Inglis Easter sale ends with steep declines

Australia's Inglis Easter select yearling sale ended with steep declines across the board, but sale company officials took heart from a low buyback rate and strong buying activity from major purchasers Darley and Patinack Farm.

The sale ended its three-day run Tuesday with a total of 369 yearlings sold for about $63,232,600, yielding an average price of approximately $171,362 and a median of about $127,800. Compared year to year in the local auction currency, Australian dollars, the gross fell 37 percent, average dropped 36 percent, and median fell 28 percent.

The buyback rate remained low at 17 percent and was only slightly up from the 15 percent rate for the 2008 auction.

Sheikh Mohammed al-Maktoum's Darley operation was the auction's leading buyer, with 15 yearlings totaling about $5,101,350. Nathan Tinkler's Patinack Farm purchased 17 yearlings for about $4,199,650.

"Everyone knew the sale would be down, and we have seen the market fall to somewhere between 2005 and 2006 levels," said Inglis's managing director, Mark Webster.

The sale-topper was Hip No. 231, an Encosta de Lago-Show Dancing colt that Dynamic Syndications of New South Wales purchased from Emirates Park Stud.