FEATURE

Fillies May Still Glitter

If you are thinking of going to the Inglis Easter Yearling Sale in a couple of weeks and, thanks to the GEC (Global Economic Crisis), expect to snaffle a cheap yearling - at least in comparison to recent Easter Sales - you are right on the mark ... if you are buying a colt.

However, buyers will be disappointed if they expect to get a filly cheap. In fact, the demand for richly-bred fillies will be so strong, the figures from the sale might surprise. I know of at least one major buyer who expects that Easter fillies will sell to the market price of 2008! Not a sniff of a 30 or 40 per cent drop as we have seen at the national sales so far in 2009. These A grade fillies of great type and pedigree are the thoroughbred industry equivalent of investing in gold during a recession.

Last year, the Easter yearling sale prices, despite some worrying reports from overseas about the economic climate (read pending storm), were through the roof, producing a record average or $372,712 (up 13 per cent on 2007), and a median price of $250,000 (an increase of 25 per cent on 2007).

There is talk that Bob Ingham - 23 yearlings for $17.88 million in 2007 - won't be buying this year, and that Darley's John Ferguson (20 lots at $19 million) will bespending but nowhere near to that level, and the same goes for Nathan Tinkler's Patinack Farm. When you add in the prospect that the Hong Kong Jockey Club will boycott the sale - reports are unconfirmed - over Racing NSW's decision to grant a riding licence to Chris Munce, then you have a big chunk of last year's buying bench either out of the equation or taking backward steps. But where there is some money - hoarded from the good times - is in the pockets of breeders who have had such a favourable run for the past five or so years, and the time is ripe to re-invest in a quality, high-residual filly. The word around the traps at the recent Melbourne Premier Sale was that many filly buyers were keeping their "powder dry" for Easter because of the prospect of good buying. For them, the worry is that the competition for these fillies will hold the market higher.

The Inglis Easter Yearling Sale (session 1, 500 yearlings) starts on Sunday, April 5.

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