Easter Bigger, Better in 2015

By Kelsey Riley 
After posting admirable results with a trimmed-down catalogue last year, the Inglis Australian Easter Yearling Sale–set for Apr. 7 to 9 in Sydney–is back bigger, and perhaps better than ever, in 2015. This year's 605 catalogued lots comprise an offering that is the sale's largest in the last five years, but Inglis Director Jonathan D'Arcy insisted that doesn't mean a compromise on quality; in fact, he said, it means quite the opposite. 

“We're always selecting to a standard,” D'Arcy noted. “We a set a standard for Easter that we don't want to take a lesser type or a lesser pedigree to the sale, and this year we had an outstanding lineup of horses nominated for the sale, and I have to say some of the best types I've seen for many, many years.” 

After a blockbuster renewal in 2013 that saw a pair of colts sell for A$5 million and A$4 million–both surpassing the previous Australian record for a yearling at public auction–Inglis personnel were candidly reserved heading into last year's edition of the Easter sale, but the figures held their own. During the first two days of the sale–designated by Inglis as “session one”–328 yearlings were sold for A$82,942,500, down just over A$1.5 million from the previous year's gross for 290 sold. It is important to note, however, that last year's session one included an A$2.1 million RNA in the form of a Street Cry (Ire) colt out of the late Australian Horse of the Year Typhoon Tracy (Aus) (Red Ransom), and the A$1.6 million sale topper was a clear cut below the previous year's A$5 million half-brother to Black Caviar (Aus) (Bel Esprit {Aus}). Last year's session one saw seven sell for A$1 million or more, compared to nine the previous year. The average was down 13% to A$252,873, while the median dipped 5% to A$190,000. Another positive achievement last year was the 15.2% buyback rate–a five year low. 

While D'Arcy openly remarked last year that the catalogue lacked the ideal matchups of pedigree and conformation seen in 2013, no such excuses are being made for this year's edition, which includes the progeny of 44 Group 1 winners and siblings to 151 stakes winners, including 46 Group 1 winners. 

D'Arcy said he thought some of Australia's leading sellers were bringing standout drafts to Easter this year. 
“Some of our vendors probably have the best drafts they've had for many, many years,” he noted. “Arrowfield Stud have an outstanding draft of horses, probably headlined by a Snitzel (Aus) colt out of a great racemare called Alinghi (Aus).” 

“[Arrowfield's] stallions are doing a great job at the moment,” D'Arcy added. “Of course they have Redoute's Choice (Aus), who has been a perennial champion sire here in Australia, but Snitzel had a Group 1 winner on the weekend in the Australian Guineas, the A$1 million colt from Easter a few years ago called Wandjina (Aus), and so Snitzel is now the heir apparent to his sire as one of the leading sires in the country.” 

D'Arcy added, “Arrowfield Stud also stand Smart Missile (Aus), a first-season son of Fastnet Rock (Aus) who is selling very well, and we have some very nice ones to sell by him.” 

The most represented sire at Easter will be Coolmore's champion sire Fastnet Rock (Aus), whose progeny have been hot commodities at the sales in recent years. He has 57 catalogued, with Coolmore set to offer 20 of those among its 34-horse draft. 

“Coolmore have an outstanding draft of Fastnet Rocks, and he's as popular as ever,” D'Arcy said. 

“We also have some very nice types coming from some of our smaller breeders,” D'Arcy added. “We have a full-brother to Sizzling (Aus) (Snitzel {Aus}), who is a young stallion standing at Newgate Farm. Milburn Creek will offer that colt; he's an outstanding individual, so I'm sure we'll see good money paid for the better colts in the sale.” 

