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Bowditch ‘seriously pleased’ with sale.
At the conclusion of trade of Book 1 (which did not include the Estate of the late Eduardo Cojuangco) of the Magic Millions National Yearling Sale, the auction house reported that 191 lots had sold for a total of $10,288,500 with the clearance rate sitting at 75 per cent.
The average of $53,866 and median of $36,000 were up on the 2019 renewal when 384 lots had sold for $12,561,000 with the average sitting at $52,556 and median of $30,000. Despite the decline in number offered, Magic Millions managing director said that he was over the moon with the results given that a number of leading players were unable to make it up to the Gold Coast, due to the restrictions surrounding coronavirus.
"We are seriously pleased with how today went, given what is going on in the world and it's the last yearling sale of the season and obviously not being able to have any internationals here on the ground or Victorians or Sydney people," said Bowditch.
"It was mission impossible going into it, so to pull it off and the fact it statistically matches up with it and a clearance rate that is comparable and an average that is comparable and a higher median - it is a fantastic result."
Bowditch was quick to heap praise on the bloodstock agents and Magic Millions staff who worked tirelessly to aid many buyers who couldn't make it to the complex.
"Full credit to the agents and the Magic Millions team, who have gone out and done their work on the catalogue and called a lot of people and engaged with a lot of people who were not able to attend," said Bowditch.
"You could see today they were participating on a lot of horses, which was fantastic to see. You've only got to look at the results, there was a huge spread of buyers, no one dominated the market.
"To clear over $10 million, considering last year we had some very high-priced horses it was a fantastic result. The clearance rate was 74 per cent which will only increase. These vendors have held onto these horses for a long time now and it has been a very long wait for this sale and we worked really hard to create a market for them and I think looking back on today there is no doubt we did so.
"But for the vendors that have stuck by us and to come out the other side with a healthy market and kudos to them for meeting the market - they have been realistic and I am pleased to have found home for a lot of these horses."
2019 2020
Lots Catalogued: 293 (-23%) 384
Lots Sold: 191 (75%) 239 (69%)
Average: $53,866 (+2.4%) $52,556
Median Price: $36,000 (+20%) $30,000
Sale Gross: $10,288,500 (-22%) $12,561,000