2010 BMW MAGIC MILLIONS BEATS EXPECTATIONS

Written on the 28 January 2010 by Tom Reid

2010 BMW MAGIC MILLIONS BEATS EXPECTATIONS

THE final day of the 2010 BMW Magic Millions yearling auctions has been labelled a positive litmus test for the southern hemisphere’s racing season.

With total revenues smashing expectations of the originally forecast $70 million by $5million this afternoon, last year’s total sales of $74.8m have been left well and truly in the dust.

While the top selling horse fell under the hammer at $925,000 (BC3); just short of the magic $1 million mark, event managing director and head auctioneer David Chester says a clearance rate of 82 per cent has thoroughbred breeders breathing a sigh of relief.

“What the high clearance rate means is that they don’t have to take too many horses home, the vendors wanted to sell and there were plenty of buyers around,” says Chester.

“Nobody knew what to expect with the pretty ordinary economy and we were pretty worried beforehand. As the first sales of the southern hemisphere season, had it not gone well there would have been a flow-on effect to the rest of the country and New Zealand. But the sales turned out a lot better than we expected.”

With major international players like the Hong Kong Jockey Club, Charles Laird and Aussie Gai Waterhouse buying big, it seems turning the event into a political football didn’t phase trading. In fact Chester believes it may have spurred confidence among buyers.

On the opening day of sales Magic Millions co-owners Gerry Harvey and John Singleton took a swipe at the State Government for allegedly under appreciating the economic contribution the event has to Queensland.

Minister for Tourism and Fair Trading Peter Lawlor responded by confirming the State Government will ‘consider a multi-million dollar deal for the Queensland Racing Industry’ and two days later Queensland Racing chairman Bob Bentley stated he would hold a meeting with Gold Coast Turf Club chairman Andrew Eggleston regarding the future of the club.

Chester concedes the episode was ‘a slight diversion’ but had no detrimental effect on this years’ event.

“If anything it was probably a good thing having the event splashed on all the front pages of the news,” he says.

“It probably brought more confidence to the buyers, thinking something is going to happen and then the government said it would inject some funds into the industry.

“We’ve been going for 25 years and nothing has changed. I’d say Gerry and ‘Singo’ were just saying that we’ve got to take it to the next level.”


Author: Tom Reid

Latest News

SIRTEX CEO DISMISSED FOLLOWING SHARE TRADING PROBE

SIRTEX Medical Ltd (ASX: SRX) has sacked its chief executive officer, Gilman Wong (pictured), following an investigat...

SANTA DELIVERS KOGAN A GIFT

KOGAN.COM (ASX: KGN) has exceeded its expectations and reported another strong quarter of trade.

The online retail...

FOUR WAYS YOU SHOULD PROTECT YOUR IT SYSTEMS FROM EXTREME WEATHER

SHANNON Overs, co-founder of onPlatinum ICT, sees it too often, perhaps half a dozen times per year businesses tha...

IOT GROUP ORDERS FIRST PRODUCTION OF ROVA DRONE

IOT Group (ASX:IOT) has ordered production of 40,000 units of the ROVA flying selfie drone from Chinese technologies ...

Related News

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

SMES TAKE RETAIL MARKET SHARE AS CONSUMERS CHOOSE PERSONALISATION

IN a battle for the hearts and wallets of Australian consumers, it appears that small and medium retail businesses...

KNOWLEDGE WORKERS AMONG MOST SOUGHT AFTER IN 2017

BUSINESSES searching for efficiencies and improved systems are in search of knowledge workers early this year, say...

FEMALE ENTREPRENEURS GET SPRINGBOARD TO GROWTH

DESPITE the fast-growing number of women studying STEM subjects at school and university, women continue to be und...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter