr MA Kavanagh | VIC | $540,000 |
| 490 | Ch.C | Pentire / Platinum Blond | Windsor Park Stud | Hawkes Racing | NSW | $520,000 |
| 37 | B.C | Zabeel / Seachange | The Oaks Stud | Hudson Conway Racing Pty Ltd | VIC | $500,000 |
| 400 | Br.C | Zabeel / La Scala | Hallmark Stud | John Chalmers Bloodstock Services | WA | $500,000 |
| 233 | B.C | O'Reilly / Chimeara | Pencarrow Stud | Mr DC Ellis | Te Akau | $480,000 |
| 239 | B.C | Pentire / Clarissa | Curraghmore Stud | Mr John O'Shea | NSW | $480,000 |
| 165 | B.C | High Chaparral / A Real Princess | Seaton Park Ltd | Mr JB Cummings | NSW | $470,000 |
| 97 | B.C | Redoute's Choice / Taimana | Curraghmore Stud | Mr John O'Shea | NSW | $460,000 |
| 491 | B.C | Zabeel / Polish Princess | Windsor Park Stud | Hawkes Racing | NSW | $460,000 |
| 243 | Gr.F | Zabeel / Cold Shoulder | Wellfield Lodge | Strawberry Hills Stud Pty Ltd | NSW | $450,000 |
Leading Purchasers by Aggregate
| Purchaser | Bought | Aggregate | Average | Top Price |
|---|---|---|---|---|
| Connolly Bloodstock | 18 | $5,230,000 | $290,556 | $650,000 (Lot 450) |
| Mr DC Ellis | 33 | $4,774,500 | $144,682 | $875,000 (Lot 466) |
| Hong Kong Jockey Club | 12 | $3,400,000 | $283,333 | $440,000 (Lot 193) |
| Mr MA Kavanagh | 9 | $3,250,000 | $361,111 | $700,000 (Lot 258) |
| New Zealand Bloodstock Ltd | 58 | $2,327,000 | $40,121 | $250,000 (Lot 308) |
| Hudson Conway Racing Pty Ltd | 8 | $1,980,000 | $247,500 | $500,000 (Lot 37) |
| Moody Racing Pty Ltd | 10 | $1,910,000 | $191,000 | $675,000 (Lot 261) |
| Danny O'Brien Racing | 9 | $1,850,000 | $205,556 | $375,000 (Lot 304) |
| John Chalmers Bloodstock Services | 18 | $1,842,000 | $102,333 | $500,000 (Lot 400) |
| Paul Moroney Bloodstock | 21 | $1,823,000 | $86,810 | $310,000 (Lot 382) |
| John Foote Bloodstock Pty Ltd | 17 | $1,723,500 | $101,382 | $290,000 (Lot 172) |
| Hawkes Racing | 5 | $1,680,000 | $336,000 | $520,000 (Lot 490) |
| Mrs GM Waterhouse | 6 | $1,445,000 | $240,833 | $350,000 (Lot 84) |
| Rogerson Bloodstock | 8 | $1,397,500 | $174,688 | $350,000 (Lot 346) |
| Mr John O'Shea | 8 | $1,357,500 | $169,688 | $480,000 (Lot 239) |
| Mr JB Cummings | 6 | $1,212,500 | $202,083 | $470,000 (Lot 165) |
| DGR Thoroughbred Services | 8 | $1,575,000 | $196,875 | $400,000 (Lot 498) |
| BBA - Ireland | 3 | $1,180,000 | $393,333 | $800,000 (Lot 372) |
| Magus Equine | 9 | $1,165,000 | $129,444 | $250,000 (Lot 264) |
| Rosemont Stud | 4 | $1,080,000 | $270,000 | $350,000 (Lot 207) |
Leading Vendors by Aggregate
| Vendor | Sold | Aggregate | Average | Top Price | Top Lot |
|---|---|---|---|---|---|
| Cambridge Stud | 62 | $11,021,000 | $177,758 | $875,000 | 466 |
| Windsor Park Stud | 78 | $10,095,000 | $129,423 | $625,000 | 293 |
| Curraghmore Stud | 35 | $5,455,000 | $155,857 | $550,000 | 225 |
| Haunui Farm | 60 | $4,840,500 | $80,675 | $540,000 | 256 |
| Waikato Stud | 42 | $4,214,500 | $100,345 | $330,000 | 6 |
| Westbury Stud | 47 | $4,079,000 | $86,787 | $420,000 | 345 |
| Pencarrow Stud | 20 | $3,903,000 | $195,150 | $480,000 | 233 |
| Trelawney Stud | 32 | $3,275,000 | $102,344 | $300,000 | 281 |
