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NZB Yearlings Day-1: Average Down 9.9%

Tuesday, 1st February 2011

Overall on Day-1 at the NZB Premier Sale Karaka, 180 lots sold (75%) for NZ$29,861,000 (down 8.4% on last year’s 177 sold for NZ$32,600,000). The average of NZ$165,894 was down 9.9% (last year NZ$184,181) & the median of NZ$130,000 was down 7.1% (last year NZ$140,000). The day’s leading buyer David Ellis commented: “It is important to remember that we are in a recession but good horses, with good pedigrees that look the part, are selling very well. There have been a few that we have not been able to buy & a few that went well above what we thought they would, so it has been tough buying at times. The bottom end of the sale is not as strong, which hasn't been helped by the weak domestic market.” NZB co-managing director Petrea Vela added: “The highlight of today has been the great international interest we've had at Karaka, with the Australian buying bench in particular probably as strong as we've ever had. But the increased Australian activity has been offset by the remarkable decrease in participation by the local buyers. Today the New Zealand spend is down 32% compared with the 1st day last year (NZ$9,132,500 to NZ$6,203,500) which has had an effect on the results. It was always going to be very hard to repeat the great results we had here last year, but the sale has started well & improved markedly over the course of the day. There's definitely some fire in the market - with the last 2 hours of selling averaging nearly NZ$200,000 - so hopefully some of that strength can roll over into tomorrow as well.”

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