William Inglis & Son of Australia reported the first horse auction in the People's Republic of China drew a large crowd of onlookers at Guangzhou Racecourse. The auction, which will be held each year, was labeled a success, as the gross paid for the 225 horses went over the US$5-million mark.
"We were very pleased with the quality of horses," said managing director Reg Inglis. "Competition during the sale was strong with solid support from buyers with confidence in the future of racing in China. Racing in China is the last frontier of thoroughbred racing worldwide, it is exciting to be a part of an industry in itís embryonic stage."
With 305 lots offered, 225 horses were sold for a total RMB42,750,000 (about US$5,168,299) and an average price of RMB190,852 (US$23,073). The top priced offering was Lot 154, the half-brother by Shalford (IRE) to former top Australian 3-year-old Dignity Dancer, bought by Cormac McCormack for RMB1,000,000 (US$$120,895).
The sales company reported most of the buyers were based at Guangzhou, with additional support from Macau. The countries of Ireland, England, Hong Kong, Australia, and New Zealand were also represented at the sale, Inglis reported.