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Premier Sale KPIs down but that did not come as a shock to those at Inglis.
Inglis is comfortable with where the Premier Yearling Sale sits despite the key indicators for this year's three-day sale, which wrapped up on Tuesday, being down on the previous two years.
Inglis Bloodstock chief executive Sebastian Hutch said last year's sale, when a record $77,270,000 changed hands at an average of $157,694, was an unfair comparison to a climate where Australians are dealing with ever-rising interest rates and high inflation.
A Book 1 gross of $57,724,000 laid the foundations for the sale to surpass $60 million with the addition of Showcase Session lots, which compares favourably with the pre-Covid era.
"Only three times in the history on the Premier Sale in Melbourne has the turnover of the sale exceeded $60 million, but the turnover here is going to comfortably exceed $60 million, so it's going to be the third best Premier Sale ever in terms of figures," Inglis Bloodstock CEO Sebastian Hutch said.'
"So, while in the context of the results from 12 months ago, obviously it's significantly down on that, but I think it would be a mistake not to recognise that it's still going to be a very, very lucrative sale in the context of the history of this sale.
"We've had a broad participation from the majority of major buyers and they've just been more discerning than what they were 12 months ago and, to an extent, two years ago."
This year's Book 1 average of $136,242, while well down on last year, was around $3000 short of the 2021 average but $9000 up on the 2020 figure of $127,259, a year that the sale grossed $48,867,500.
The most expensive lots sold on Day 3 were a couple of $400,000 lots; a Collingrove Stud colt by Toronado who was bought by Anton Koolman and a daughter of Pierro from the Blue Gum Farm draft who sold to Robert Hickmott.
While overall numbers were down on previous years, the sale did produce the highest-priced filly ever sold at Premier with the I Am Invincible/Special Lover filly who is a half-sister to Miss Roseiano and Easy Single finding a home with Tony Fung Investments for $1.1 million.
The $400,000 Pierro filly – who was the final lot in Book 1 – helped Blue Gum Farm ($4,620,000) snatch leading vendor honours in Book 1 from Yulong ($4,150,000), while Yarraman Park led the averages for vendors with all least three lots sold with its 11 lots selling at an average of $230,000.
Upper Bloodstock bought more horses than any other buyer, spending $1,450,000 across 10 horses, while Mick Price Racing – which bought nine horses – spent the most at $1,640,000.
INGLIS PREMIER SALE BOOK 1 2023 (2022 numbers in brackets)
Lots offered: 545 (545)
Sale Gross: $58,039,000 ($77,270,000)
Average: $136,242 ($157,694)
Median: $100,000 ($140,000)
Clearance rate: 78% (90%)