The 99th edition of the Karaka Yearling Sale begins Jan. 26 and, despite the unsettled global economy, New Zealand Bloodstock's managing director Andrew Seabrook is confident the sale will hold up "pretty well."
Over the past few days, local and international buyers have descended on the complex to hunt for the next Ka Ying Rising or Prowess.
Twelve months ago, Australian buyers spent NZ$34,900,500 on 209 yearlings, equating to 44% of the market share, and Seabrook is buoyed to see the return of regular buyers from across the Tasman, as well as some who have made the trip for the first time in a number of years. Meanwhile, he was also encouraged by the number of United Kingdom-based buyers such as Jamie McCalmont, Emma Pugsley, Sam Haggas, Stuart Boman, and Martin Buick, who had also made the trip to Karaka this year.
"We're really happy with the Australian buying bench we have assembled," he said. "I went through the hotel bookings this morning which confirmed our thinking for the last few weeks that we're going to get more Australians here than we have for a while, so definitely the Australian buying bench is looking really good, better than last year and there are some buyers here from Australia that haven't been for a few years, which is good to see."
The presence of Australian buyers has come as no surprise to the team at New Zealand Bloodstock given the strong recent racetrack performances of Kiwi-bred horses in some of the most iconic races in Australia.
"We had a really good spring, and with New Zealand-breds winning three group 1 mile races with Antino and Ceolwulf and Mr Brightside landing three proper group 1 mile races and in Sydney and Melbourne, the spring was a big help," said Seabrook.
"In the last five years, New Zealand-breds have averaged 8% of the racing population and won 21% of the group 1 races—so it has been a fairly easy sale to promote this year based on those statistics. The Australian appetite for our horses seems to be as strong as it's ever been, so that gives us a little bit of confidence ahead of the sale."
Last year's Karaka Book 1 recorded an aggregate NZ$79,585,500, up 14% on the NZ$70.063 million traded in 2023, while other key metrics such as the average, which was recorded as NZ$168,257, was also up 11% and the median closed at NZ$120,000.
At the back end of 2024, the Ready To Run Sale posted a 10% aggregate rise on its old record set in 2023, a strong 78% clearance rate and median price of NZ$90,000, and a Southern Hemisphere record of NZ$1.65 million for its highest lot, and Seabrook believes that sale's success will also have a positive effect on the outcome of the yearling sale.
"We'd be thrilled if we could hold last year's figures, remembering that we were the only sale last year that actually increased turnover and averages, and I'd like to think that the lower to middle market can hold up fairly well given that the Ready To Run Sale was such a success, so that should give the pinhookers the confidence to go again. And secondly, our racing industry is going as well as it's ever been in my career."
