October to December 2009
KICKING DIRT IN THE FACE OF DOUBTERS
15 October 2009 - The perils of dismissing dirt raced stallions is becoming increasingly evident as Whobegotyou tightens his strangehold on this spring’s $3m Cox Plate and Predatory Pricer looms large in Saturday’s $2.5m Caulfield Cup.
The weighty presence of these sons of Street Cry in two of our most significant feature races is far from an anomaly with dirt raced stallions have provided the winner or runner up in eight*of the 14 Australian based Group 1 races to have been run so far this season.
And while the old adage that ‘Any stallion can sire a good one’ holds true what remains indisputable is the quantity of exceptional performers that dirt stallions continue to sire.
You should be aware that the last three completed racing seasons have seen dirt performed stallions siring Champion Juveniles, Miles and a Horse of the Year.
You should also be aware that figures on theArionwebsite show that seasoned shuttle stallions More Than Ready Dehere, Red Ransom and the late Hennessy have better runners-to-stakes winner strikes rates in Australia than the US where racing is dominated by dirt events.
And if you want to add even further meat to any discussion with those who cling to dated arguments it is wise to review the annual ratings of Australia’sTimeformto see the full impact of ‘dirt stallions’.
2008/09:
- Three of our leading four juvenile males (Phelan Ready, Real Saga and Onemorenomore) were by the dirt performers More Than Ready, Tale of the Cat and Red Ransom
- The highest rated juvenile filly (More Joyous) was by More Than Ready
- Our two highest rated three-year-olds (Whobegotyou and Duporth) were by Street Cry and Red Ransom
- Our highest rated four-year-old (Weekend Hussler) was by Hussonet
2007/08:
- Our Champion Two-Year-Old Male (Sebring) was by More Than Ready
- Three of the six leading juvenile males (Sebring, All American, Reaan) were sons of More Than Ready, Red Ransom and Hussonet
- The Champion Three-Year-Old and Horse of the Year was Weekend Hussler (Hussonet)
- Three of the leading seven four-year-old males (Haradasun, Sniper’s Bullet, Tipunwuti) were by dirt stallions Fusaichi Pegasus and Bite The Bullet
2006/07:
- Zizou, a son of the Kentucky Derby winner Fusaichi Pegasus, was the second highest rated juvenile in the land
- Camarilla (Elusive Quality) was the highest rated two-year-old filly
- Haradasun (Fusaichi Pegasus) was Co-Champion Three-Year-old of his year
Results of such consistency should lead one to presume that high class stallions are capable of producing high class stock. Period.
After all, our most commercial sire lines trace back to breed-shapers Northern Dancer, his son Danzig, and Mr Prospector whose connections never tested them on turf surfaces and we don’t doubt their credentials.
*Turffontein’s sire Johannesburg has been included with the dirt stallions for this exercise having won the Gr.1 Breeders’ Cup Juvenile on a dirt surface at Belmont.
NOTHING IS MORE EXPENSIVE THAN A MISSED OPPORTUNITY
The bestselling author H. Jackson Brown Jr. once penned "Nothing is more expensive than a missed opportunity" in the hope of encouraging fulfilment for people through life’s journey.
His prose has applications in the business world as well and should ring loud for breeders looking to upgrade their broodmare band at next month’s Keeneland November Breeding Stock Sale.
Keeneland’s November Breeding Stock Sale has traditionally been the trading venue for the world’s elite broodmares and Australian buyers have shopped well in the past and been rewarded both on the racetrack and in the sales ring.
In 2009, the collapse of thoroughbred values in the United States and the robustness of the Australian dollar have provided the kind of opportunity that is unlikely to be replicated in the next decade.
The clearest picture of the opportunity that stands before breeders is painted with an example seen below of the hypothetical mare “Certain Stakes Producer (USA)” that was sold in 2008 for US$100,000. Roll forward 12 months and we factor in the 40% drop in the North American market and the change in the Australian dollar, where in 2008 the AUD was $0.65 and in 2009 the AUD is $0.92.
