NZB leans on depth, not nostalgia, for landmark Karaka sale

New Zealand Bloodstock has devoted plenty of time reflecting on the country’s rich thoroughbred history, recognising a century of national yearling sales, but as the company embarks on its 100th annual auction, it’s about trying to predict the future.

With the backing of New Zealand’s leading breeders and a buying bench made up of regulars and a smattering of new faces, long-serving managing director Andrew Seabrook is optimistic about the level of trade that will take place at Karaka from Sunday to Tuesday.

Karaka has been the home of New Zealand’s thoroughbred yearling sales since 1988.

“One hundred years of continuous selling, which is quite amazing when you think we’ve come through World War II and the Great Depression and COVID and the flood three years ago,” says Seabrook in acknowledging NZB’s past. 

“I think there’s people who’ve come just to sort of celebrate the 100 years and we may not have seen some of them for a few years … and some new faces as well.”

One of them is top British trainer William Haggas, who won the 2024 Golden Eagle with Lake Forest and has enjoyed numerous successes in Australia via Dubai Honour, last year’s Tancred Stakes winner at Rosehill.

One of New Zealand’s greatest racing exports, Chris Waller, has undertaken inspections, as has contemporary great Peter Moody, John O’Shea, another regular at Karaka, and Yulong’s team, which are also in Auckland.

Renowned agent John Foote has seen more New Zealand yearling sales than most, chalking up his 51st this year, even leaving the Magic Millions sale early to ensure he was able to lay his eyes on every horse.

There’s something about the Kiwi breed that keeps dragging him back.

“I’ve been to most of the southern hemisphere countries where they breed horses and it’s definitely the best … they are just reared so well,” Foote says.

“You’ve got a chance here to buy a middle-distance horse, whereas in Australia these days you can’t buy them, they just don’t breed them, it’s all about speed and quick returns and that sort of thing, whereas here you can buy a horse, leave it, give it a bit of time and get the rewards. 

“New Zealand horses, when you look at the stats, they punch way above their weight in Australia with stakes winners and stuff like that.”

Another contributing factor for the positive sentiment appears to be the move by NZB to reduce its Book 1 sale from three to two days and have a one-session Book 2 sale, enabling all yearlings to be on the complex and available for inspection at once.

“Because of the 100 years, we seem to have got far stronger support from the breeders as less yearlings are going on to Australia to be sold, which is great. So, it’s a very strong catalogue,” Seabrook says.

“Every horse gets the same opportunity (to be inspected) and that’s gone down well so far with clients and let’s hope it makes a difference in terms of buyers.”

A low New Zealand dollar is another factor in NZB’s favour, but it’s not be-all and end-all.

Says Seabrook: “The New Zealand dollar hasn’t been this weak for over 10 years, so Australians are basically getting a 15 or 16 per cent discount on their money.”

“So, that’s certainly a help, but it’s not the biggest factor.

“I think the success of New Zealand horses continues to be really strong in Australia and let’s not forget Hong Kong and China. I know they really tend to gravitate towards the Ready to Run Sale more, but just looking down there before (around the complex), there’s quite a few of those big Chinese guys back that bought those big lots at the Ready to Run Sale.

“They haven’t been to the yearling sale before and there are a few Hong Kong people as well.”

Te Akau’s David Ellis has long held court at Karaka as its perennial leading buyer and Seabrook suggested other prominent domestic investors were indicating their willingness to back the local breed.

Foote, with a loyal band of clients which includes Hong Kong-based Price Bloodstock, believes the Magic Millions provided a reliable indicator for what might be to come at Karaka.

“Our numbers were down on our overall list that we had (at the Gold Coast), by 10 to 15 per cent, and the market held up against last year, so I think that’s a pretty good sign that things are (positive),” Foote said.

Saturday’s Karaka Millions meeting at Ellerslie points to a turnaround in the local racing industry and Seabrook hopes that will flow through to trade at the sale.

“We were dead and buried probably two-and-a-half years ago before Entain came in (to run the TAB). It was pretty dire. Look, things still aren’t perfect, but prize money has come a long way,” he says. 

“You’ve just got to look at the Karaka Millions night and see that nearly $5 million in stakes for six races is huge and long may that continue.

“We’ve got seven horses coming over from Australia. We’ve never had that before, so they’re obviously attracted to our prize money and when you see that level of interest from Australia, that’s got to be good for our industry as well.”

The NZB Karaka Yearling Sale will start at 10am (NZ time) on Sunday.