Magic Millions Lot 430, Snitzel colt out of Mirror Mirror (Dehere), sold for $1.6 million, picture Hart Photography -

The first yearling sale in the 2016 Australasian circuit, a vital supplier of racehorses for the Asian Racing Federation region, was conducted at the Gold Coast over the past week with all sale indicators increasing and six million dollar yearlings purchased.

The three and a half days of selling took the sale to new levels with Vin Cox, Magic Millions managing director, saying the result was the best in the industry since 2008.

“It is the highest grossing yearling sale conducted in the Southern Hemisphere since 2008 which is a very good result by any means,” said Cox.

“The fact that we have had six million dollar yearlings is first, testament to the vendors that put them in there, and secondly the fact that we can get seven figure yearlings tells the world that the sale has moved to another level and it is onwards and upwards from here.

“There is a massive appetite for horses and the international investment was fantastic.....which is great for our industry, with our industry very well regarded and promoted internationally. The industry is in a very good space,” he said.

Just under $52 million of gross sales have been added to the sale result since 2011 and the average had increased from $123,629 to $195,679 in the same period.

The final figures for the sale were a gross of $115,646,000, up 26% from last year’s $92,022,500, an average of $195,679, up 15%, from last year’s $170,728 and a clearance of 88.5% with last year’s 86%. 591 lots were sold, an increase over last year’s 539.