Bowditch disappointed with clearance rate after 85 lots were passed in
Monday’s opening session of the 2021 Magic Millions Gold Coast National Yearling Sale saw 111 of the 196 lots offered being sold for $7,011,500. The average sat at $63,741 and the median was $45,000.
Magic Millions managing director Barry Bowditch said that the clearance rate, which was sitting at 57 per cent was far from satisfactory and he hoped that it would increase over the next few days.
"I think it’s an extremely polarising market and the clearance rate is far from satisfactory and over the next 24 hours we'll be working very hard to increase the clearance rate to a satisfactory level," Bowditch said.
"Buyers, agents, trainers and owners out there need to be paying attention to this sale. They need to be doing their research overnight leading into tomorrow because there's so much opportunity out there.
"On the other side of the coin, I think vendors need to set their reserves low and give the market an opportunity to gain some confidence and obviously give themselves an opportunity to sell these horses.
"This is the end of the line from a selling perspective for the yearling market and it would be good to be able to sell a higher percentage of these horses over the next couple of days.
"I think quality lots were still sought after today and that was evident whether it be Guy Mulcaster and Chris Waller or Suman Hedge, they've got an eye for detail and they're finding those horses here and making sure they secure them," Bowditch added.
Milburn Creek finished the day as the leading buyer by both gross and average having sold four yearlings for $685,000 at an average of $171,250.
Arrowfield Stud’s Snitzel (Redoute’s Choice) headed the sires table having had three lots sell for $560,000 at an average of $186,667 while Newgate Farm’s Capitalist (Written Tycoon) had three lots sell for $405,000 at an average of $135,000.
Waller Racing and Mulcaster Bloodstock were the days leading purchasers having spent $530,000 on two lots while buyers from NSW spent $1,912,000 on 38 lots and QLD-based purchasers spent $1,697,500 on 26 yearlings.
