A Jet Spur--Hialeah Star colt was the most expensive horse sold April 17 during the first session of the Magic Millions QTIS 600 yearling sale in Australia.
Consigned by Kiernan Pastoral, the colt was snapped up for Aust$120,000 ($126,738 in U.S. funds) by Gold Coast agent Grant Morgan (On Track Thoroughbreds) for a syndicate of owners and will be trained by Trevor Bailey.
“Jet Spur is one of Australia’s most promising sires,” Morgan said. “We bought the top-priced Jet Spur yearling here in January, and to be honest we thought we would have had to pay a lot more for this colt. He’s a lovely, athletic, precocious colt. There’s some great value at this sale.
“The owners of Flying Minstrel (by Jet Spur) will be taking shares,” he continued, “and I will keep a share myself. The half brother to this horse, Florida Fellow, ran a very impressive second to Show A Prince at Doomben yesterday. The dam, Hialeah Star, was a good race mare and this colt is bred on the tried and true Danehill and Star Kingdom cross.
The opening day’s final results included a gross of Aust$3,394,500 ($3,585,000) for the 171 yearlings that were sold. The average price was $19,851 ($20,966), which down 9.3% from the comparable figure of Aust$21,883 for last year’s first session.
The clearance rate was 70% compared to 80% in 2010.
“The sale held up very well despite the natural disasters that have badly affected Queensland racing this year,” said Magic Millions acting managing director David Chester in a statement. “The average and clearance are down on last year’s sale, but you need to take into account that we are selling an extra 100 horses in this year’s session, which adds a lot of pressure to the average and clearance rate.
“However, on a positive note, these factors are very much in buyer’s favor, as there is great value in the market at the moment. Magic Millions clients who have attended the sale from Singapore, Macau, China, Malaysia, and New Zealand have been very active despite the strength in the Australian dollar so that is an encouraging sign.”