I Am Invincible relation to Winx comes out on top in pandemic-affected market 

An I Am Invincible colt from the same family as Winx has become the headline act of a prevailing buyers’ market at Round 2 of the Inglis Australian Easter Yearling Sale, the first live auction to be held in the country since the coronavirus-led lockdown.

In what was described by some industry participants as a “tough” market, the Bhima Thoroughbreds-consigned sales topper gained the honour after Sydney trainer Gerald Ryan successfully negotiated with the colt’s breeder to buy the rising two-year-old for $700,000 (£389,000/€432,000) after he had been passed in through the ring.

Yulong sold the two next highest-priced lots, a Frankel filly and an I Am Invincible colt, who each made $500,000.

Overall, 51 of the 83 Easter Round 2 yearlings were sold yesterday at an average of $131,588 with a number of passed in lots finding new homes, as buyers and vendors were able to agree on market values while the Scone Yearling Sale which followed, achieved a clearance rate of 81 per cent at an average of $17,652.

Ryan, who also bought a Corumbene Stud-bred son of I Am Invincible for $130,000 and a No Nay Never filly for $50,000 from Coolmore on Sunday, thought the market had held up well given the circumstances which included Victorians being banned from attending the complex only days out from the sale due to Racing NSW coronavirus protocols.

“I know a few of the vendors would be a bit disappointed, but given the present situation I think they’ve sold OK,” Ryan said.

“The colts and the good fillies, the same as every sale, they make their money.”

Sam Fairgray, chief operating officer for leading vendor Yulong which sold three of its 12 yearlings on offer, was in no doubt the Covid-19 pandemic created a “buyers’ market”.

“Everyone has to deal with the current economic circumstances - everyone is in the same boat globally,” he said.

“It will stay like this a bit longer yet where it’s probably a buyers’ market at the moment, but that said, to get $500,000 for those two horses we’re really happy about.

“It’s been great Inglis has been able to even create a marketplace with this live auction, so credit to them.’’

Agent Jim Clarke, who acts for clients including Bjorn Baker and Stuart Kendrick, agreed that it was a big effort from the industry to be able to conduct a live sale during the unprecedented crisis.

Clarke bought two yearlings by Snitzel (Redoute’s Choice) in conjunction with Baker including a colt from the Edinburgh Park draft for $400,000.

“It is changing times, no doubt, but we’re in the racing business, so we’ve got to keep buying horses and racing them,” Clarke said.

“The fact that the prize-money has gone back to pre-Covid levels gives us a lot of confidence to bid strongly and there’s always going to be people who want to be involved.

“We’ve taken a cautious approach in terms of the horses we’ve bought since the pandemic struck and we have focused on quality.”

Inglis managing director Mark Webster was well aware of the importance the company played in providing an avenue for vendors to be able to sell their stock, and was pleased with yesterday’s outcome.

Mark Webster of Inglis felt there were reasons to be positive about the saleCredit: Inglis

“In general I would say that although we had a mix of three different sales here - we had yearlings from Easter, Scone and the (Melbourne) Gold sale - all up we have cleared over 70 per cent of the offering which under the circumstances with the economic climate, the health crisis and the travel restrictions ... is still a positive, certainly for the participants who need the cash flow,” Webster said.

Last week Victorian participants were denied entry to Riverside Stables after a Racing NSW directive, but prominent trainers still took the chance to add to the depth of their yearling crops this year.

Pakenham-based Phillip Stokes and Peter Moody were both active, while Mick Price and Lindsay Park were also active while international buyers from Japan, Hong Kong, Singapore and New Zealand also featured on the buyers’ sheet.

“I think over the last three or four months everyone has found a way to continue to do business even if they aren’t physically present,” Webster said.

“I don’t think they ever participate to the same degree when they are here, so our preference is to run a live auction and have everyone in attendance but that’s not possible, so we have to work with what we have.

“I was very disappointed when it became clear that we couldn’t have Victorian buyers here. A number of Victorian vendors were hamstrung.

“Some of them decided to send their yearlings, others didn’t. I certainly commend the crews that were put together to sell yearlings at the last minute - yearlings that they had never encountered in the past.”

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