Lets compare a hypothetical mare “Certain Stakes Producer (USA)” that was sold at $US100,000 in 2008.
| USD | AUD | |
| Certain Stakes Producer (USA)” sold in 2008 | $100,000 | $153,846.15 |
| Certain Stakes Producer (USA)” sold in 2009 with 40% drop in the market | $ 60,000 | $ 65,217.39 |
2008 –2009 Market differential for “Certain Stakes Producer (USA)” AUD$88,628.76
And if you were still sceptical about the value of US broodmares it may be worth remembering that at this early stage in season 2009/10 they have already left us:
- Irish Lights (Gr.1 Thousand Guineas, Gr.3 Thousand Guineas Prelude)
- Speed Gifted (Gr.1 The Metropolitan)
- Mentality (Gr.2 Premiere Stakes)
- Hanks (Gr.2 AAMI Vase)
- Lovemelikearock (Gr.3 Spring Stakes)
- Swift Alliance (Gr.3 Hong Kong Jockey Club Stakes, Listed Show County Quality)
- Southern Skye (Listed Geelong Classic)
- Gybe (Listed Gimcrack Stakes)
The Keeneland November Breeding Stock Sale commences on November 10. If you would like a catalogue or are interested at exploring this rare opportunity further please contact us.
ACTING on the strength of the Australian dollar against the US greenback
16 November 2009 - Australian bloodstock investors have collectively made their biggest mark ever on foreign grounds with their input into the marathon Keeneland November Breeding Stock sale in Kentucky, USA. Keeneland's sale grounds in Lexington have not seen a bigger roll-up of Australian buyers that were present from last Tuesday's opening session of the 13 day sale of broodmares and weanlings.
And they were not reduced this time to the customary role of mere onlookers. They bought regularly and strongly.
The Kentucky invasion was led by Vin Cox, a Sydney based agent and a regular at Keeneland's sales as the company's Australian representative.
Cox has usually been good for half a dozen buys in the past but with the second and third-level priced lots. This time, he made the top-10 on the list of buyers for the sale's principal sessions of the first three days.
Cox had the final say on three lots, costing $US1,730,000 ($1,868,830), the package including Tears I Cry, at $US735,000 the third-highest price for the opening day and Candelight, for $US895,000 on day two.
Tears I Cry was a topical buy: she is by Chester House from the Danzig mare Mount Helena, whose mother Helen Street is a sister to boom sire Street Cry, sire of recent Group I winners Shocking (Melbourne Cup) and Zenyatta (Breeders' Cup Classic). Tears I Cry is in foal to former US Horse of the Year, Curlin.
Tuesday in Kentucky was an unusual one for the breeding industry with America's two major auction houses in action; Keeneland with its first session of the annual marathon and rival company Fasig-Tipton staging its one-session November annual 15km away.
And the impact by Australian buyers was made at Fasig-Tipton too, with the notable buy the Group I winning New Zealand bred mare Black Mamba fetching third top price of $US1.5 million to Tony Bott, of Evergreen Farm.
Black Mamba, a near $US1m stakeswinner by Black Minnaloushe, was bought for Bott's Hong Kong client P. K. Sui, who also bought top NZ race mare Princess Coup for $2.8m at the Magic Millions National Broodmare sale in June.
Black Mamba is an entry to the Group I Hong Kong Vase at Sha Tin in December, with Bott indicating she would stay in training for the Dubai World Cup meeting in March then go to stud next spring.
Bott was joined by two Australian agents, James Bester and Steve Brem who invested almost $US2m between them on four lots.
Bester, who was active at Keeneland earlier, rushed to the Fasig-Tipton sale to secure Group I Spinaway Stakes winner Mani Bhavan for $US650,000. From the family of crack sprinter Speightstown (10 wins in 15 starts, including the Breeders' Cup Sprint), Mani Bhavan has not been to stud.