Some of the other standouts on pedigree include lot 8, the Manhattan Rain (Aus) half-brother to last weekend's G1 Australian Guineas winner and A$1 million Easter graduate Wandjina; lot 24, a filly by red-hot first-season sire Sepoy (Aus) who is a half to champion Star Witness (Aus) (Starcraft {NZ}) and Group 3 winner Nostradamus (Aus) (Medaglia d'Oro); lot 37, a Fastnet Rock colt out of the GI Spinaway S. victress Mani Bhavan (Storm Boot); lot 54, a colt by More Than Ready out of dual champion and five-time Group 1 winner Miss Finland (Aus) (Redoute's Choice {Aus}), whose only foal to race thus far is the stakes-placed Woodbine (Aus) (Hussonet); lot 65, a Fastnet Rock (Aus) filly who is the first foal out of the GII Breeders' Cup Juvenile Fillies Turf winner More Than Real (More Than Ready); lot 153, a Street Cry (Ire) son of champion Samantha Miss (Aus) (Redoute's Choice {Aus}); lot 160, a Fastnet Rock (Aus) half-brother to G1 Cox Plate winner and five-time Group 1 winner Ocean Park (NZ) (Thorn Park {Aus}); lot 188, a So You Think (NZ) half-sister to star sprinter and the recently deceased Hay List (Aus) (Statue of Liberty {Aus}); lot 206, a half-brother to multiple champion and six-time Group 1 winner Dundeel (Aus) (High Chaparral {Ire}) by first-season sire and G1 Epsom Derby winner Pour Moi (Ire); lot 213, a full-sister to four-time Group 1-winning filly Mosheen (Aus) (Fastnet Rock {Aus}); andlot 345, a So You Think half-brother to last weekend's G1 Canterbury S. winner Cosmic Endeavour (Aus) (Northern Meteor {Aus}). 

Cream of the Crop… 
D'Arcy said he thought this year's exceptional first-season sire crop also contributed to the rise in quality individuals entered for the Easter sale. One member of that crop, Sepoy–Australia's champion 2-year-old and 3-year-old in 2011-12–set an Australian record for a first-season sire at public auction in January when his colt out of Sister Madly (Aus) topped the Magic Millions Gold Coast Yearling Sale with a bid of A$1.2 million from Spendthrift Farm, and he was also responsible for that sale's A$850,000 third-top lot. At the same sale, a colt by Smart Missile realized A$700,000. A son of Group 1-winning sprinter Foxwedge (Aus) was the second most expensive offering at the Inglis Melbourne Premier Yearling Sale earlier this month when fetching A$420,000. 

“We have this outstanding group of first-season stallions, highlighted by the champion 2- and 3-year-old of his year in Sepoy,” D'Arcy pointed out. “He was an absolute champion on the racetrack and his yearlings are selling very well. You have the likes of Foxwedge, Smart Missile, Helmet, So You Think–who was a champion in both Australia and Europe–and then you have the likes of some of the shuttle stallions, such as Uncle Mo, Zoffany, Pluck and Poet's Voice–those sorts of horses are a really good bunch of horses. I think all those horses are adding to what is a top-class catalogue.” 

Also included among the first-season shuttle sires are Eclipse turf champion Cape Blanco (Ire) (Galileo {Ire}); Group 1-winning sprinter Dream Ahead (Diktat {GB}), whose first yearlings were popular at last year's European sales; another Eclipse turf champion in Gio Ponti (Tale of the Cat), who previously shuttled to Arrowfield and looks to emulate the Southern Hemisphere success of his own sire; and Epsom Derby winner Pour Moi (Ire) (Montjeu {Ire}). 
There has been some talk Down Under that this year's first-season sire crop could the best-ever in the country. While D'Arcy noted the newcomers still have to prove their mettle where it really matters, on the racetrack, many of them have certainly made the best possible start to their second careers. 

“I think they have potential to be [the best first-season sire crop], but of course they still have to go out and do that on the racetrack with their progeny,” D'Arcy reasoned. “A few years back we had the group that included Redoute's Choice and Testa Rossa–that was a very strong group of stallions that came through, and as any Thoroughbred enthusiast around the world will know some years are stronger than others, but this year certainly does look like a vintage year, and the types they're throwing–I think that's why they're selling at the top end of all the sales we've seen. 

