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QTIS 600 Magic Millions Sale a Success

Queensland Racing Limited (QRL) racing services manager, Mr Paul Brennan, has hailed the inaugural QTIS 600 yearling sale a success.

The sale was run over two days at the Magic Millions complex on the Gold Coast and was backed by the biggest incentive scheme ever seen in Australia of $16.745 million.

The sale attracted a catalogue of 468 lots exclusively from Queensland Thoroughbred Investment Scheme (QTIS) registered yearlings.

“The sale was extensively marketed throughout the state and the response from regional Queensland was outstanding. All parts of Queensland were represented and this involvement contributed to the overall success of the sale. Another pleasing result was the involvement of renowned syndicators, Hancox Bloodstock and Slade Bloodstock, who are taking their first foray into racing in Queensland.” said Mr Brennan.

“This sale is vitally important to racing throughout Queensland and will ensure the ongoing viability of the state’s breeding industry. Queensland Racing recognise the importance of having a strong state based breeding industry and are committed to the ongoing support of this initiative.

“The Get Into Racing marketing campaign opened new market opportunities and the added benefits offered by Queensland Racing provide a real incentive to buy a yearling. Ultimately, owners need to have a realistic expectation that they can get a return out of their purchase.”

Magic Millions managing director Mr David Chester said the average sale price was $18,424 and the clearance rate of 81% was above expectations.

The top price yearling was a Lion Heart-Sparkling Success colt that fetched $130,000.

“I think this is a great initiative, and the rest of Australia's watching this sale. I would say it would be the best sale of the year. It has got the Queensland breeding market off its knees,” said Mr Chester.

Thoroughbred Breeders Queensland Association president, Mr Bob Frappell said, "the bidding has been sustained throughout the entire sale which is excellent, considering the trend in other states.”

“Queensland Racing, Magic Millions and Aushorse are to be congratulated for their support of this initiative, which has led to the development of a niche market. I look forward to continuing this relationship to ensure 2010 maintains the momentum generated by this sale.”

The sale concluded on the Gold Coast last night and will be an annual event in the future.

SOURCE - https://www.queenslandracing.com.au/racingnews/310309QTIS600Success.asp 31 March 2009