Magic Millions managing director Barry Bowditch believes the depth of the Gold Coast catalogue is as strong as ever, but the possibility of a subdued market will provide buyers with an opportunity they haven’t had in recent years.
Casting aside the ongoing racetrack drama concerning Saturday’s Magic Millions meeting at the Gold Coast, with a decision to be made as to whether it will be held on the tourist strip or shifted to Eagle Farm by Thursday morning, Bowditch's focus has switched to Tuesday's opening session of the sale and he remains confident that the figures can match the metrics achieved last year.
Last year’s Book 1 sale turned over $226 million at an average of $275,675 with a median of $200,000.
“I think this is the most important sale in Australia each and every year because it sets the tone for the rest of the season,” Bowditch told the Straight Talk podcast.
“You always go in with some trepidation. It’s the fear of the unknown, I guess, but we're confident in our product.
“We're confident we've done our best to market the sale really well and we're confident we've got as many buyers here as we think we could have.”
Buyers have been at the Gold Coast sales complex since New Year's Day with mixed reports about the level of activity, often dictated by the quality of vendors' drafts.
"We're very confident in the type of catalogue we've got here, but I think it's no secret that at the lower to mid-end that there is probably going to be less depth," Bowditch said.
Aushorse Investor’s Guide 2025
- More Races worth $1 million+ than Europe & America combined
- More than 140,000 Australians involved in racehorse ownership
That perceived pre-sale pragmatism from vendors about the state of the market has also led to buyers potentially widening their potential shortlists with the expectation that their budgets will stretch further in 2025.
It is evidenced by the fact at least some veterinarians are indicating that their clients are vetting more yearlings than in past years even though there doesn’t appear to be a new big-name player emerging ahead of the first sale of the season.
American John Stewart, who could have been that relatively new Australian market investor, was expected to attend his first Magic Millions but was forced to pull out mid-journey due to a family emergency in his home country last week.
Staff Writer
“I think most people that were buying horses over the last two, three, four years are still really confident to come and step in and buy horses,” Bowditch said.
“They may well buy one or two less here and there. That's the thing. I think just the volume of horses that each particular buyer buys may be tempered, but that's where the opportunity lies, because if someone else is there, that roll-on effect that someone might buy a horse they didn't think they'd buy.”
Colts are seen as the major driver of the market - for traders and the wealthy syndicates chasing the multimillion-dollar jackpot - but two of the crop's best-credentialed fillies are set to light up the day one session.
“I think this is the most important sale in Australia each and every year because it sets the tone for the rest of the season” - Magic Millions managing director Barry Bowditch
The Written Tycoon-Away Game and the I Am Invincible-Avantage fillies will go through the ring within minutes of each other.
Coolmore’s filly out of champion mare Avantage is a half-sister to last year's sale topper, the $2.1 millon daughter of Wootton Bassett who was bought by Te Akau.
"There's two of the most bespoke fillies that will go to market in Australia this year being offered tomorrow," Bowditch said.
“I think they're two of the star fillies that are here on the complex and there's plenty of star fillies here, but they're two of the high-profile ones. And you'd think both those fillies will command seven figures”.
Asked about the prospect of the $14.5m meeting proceedings on Saturday - remedial work is underway to repair a poisoned section of turf that forced last weekend's meeting to be transferred to the Sunshine Coast, Bowditch said: "There's no reason for us to not be confident that we'll be walking across the road and having a meeting across the road at the Gold Coast on Saturday."
Warwick Barr
The sale starts at 10am (AEST) on Tuesday following the Magic Millions 2YO Classic and 3YO Guineas barrier draws on Surfers Paradise beach with three Book 1 sessions to follow, culminating in Friday’s Super Session.
