(Photo : Jean Stanley)
Karel Miedema Sporting PostThe world can look in wonder at South Africa’s flagship National Sale, the Emperors Palace National Yearling Sale. True, the sale’s aggregate and average price followed world-wide trends downward, but closer scrutiny tells a remarkable story, writes Karel Miedema for the Sporting Post.
“The sale as a whole was down on the 2008 record breaker. Last year 501 lots accumulated a total of R200million, compared to 490 lots for R152million this time round. That’s a drop of R48million. Taking the top 10% of lots by sex for 2009, we find 26 colts selling for R750k or more, totaling R29million.
Similarly, 24 fillies sold for R500k or more, totaling R18million. Added together this gives R47million. Last year 40 colts went for R750k or more, and 43 fillies for R500k and up. Together they made for a total of R93million. The difference between these two top 10% totals is R46million – just about the amount by which the sale went down. In other words, the drop in R47million aggregate can be entirely attributed to the pricedrop amongst the top 10% of lots sold.
Median prices by sex tell their story, too. The median price is the mid-point between highest and lowest price, and in the case of horse auctions tells a truer story than a straight average would, because the high (extreme) prices have a lesser effect. The median price for colts in 2009 was R250k, down only 9% from R275k in 2008. As was predicted based on what happened at previous yearling sales this year, demand for fillies fell through the floor. The 2009 median for the weaker sex was R200k, down 20% versus the R250k in 2008. The overall median was down 15%, to R220k from R260k last year.
Given this background, the conclusion must be that South Africa is still on a high and that pre-sale doomsayers are eating humble pie, indeed. The future looks rosy.
Post sale comments from visitors echoed these sentiments. “In the current economic climate the South African National Yearling Sale is without a doubt the best performing thoroughbred sale in the world,’’ said Australian buyer Paul Guy, echoing auctioneer Steve Davis’ earlier assessment that this was his “strongest sale in the last six’’ he’d conducted around the globe.
Team Valor International’s Barry Irwin, on his fifth successive visit, secured eight foals and summed up the event, saying, “The value here is superb, it is a joy to come to this sale and I’ll be booking for next year.’’
Barry Irwin, renowned as one of the shrewdest buyers on the planet, described his purchase of Klawervlei Stud’s Lot 587, a daughter of Captain Al from Grade 1 winner Roxanne, as “incredible, because I would have gone to well over R1million for her and paid only R600k.’’ He added: “She’s probably the nicest looking filly I’ve seen. They don’t come better looking than this.’’
South Africa’s Champion breeders Summerhill Stud reaped the rewards for their great achievements of the last few years, selling the top-priced colt and filly at the sale. The Kahal colt, Uncle Tommy, a half-brother to Rebel King, was knocked down to Mike Bass for R2.4 million, while Team Valor bought first-season sire Solskjaer’s daughter Matara Garden for R1.5 million.”