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MM QTIS Day-2: Sale Average $21,193

Tuesday, 19th March 2013

At the close of yesterday's 2nd session of the 2013 Magic Millions QTIS Sale, the gross for the two day auction went past $6.2 million on 293 lots sold at a clearance rate of 71 per cent. The average price of $21,193 was marginally down on last year's QTIS Yearling Sale, and managing director Vin Cox questioned confidence in the local industry, saying: "It's remarkable to finish the sale with a clearance of 71 per cent, although that is still unsatisfactory. All the traditional buyers participated and there was some new blood from interstate and overseas. The results tell us that there is a lack of confidence in the local industry. I commend the vendors that met the market today. I'm sure some of the prices weren't palatable." While suggesting "The Queensland industry has some soul searching ahead," Cox acknowledged, "Queensland Racing are putting the fundamentals together to get racing heading in the right direction..."

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