Bester also gave $US460,000 for Dream Play, a half-sister by Grand Armee's sire Hennessy to Group I Hollywood Starlet winner Diplomat Lady. Brem's major buy at $US700,000 was Grace And Power, by More Than Ready from a daughter of Defensive Play, the damsire of Efficient. From the family of the South African-based stallion Al Mamoon, Grace And Power, runner-up in the Group I Hollywood Starlet, was offered in foal to Giant's Causeway.
At Keeneland, Bester's day one purchasers included the Irish bred Callwood Dancer, a Group 2 winner by Danehill Dancer from the family of Group I winner and sire Maroof. The five year old mare, who has not been to stud, cost $US675,000. Other Australian buyers active at Keeneland were NSW agent Jon Freyer, who secured five for $US830,000, breeder Phillip Esplin (two for $US325,000) and Waratah Thoroughbreds (five for $US865,000), but it is understood many more lots were acquired for Australian buyers through local agents.
"This is by far the biggest turnout by Australians at this sale in my experience," said Cox, who spent almost a year with the Keeneland Association in the 1970s while on loan from William Inglis.
He has retained his links with Keeneland and is the go to man in Australia on matters dealing with sales in Kentucky.
"I had firm inquiries from around 30 people wanting to attend the sale, but I would estimate there are over 40 Australians here buying or trying to buy," Cox said.
"And why not? We've never been in such a strong financial position before. Our economy is strong, the American market is weak. Generally, we come here with our dollar worth not much more than half the US dollar."I think we were 63 cents last year, this year we're closer to 93 cents."
Cox said he was trying to fill orders for clients, but would not disclose the individuals for whom he bought his two expensive lots.
Candelight, Cox's dearest buy of five he secured over the first five days, came from the dispersal draft of Overbrook Farm which provided almost all the highlight offerings of the sale. Candlelight is by the elite sire Kingmambo from an El Gran Senor mare and at $US875,000 she was among nine of the top sellers on day two when the prime mares from Overbrook were sold.
The group included the sale-topper, Honest Pursuit, bought for $US3.1m by Alain and Gerard Wertheimer, the French owners who were parting with all of the first prizemoney won by their crack mare Goldikova in the Breeders' Cup Mile win at Santa Anita four days earlier.
Honest Pursuit, by Overbrook's iconic stallion Storm Cat, is from the stakeswinner Seattle Slew mare Honest Lady, herself a daughter of triple Group I producer Toussaud. "Obviously, if you could buy that kind of family every day, you wouldn't have to pay that kind of money," said Alain Wertheimer.
Veteran US owner Betty Moran, of Brushwood Stables, gave second top price of $2.3m for Cotton Blossom, a Group I Acorn Stakes winner who was in foal to Street Cry. The Overbrook Stud draft of 64, which sold over the first three days, brought $US25,591,000, with an average price of $US399,860 achieved.
The sale's average for the first three days checked in at $US180,045 down 18 per cent on the first three days in 2008.
There were 547 lots sold in the first three days for a turnover of $US98,484,500, which was down 14 per cent on last year when 24 fewer lots were sold.
John Ferguson, who spent over $US8m at this sale last year on behalf of Sheikh Mohammed bin Rashid al Maktoum, was a rare no show in Lexington while Irish titan Coolmore Stud was unusually quiet with the stud's principal John Magnier bidding $US400,000 for Group I winner-producer Flanders from the Overbrook draft. Along with the surge of Australian presence was a strong turnout of Japanese visitors, with premier breeder Katsumi Yoshida showing the way as the buyer of three lots for $US3.23m.