| Hallmark Stud | 23 | $2,660,000 | $115,652 | $625,000 | 438 |
| Ascot Farm | 20 | $2,545,000 | $127,250 | $350,000 | 207 |
| Rich Hill Stud | 32 | $2,438,000 | $76,188 | $180,000 | 986 |
| Wellfield Lodge | 14 | $2,344,000 | $167,429 | $450,000 | 243 |
| The Oaks Stud | 21 | $2,077,500 | $98,929 | $500,000 | 37 |
| Esker Lodge | 28 | $2,059,000 | $73,536 | $360,000 | 177 |
| Little Avondale Stud | 17 | $2,046,000 | $120,353 | $350,000 | 330 |
| Wentwood Grange | 15 | $1,724,000 | $114,933 | $325,000 | 114 |
| Seaton Park | 23 | $1,624,000 | $70,609 | $470,000 | 165 |
| Belvedere Farm | 7 | $1,288,000 | $184,000 | $320,000 | 340 |
| Goodwood Stud | 21 | $1,237,500 | $58,929 | $220,000 | 315 |
| Whakanui Stud | 6 | $1,224,000 | $204,000 | $650,000 | 450 |
| Lyndhurst Farm | 15 | $1,182,500 | $78,833 | $250,000 | 264 |
| Eliza Park | 8 | $1,102,500 | $137,813 | $300,000 | 475 |
| Highview | 16 | $933,500 | $58,344 | $140,000 | 278 |
| Phoenix Park | 15 | $930,000 | $62,000 | $300,000 | 74 |
| Brighthill Farm | 20 | $870,250 | $43,513 | $250,000 | 166 |
| Bluegables Farm | 15 | $861,500 | $57,433 | $130,000 | 1054 |
| Shelby Park | 19 | $827,500 | $43,553 | $220,000 | 441 |
| Oxford Thoroughbreds | 19 | $739,000 | $38,895 | $100,000 | 244 |
| Beltana Stud | 3 | $640,000 | $213,333 | $420,000 | 387 |
Leading Vendors by Average
| Vendor | Sold | Average | Aggregate | Top Price | Top Lot |
|---|---|---|---|---|---|
| Beltana Stud | 3 | $213,333 | $640,000 | $420,000 | 387 |
| Whakanui Stud | 6 | $204,000 | $1,224,000 | $650,000 | 450 |
| Pencarrow Stud | 20 | $195,150 | $3,903,000 | $480,000 | 233 |
| Belvedere Farm | 7 | $184,000 | $1,288,000 | $320,000 | 340 |
| Cambridge Stud | 62 | $177,758 | $11,021,000 | $875,000 | 466 |
| Wellfield Lodge | 14 | $167,429 | $2,344,000 | $450,000 | 243 |
| Curraghmore Stud | 35 | $155,857 | $5,455,000 | $550,000 | 225 |
| Eliza Park | 8 | $137,813 | $1,102,500 | $300,000 | 475 |
| Windsor Park Stud | 78 | $129,423 | $10,095,000 | $625,000 | 293 |
| Ascot Farm | 20 | $127,250 | $2,545,000 | $350,000 | 207 |
| Little Avondale Stud | 17 | $120,353 | $2,046,000 | $350,000 | 330 |
| Hallmark Stud | 23 | $115,652 | $2,660,000 | $625,000 | 438 |
| Wentwood Grange | 15 | $114,933 | $1,724,000 | $325,000 | 114 |
| Monovale Farm | 5 | $110,000 | $550,000 | $200,000 | 249 |
| Trelawney Stud | 32 | $102,344 | $3,275,000 | $300,000 | 281 |
| Waikato Stud | 42 | $100,345 | $4,214,500 | $330,000 | 6 |
| The Oaks Stud | 21 | $98,929 | $2,077,500 | $500,000 | 37 |
| Valachi Downs | 6 | $91,583 | $549,500 | $200,000 | 201 |
| Westbury Stud | 47 | $86,787 | $4,079,000 | $420,000 | 345 |
| Haunui Farm | 60 | $80,675 | $4,840,500 | $540,000 | 256 |
| Lyndhurst Farm | 15 | $78,833 | $1,182,500 | $250,000 | 264 |
| Rich Hill Stud | 32 | $76,188 | $2,438,000 | $180,000 | 986 |
| Blandford Lodge | 8 | $73,875 | $591,000 | $170,000 | 147 |
| Esker Lodge | 28 | $73,536 | $2,059,000 | $360,000 | 177 |
| Seaton Park | 23 | $70,609 | $1,624,000 | $470,000 | 165 |
| Ardsley Stud | 8 | $65,625 | $525,000 | $155,000 | 483 |
