'Everyone believed in it' – praise for Inglis Easter Sale as figures hold firm

The final session of the prestigious Inglis Easter Yearling Sale ended with robust figures across the board, given the exceptional circumstances.

It was the first major yearling auction worldwide to take place online, with the sales company forced to take the unique measure due to the implications and restrictions of the coronavirus outbreak.

Bidding took place online and via telephone, and the sale was witnessed by viewers from no fewer than 99 countries and six continents. The thoroughbred industry is well known for its resilience and that was showcased here, with seven horses selling for A$1m (£502,000/€573,000) or more.

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Given the financial and restrictive circumstances surrounding the sale, it spoke volumes that the average of around A$318,040 (£160,000/€182,000) largely held up – down just slightly on last year's results.

Top lot went to a son of Snitzel out of Champion Female Sprinter, First Seal, who sold for A$1.8 million (£904,000/€1.03m) to Tom Magnier of Coolmore. They supported the sale immensely, resulting in both leading purchaser and vendor honours.

Magnier believed it showed just how robust the thoroughbred industry is. "Our family is passionate about Australian racing," he said. "We've got some wonderful people who invest with us working with the yearlings and the stallions.

"The economy is obviously going through a tough time at the moment but if there's a place that we believe in it's Australia.

"We think the future is in Australia and we're delighted to be a part of it. There have been some wonderful horses put through the sale this week.

"It's a credit to all the farms, not just ours, that everyone stuck together. Everyone did a great job getting their horses right, everybody got behind Inglis, everyone believed in it and made it work. When you put those formulas together you get success."

Coolmore purchased eight lots in total for an aggregate of A$6.895 million (£3.464m/€3.952m). The stud also grossed A$7,530,000 (£3.783m/€4.316m) as sellers.

Sledmere's sale-topper

The sale-topping moment was a joyous moment for Sledmere's Royston and Treen Murphy.

"We're quite emotional here. It's a great result, we're delighted, absolutely delighted," Royston told Inglis as he wiped away tears.

"It's a lot of hard work by a lot of people to get to these days. It's just a huge result, and a great result for our clients China Horse Club, who have been a big supporter of ours for years. It's great for our staff and everybody involved.

"We were so excited when this mare arrived. She's always been a favourite and she was such a good mare on the track. It's been so long ago now since she arrived, getting her in foal and all the pressures to get her in foal. We see every day from the start of this [to now in the sales ring].

"James Bester and the Coolmore team wore a track into the place. It could have been seven times they visited. I said to James, 'I'm not sure what you're looking for but we can all agree he's a belter'.

"All the big buyers have been spending money at a time when we've all been a bit worried but I think it just shows if you have the right product you can get these horses sold."

The second day of the session got off to a strong start with the second horse to be offered – a colt by I Am Invincible x Twilight Royale from Kia Ora – selling to Tom Magnier for A$1.4m (£703,000/€802,000), making him the second top-lot.

Kia Ora's Andrew Perryman told Inglis: "It's great to get him sold in such uncertain times. We're so happy for him to be going to Coolmore where he'll get a great opportunity and hopefully become a stallion.

"He's such an easy-going horse, he'll take to racing in his stride and I hope they have great success with him."

The aforementioned average was sided with a median of A$250,000 (£126,000/€143,000), and a gross figure of A$68,060,500 (£34.192m/€39.008m). Overseas buyers included those from Britain, Ireland, Japan, Macau and Hong Kong.

The leading sire award went to I Am Invincible, whose progeny grossed £7.142m/€8.147m for his 27 lots sold. They averaged $526,481 (£265,000/€302,000), whilst the late Japanese sire sensation Deep Impact posted the highest average by sire (who sold three or more lots) at A$536,667 (£270,000/€308,000).

'The most remarkable sale'

Inglis Managing Director Mark Webster was appreciative of the work done by all and also reminded vendors and purchasers of the Easter Round 2, for those were unable to offer their lots for the online sale.

"This has been the most remarkable sale on so many levels," said Webster.

"Not only has it been the first premium Yearling Sale anywhere in the world conducted in this format, it has been done during a global health and financial crisis with restrictive movements internationally and between states in Australia, making it hard and in many cases impossible for buyers to inspect stock in the lead-up to the sale.

"But with fantastic teamwork and solidarity between our vendors and Inglis we have been able to make this work.

"We are extremely appreciative of our vendors for sticking with us and I feel confident they have been rewarded beyond their expectations in many instances and while the clearance rate does not properly reflect how the sale has run or the quality of the stock, restrictions made it very hard for some farms but they will now have the chance to sell through Easter Round 2 here at Riverside on July 5."

The Easter Sale Round 2 will take place in the conventional, physical format on July 5, subject to the coronavirus restrictions. It will offer a chance for any yearling who failed to sell over the last two days, in addition to those who bypassed the virtual sale, to be reoffered in a physical format.

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