05/28/2013 4:58PM

Magic Millions National weanling sale: Fastnet Rock colt leads way as sale posts gains

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A Fastnet Rock colt led proceedings at the two-day Magic Millions National Weanling Sale in Queensland, Australia, which concluded with modest gains in gross and average.

A total of 237 horses were sold for a total of about $8,211,612 ($8,541,950 Australian), a 1.7 percent increase compared with 244 hips sold for $8,073,095 ($8,397,200) in 2012. The average price rose 4.7 percent to about $34,678 ($36,042 Australian), while the buyback rate was a strong 13 percent.

"When you're selling the best part of nine from each 10 lots through the ring it tells us it's been a fantastic sale," Magic Millions Managing Director Vin Cox said. "Statistics across the board are well up on last year and that's a wonderful way to kick off the National Sale series. To see good participation from all corners of the globe is very rewarding and reflects well on the Australian bloodstock industry."

The sale-topping colt, consigned by Erinvale Thoroughbreds, was purchased for about $278,806 ($290,000) in partnership by Hong Kong based businessman Cheng Ting Kong and breeding operation Eliza Park.

"Mr. Cheng really loves Fastnet Rock and thinks he is one of the most successful sires in the country," Eliza Park's David O'Callaghan said. "He's a lovely colt and we hope he will become a top racehorse and perhaps even develop into a stallion."

The colt is the second foal out of the winning Stravinsky mare Sorority Girl, a half-sister to Group 2 winner and sire Happy Giggle.

For complete results, click here.