Thoroughbred Breeders’ Queensland president Basil Nolan has tempered the good news out of the Magic Millions HIT Sale last week.

“It was good to see a great buying bench from NSW, Queensland and Western Australia,” Nolan said in the latest TBQA newsletter.  “But the disappointing aspect of the sale was the low clearance rate of just 69%.”

Nolan attributed the downturn to the struggling economy and Patinack Farm’s Unreserved Sale.  “Vendors were very disappointed when it was dumped on the back of the HIT Sale.  When nominations were called for the HIT Sale, we thought it would be a stand-alone auction.”

Nolan expressed his concerns and the affects it would have on the HIT Sale to Magic Millions owner Gerry Harvey and CEO Vin Cox.  “People purchase yearlings or weanlings to specifically aim for the HIT Sale,” Nolan explained.  “I was worried that buyers would forego possible HIT Sale purchases in the hope of getting a much cheaper horse from the Patinack catalogue.

“Well, we have seen the result in black and white – a 69% clearance isn’t good.”

Nolan trusts Magic Millions will not make the same mistake again.  “I’m concerned there may be further Patinack Reduction Sales on the back of the January or March yearling sales next year.

“The sales need to be about quality – not quantity – to be a success.  We pay good money for nominations and should be able to nominate confident they are stand-alone sales capped at 400-450 lots.

“Magic Millions should be operating in the best interests of clients who are their bread and butter and will be here long after Patinack is gone.”