Magic Millions Sale's Average Rises 11.2%

A Fastnet Rock colt tops the second and final session of Australian auction.

A Fastnet Rock colt topped the second and final session of the Magic Millions national horses in training sale in Australia Oct. 28. Bloodstock agent Grant Morgan purchased the bay 2-year-old for Aust$150,000 ($145,640 in U.S. funds) from Nolen Racing.

"He's a beautiful walker," Morgan said. "He was a lovely mover in the breeze up and he had a lot going for him. The sire is going so well and he's from a top family. It's great to be able to buy him."

Morgan, who syndicated and part owns the top Fastnet Rock sprinter Faster Son, said his latest purchase would be prepared by Trevor Bailey.

"A number of clients who part own Faster Son will take a share in this colt," Morgan said.

The colt is out of the unraced Stravinsky mare Lute, who is a half sister to 1997 New Zealand Two Thousand Guineas (NZ-I) winner Foxwood and Malaysian group I winner Celtic Tiger.

The auction’s final results included a gross of Aust$8,314,500 ($8,072,800) for the 216 horses that sold. The average price was Aust$38,493 ($37,374). Compared to last year, when 219 horses were sold, the gross was up 9.8% and the average increased 11.2%.

The clearance rate was 71.3% compared to 72.5% in 2009.

"The quality lots of the auction attracted good interest from buyers," said Magic Millions managing director Stephen Silk. "We had a strong buying bench from around Australia and overseas. and there's no doubt they have snapped up some great value purchases."

"This sale has great attraction to our Asian clients, thus to have finished the sale with an increased gross and a higher average price is a great result considering the high Australian dollar. Last year's figures were boosted with the sale of Seriously Good for $360,000, so to have such positive figures with a $180,000 ($177,690 ) top-priced lot (a Gonski colt sold during the opening session) is impressive."