“As most of us would know, normally it's the proven sires that are getting the top prices at sales, so that's the esteem these first-season stallions are held in,” D'Arcy added. “I'd be shocked if the likes of Sepoy, Foxwedge, Helmet and Smart Missile didn't feature very strongly on our 2-year-old sire list later in the year.” 

International Evolution… 
The aforementioned Sepoy, Foxwedge, Helmet and Smart Missile were all at the very top of their generation on the racetrack, and all are second- or third-generation descendants of shuttle sires. The profile of the Australian Thoroughbred has evolved quickly and dramatically since the modern shuttling era took off in the late 1980s and early 1990s, and D'Arcy said he thinks the comingling of international bloodlines has helped improve the Australian breed, which was represented on the international stage last year by the likes of Easter graduates Amber Sky (Aus) (Exceed and Excel {Aus}) and Sterling City (Aus) (Nadeem {Aus}), who recorded a Group 1 sprinting double on last year's Dubai World Cup card; G1 Hong Kong Mile winner Able Friend (Aus) (Shamardal), the joint-top rated Southern Hemisphere horse by the IFHA last year; and Majmu (Aus) (Redoute's Choice {Aus}), winner of the G1 Cape Fillies Guineas in South Africa. In addition, the rising profile of the Australian Thoroughbred is also highlighted in the fact that the country had 26 races included in the Longines 100 best races in the world in 2014–more than any other country. 

“I think one of the reasons for that [success of Australian horses internationally] has been the investments our breeders have made over the last 15 years; going up to England and going over to Keeneland and buying the top-class racemares,” D'Arcy explained. “It just adds to our gene pool, and of course we're standing some of the best stallions in the world; not only our homebreds, but the international shuttle stallions that come down here, and I think that's a major reason why we're now breeding world-class horses–because we have world-class bloodlines here to make them.” 

By taking the best-of-the-best from other international markets to compliment Australia's colonial sires, D'Arcy said Australia has compiled probably “the strongest stallion market anywhere in the world,” and also created a situation where colts offered for sale are valued higher. He used the 3-year-old Easter graduate Deep Field (Aus) (Northern Meteor {Aus})–a Group 2-winning and Group 1-placed sprinter–as an example to illustrate his point. 

“You can get a young horse like Deep Field, who was sold at Inglis Easter a couple years ago for A$440,000. He's run in Group 1 races over the carnival here and they're talking about taking him to Royal Ascot and the July Cup,” D'Arcy said. “He's being valued on a dual hemisphere basis, so the hope is he can go up there and perform well, whereas most horses being sold in America or Europe are only being valued on what they can stand for up there. We're seeing some huge sales here in the past six or eight years, with the likes of Exceed and Excel starting off [well in Europe] and other stallions being syndicated on the back of the dual hemisphere income stream they can have. Foxwedge is another who was an Easter yearling, was sold as a stallion and stands dual-hemisphere. I think the Australian industry is seeing interest in the well-bred colt because of that.” 

Americans Search For Easter Eggs… 
The potential of a greater return on investment would no doubt be enticing to potential international shoppers, and the Easter sale–and the Australian industry as a whole–has certainly seen increased support from overseas investors in recent years. Sheikh Hamdan's Shadwell Stud, the leading buyer at Easter the last two years, has had continued success in South Africa and Dubai with its purchases and another Emirati, Sheikh Mohammed bin Khalifa al Maktoum, bought three of the top five lots at Easter last year. His interest in Australian racing will surely be fueled by the victory of his homebred, Pride of Dubai (Aus) (Street Cry {Ire}), in the G1 Blue Diamond S. last month. The Easter sale also sees perennial investment from Asia, New Zealand and Europe. 

The big story last year, however, was the significant outlay by American buyers at Easter. John Moynihan signed for an A$840,000 daughter of Lonhro on behalf of Stonestreet Stables. Now named Kangarilla Joy (Aus) and in training with Peter and Paul Snowden, the filly won a barrier trial at Rosehill Feb. 17 and is expected to start soon. 

