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Magic Millions National Day-1: Average Down 14%

Friday, 31st October 2008

In light of the current economic climate, the Magic Millions National Horses-In-Training Sale got away to a positive start with a strong international buying bench competing for racetrack prospects. Overall 129 lots sold for $4,258,000 (up 34.6% on last year's 82 sold for $3,162,500). However the $33,008 average was down 14.4% (last year $38,567) & the clearance rate was 74% (last year 77%). Magic Millions managing director David Chester commented: "Considering the current economic conditions we're pretty happy with today's figures. But in saying that I was confident the session would go strongly because we have worked our butts off in the lead-up to the sale to get buyers here. At the sale we have buyers from Korea, New Zealand, Iran, the Philippines, Malaysia, Macau, Hong Kong & Singapore - they've all been active & helped us with the positive results throughout the day. In saying that, we've also got plenty of local & interstate buyers here. The smart buyers are all here or are bidding through agents."

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