| Chequers Stud | 2 | $65,000 | $130,000 | $90,000 | 302 |
| Phoenix Park | 15 | $62,000 | $930,000 | $300,000 | 74 |
| Goodwood Stud | 21 | $58,929 | $1,237,500 | $220,000 | 315 |
Leading Sires by Average (three or more sold)
| Sire | Sold | Average | Aggregate | Top Price | Top Lot |
|---|---|---|---|---|---|
| Zabeel | 27 | $346,111 | $9,345,000 | $800,000 | 372 |
| Red Ransom | 5 | $307,000 | $1,535,000 | $875,000 | 499 |
| Encosta de Lago | 15 | $267,667 | $4,015,000 | $650,000 | 450 |
| Danehill Dancer | 5 | $262,000 | $1,310,000 | $800,000 | 179 |
| High Chaparral | 33 | $237,500 | $7,837,500 | $625,000 | 293 |
| Commands | 5 | $186,000 | $930,000 | $240,000 | 168 |
| Shamardal | 4 | $184,750 | $739,000 | $325,000 | 114 |
| Charge Forward | 3 | $183,333 | $550,000 | $300,000 | 191 |
| Exceed and Excel | 5 | $174,000 | $870,000 | $420,000 | 345 |
| Stratum | 4 | $173,750 | $695,000 | $280,000 | 224 |
| Fastnet Rock | 21 | $172,619 | $3,625,000 | $300,000 | 118 |
| Bernardini | 9 | $169,444 | $1,525,000 | $330,000 | 305 |
| Holy Roman Emperor | 3 | $160,000 | $480,000 | $220,000 | 253 |
| Excellent Art | 3 | $155,000 | $465,000 | $250,000 | 1009 |
| Flying Spur | 5 | $154,000 | $770,000 | $260,000 | 290 |
| Lonhro | 5 | $142,800 | $714,000 | $260,000 | 195 |
| Not a Single Doubt | 3 | $141,667 | $425,000 | $160,000 | 348 |
| General Nediym | 7 | $138,571 | $970,000 | $350,000 | 330 |
| O'Reilly | 36 | $128,944 | $4,642,000 | $480,000 | 233 |
| Pentire | 32 | $126,453 | $4,046,500 | $520,000 | 490 |
| Choisir | 5 | $124,500 | $622,500 | $300,000 | 102 |
| Casino Prince | 4 | $123,125 | $492,500 | $340,000 | 272 |
| Testa Rossa | 5 | $121,500 | $607,500 | $250,000 | 308 |
| Dylan Thomas | 8 | $118,125 | $945,000 | $240,000 | 109 |
| Dubawi | 3 | $116,667 | $350,000 | $190,000 | 338 |
| More Than Ready | 6 | $113,333 | $680,000 | $180,000 | 464 |
| Tale of the Cat | 4 | $105,000 | $420,000 | $210,000 | 127 |
| Iffraaj | 47 | $101,500 | $4,770,500 | $540,000 | 256 |
| Pins | 47 | $98,447 | $4,627,000 | $350,000 | 346 |
Leading First Season Sires (three or more sold)
| Sire | Sold | Average | Aggregate | Top Price | Top Lot |
|---|---|---|---|---|---|
| Bernardini | 9 | $169,444 | $1,525,000 | $330,000 | 305 |
| Excellent Art | 3 | $155,000 | $465,000 | $250,000 | 1009 |
| Casino Prince | 4 | $123,125 | $492,500 | $340,000 | 272 |
| Dylan Thomas | 8 | $118,125 | $945,000 | $240,000 | 109 |
| Iffraaj | 47 | $101,500 | $4,770,500 | $540,000 | 256 |
| Street Sense | 3 | $90,000 | $270,000 | $105,000 | 93 |
| Henny Hughes | 3 | $65,333 | $196,000 | $100,000 | 244 |
| Librettist | 6 | $48,917 | $293,500 | $90,000 | 437 |
| Shaft | 5 | $43,200 | $216,000 | $60,000 | 994 & 674 |
| Any Suggestion | 26 | $39,019 | $1,014,500 | $170,000 | 44 |
| Cecconi | 3 | $35,000 | $105,000 | $40,000 | 1616 |
| Chinese Dragon | 12 | $22,708 | $272,500 | $80,000 | 444 |
| Patapan | 11 | $14,795 | $162,750 | $60,000 | 1094 |
| Red Clubs | 5 | $12,000 | $60,000 | $24,000 | 1452 |
| Edenwold | 3 | $8,000 | $24,000 | $13,000 | 1533 |