Tony Arrold, The Australian, November 16, 2009
A Diverse Week
23 November 2009 - The week beginning November 15th was an interesting and certainly a diverse week for VCB yearling purchases. Beginning at Churchill Downs, where the Patinack Farm owned and VCB purchased, Queen Of The Creek sailed in at her second start. Queen Of The Creek was a US$140,000 purchase at the Keeneland 2008 September Yearling Sale, she is a Theatrical half-sister to the dam of Big Brown. “The Queen” is trained by Tom Proctor, a trainer we have had success in the past with Moonee Ponds. Proctor is confident she will have a bright future, and will be taking aim at the better 3YO races next year.
At Warwick Farm on Tuesday November 17, Dictatorial won in good style. Dictatorial has always shown promise, it is only now that he is starting to mature mentally and into his big frame. While a certain faction of the syndicate would like to see him in the Mudgee Cup December 4th, seemingly it will be Rosehill on December 5th. The next day at Doomben, it was Stallone’s turn. After beginning his career at John O’Shea it was decided to drop in grade and move to Queensland with Bryan Guy. Stallone won in good fashion at his third start, and he too will have his next start on December 5th in a 3YO at Doomben.
The week was closed out by the 2YO filly Misshiraz, in the first at Rosehill. Trained by Garry Frazer it was a good result for a new owner of Garry’s. Misshiraz will have a short let up before being aimed at some of the better 2YO races over the Autumn.
VCB – Keeneland November 2009
As reported elsewhere the 2009 Keeneland November Breeding Stock sale was a revelation from an Australian perspective. There were in excess of 40 mares sold to Australian interests for over US$7,500,000, an all time record. Admittedly the stars did align, the Aussie dollar was sensationally strong, the North American market was in a state of readjustment and our Melbourne Cup carnival didn’t clash with the sale. Never ones to “let a chance go by” the Aussies stepped up to the mark across all levels of the market. The notable exception in the market was the complete lack of participation from our neighbours across the ditch, clearly they are happy with mediocrity.
We had a terrific sale. Vin Cox Bloodstock purchased nine mares for nine individual clients for a total spend of US$2,355,000 ranging in price from $30,000 to $875,000. In Hip number order the mares were;
Hip 101; Tears I Cry A stakes winning Chester House mare, that is a daughter of a half-sister to the best sire in the world, Street Cry; and also a half-sister to the dam of Shamardal. This mare is in foal to Horse of The Year Curlin. Purchase price $735,000.
Hip 229; Jazzy A sensational race mare being a Grade 2 winner in the USA and Group 1 placed in South Africa. When you put her race record in a pedigree locally she will have 10 individual stakes performances. Her pedigree is completely free of Northern Dancer. Purchase price $120,000.
Hip 388; Candlelight A stunning looking mare by Kingmambo and a half-sister to seriously good stallion Grand Slam. She is in foal to one of the most commercial sires in North America, Giant’s Causeway. Purchase price $875,000.
Hip 830; Goodbye Norma Jean A stakes winner of in excess of $330k, by Tale Of The Cat and family of Super Sheila et al. Purchase price $200,000.
Hip 1009; Sherine A Grade 2 winner in USA with great outcross blood, including some of the great broodmare influences, Red Ransom and Nijinsky. Purchase price $245,000.
Hip 1640; Hadavision A winner of 3 individual stakes races and $250k. A good outcross pedigree. Purchase price $30,000.
Hip 1882; Well Hidden A stakes winning More Than Ready mare for $60,000. Not a lot more needs to be said.
Hip 1909; Adonia Queen A Cherokee Run daughter of a dual Grade 1 winner, fantastic residual pedigree. Purchase price $40,000.
Hip 2239; Street Match A good winning daughter of Street Cry, who is the half-sister to the dam of the now Group 3 winner Lovemelikearock. One of the great American pedigrees in foal to Stormello. Purchase price $50,000.
The mares that have been purchased in foal will foal down in Kentucky. We will then look to import the mares to Australia. The resultant foals will largely be sold as either weanlings or carry them through to the yearling sales.