Spendthrift Farm principals came to town to see their homebred Tapit half-brother to multiple Group 2 winner Kauai Katie (Malibu Moon) sell for A$500,000 to Katsumi Yoshida, and B. Wayne Hughes's operation ended up laying out A$1.6 million for three yearlings. 

The story hardly stopped there. Stonestreet returned to the Magic Millions National Broodmare Sale in May and shelled out A$900,000 for Group 1 winner Miracles of Life (Aus) (Not A Single Doubt {Aus}), who won the G2 Challenge S. last weekend in the Stonestreet yellow and red, and Moynihan was back in action at the Gold Coast sale in January, partnering with agent James Harron on a A$720,000 Redoute's Choice colt on behalf of George Bolton. Spendthrift bought two on the Gold Coast; in addition to the A$1.2 million topper, Hughes also took home a A$200,000 Redoute's Choice colt. Hughes detailed his plans to set up breeding and racing operations in Australia in a TDN feature last month (click here). Moynihan noted after singing for Kangarilla Joy last year that the plan would be to race her in Australia then likely bring her to America as a broodmare. 

“The idea is to buy here, race here and take advantage of what they have to offer in Australia, which is 2-year-old and 3-year-old racing,” Moynihan said at the time. “And the purse money is huge here. We'd like to leave them where they have proven they can run well.” 

D'Arcy noted that, in addition to the current favorable exchange for the American dollar, the Australian racing structure is likely the most enticing aspect of the industry for internationals. 

“We have very good prize money on offer,” he explained. “In Sydney and Melbourne, our two main racing centers, we race for a minimum of A$80,000, then on top of that you have the BOBIS scheme in Victoria and the BOBS scheme in New South Wales–both those schemes add A$20,000 onto prize money on a weekend for 2- and 3-year-old racing. So I think the fundamentals, comparing costs to the return to owners, are very strong.” 

D'Arcy said he sees no reason why fillies like Kangarilla Joy or Miracles of Life couldn't have success as a racehorse and broodmare in the U.S. after starting out in Australia. 

“The world is becoming a smaller place,” he said. “Certainly some of the mares who raced here, there's no reason why as older horses they can't go up to America and compete, and I'm sure once we see our better performed gallopers going over there as older horses, they'll be very competitive in any race that they contest, because we're proven when we go to England, Hong Kong, and any of those international melting pots. The Australian horse is very well proven to be of world class.” 

D'Arcy is expecting American interest at Easter again this year. 

“What we're hearing is that there are several groups coming from America–a few to have a look, and others to continue with their purchases,” he said. “Spendthrift dipped their toe in the water last year, and I think they'll be down looking at yearlings and perhaps broodmares.” 

Another element that will likely add to the international appeal of this year's Easter sale is the positioning of the second renewal of The Championships on the Saturdays either side of the sale–Apr. 4 and 11. The Championships, which will feature eight Group 1 races headed by the A$4 million G1 Queen Elizabeth S., is staged at Royal Randwick just a short hike from the sales grounds, and therefore domestic and international visitors alike will be treated to a week of world-class Thoroughbred action across both platforms. 

“We've always tried to align ourselves with the strongest racing here in Sydney over the Easter period, and this year it does work out very well,” D'Arcy said. “We're working very closely with the Australian Turf Club and Racing NSW to ensure that visitors to Sydney get to enjoy the best of the racing and the best of the sales that week.” 

He added, “It's going to be really exciting–I think the eyes of the Thoroughbred world will be on Sydney. We have a good lineup of horses coming from Japan, a couple from Hong Kong, and I think The Championships are really starting to gain momentum. In a few years' time we'll look back to these early days and think, 'we were lucky enough to see the infancy of what was to become one of the most important seven days in the Thoroughbred industry anywhere in the world.'”