National Yearling Sales: Two lots fetch $500,000 in opening session

The 92nd National Yearling Sales Series at Karaka has opened on a positive note with two lots going for $500,000 and Racing Minister Winston Peters promising the industry a “change for the better.”

Mr Peters opened the sales, held for the first time on a Sunday evening, and said the government was working to reduce the industry’s tax burden.

In particular, the industry has criticised Inland Revenue interpretations on rules and regulations around bloodstock write-downs and other issues.

Mr Peters said these were hampering the industry. He also reiterated the need for serious change within racing industry structures to ensure cost reductions were passed on to the benefit of key stakeoholders such as horse owners and punters through increased prizemoney.

No detailed policy changes were revealed, as these would be subject to the government’s first budget in May.

Meanwhile, New Zealand Bloodstock managing director Andrew Seabrook was upbeat about the changes to the sale structure this year, with longer buying sessions and more lots in the premium “book one” yearlings.

“This is probably the best opening session we’ve seen at Karaka to date, and with really good reports on the overall quality on offer this year, and great depth to the buying bench, it bodes well for the momentum to continue,” he said.

A total of 76 lots were sold in the three-hour session for $11.5 million at an average of $151,382. The clearance rate was a 81%.

The two top lots of $500,000 each were sold to Dean Hawthorne Bloodstock – a Tavistock filly and full sister to Werther – and Wallace Thoroughbreds – a More Than Ready colt for Hong Kong clients. The vendors were Highden Park and Haunui Farm, respectively. In total, 11 lots sold for $300,000 or more.

Five Tavistock yearlings featured in the top 10 lots with $1.93 million outlaid at an average of $386,000.

The top buyer was Te Akau Racing’s David Ellis, who spent $1 million on eight yearlings for an average of $128,750, while the top vendor was Cambridge Stud with $1.4 million for seven lots.

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