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A total of 51 sold for $21,920,000
At the close of trade Inglis reported 51 mares sold for an aggregate of $21,920,000, down $1.3 million on last year, with fewer horses sold despite a much bigger catalogue, while the average finished at $429,804, compared to $422,445 in 2019. Four lots were sold for seven figures whilst seven made over $500,000. At last year’s sale 55 of the 59 lots offered were sold for $23,235,000.
The clearance rate was one area in which the sale suffered, dropping to 56.7 per cent, down from 93 per cent last year and Inglis managing director Mark Webster said he had ‘mixed feelings’ about the sale.
“I have mixed feelings about what could have been if we were able to assemble all the mares here and have the buyers to develop a full marketplace, so to have achieved the results that we have with no horses on the ground and no buyers, it’s very satisfying to have a sale where we’ve sold four over a million and we’ve had competition from around the world,” said Webster.
“This is meant to be an elite format. There was always select and general and then we added elite and put it on top and that is what this sale is.
“I think we’ve demonstrated that we can sell those types of elite mares in this environment regardless of what is happening around the world.”
Of the clearance rate, which is expected to improve over the weekend, Webster said: “It is different to a yearling sale in the sense that breeders can hold on to them. When they have a yearling generally they want to move them on and let somebody else take over the training costs and the racing costs.
“In this case the breeders don't have the compulsion to have to do that. They are here to trade, but they don’t have to as they have other options. They can foal them down, they can sell them next year if they want to.
“There is no pass-in commission at this sale, either, so again there is less of a need to sell for that reason. Having said that, I think there is some great support for this sale from breeders in general and, equally, a high-class buying bench.
“I’m really delighted for the sale to average $435,000 during a global health crisis and what is becoming an economic crisis is quite startling.”
Inglis’ Breeding Stock Sales continues tomorrow and Sunday with the Australian Broodmare Sale.
The catalogue of 399 quality mares and race fillies is now live and open for bidding, with the Final Countdown of Bidding to begin at 10am Sunday.