Have a Plan and Work Towards it - the Only Way to Own Horses
Bloodstock agent Dave Mee of Pinhook Bloodstock International knows the pleasure and the pain of yearling sales season; a time when the hunt for untried thoroughbred stock floats the hopes and dreams of investors and speculators around the country.
Last weekend Mee, a recommended G1Xchange agent, was one of dozens of buyers to descend on the Inglis Newmarket sales grounds for the Classic Yearling Sale which finishes on Monday, and like the majority of those agents he noticed the changing face of the sale. "The sale average in 2016 was $57,053, and at the end of the second day this year the average is $75,469, up 31% on last year’s final figures," said Mee.
"Based on the big gains in 2016 there were a number of farms that dropped yearlings back from higher profile sales such as Magic Millions and Easter. By doing that they have boosted the average and enhanced the competition, and remember we're talking about unproven stock at these sales."
Horse trade is Mee's business. He's been buying and selling thoroughbreds across Australia, New Zealand, and Asia for many years under the Pinhook Bloodstock International brand and understands what it takes to identify a good horse that fits a client's order.
And identifying a client's preferred outcome goes a long way to achieving success in thoroughbred trade. Until recently the Classic Sale was a happy hunting ground for future ready to run stock, but in 2017 the market is changing. "It's all about finding the right horse for your client," said Mee. "The sales may change face, but the method stays the same. It's about finding out exactly what your client wants and working back to find the best horse available to fit their budget."
Take recent Moonee Valley winner Prize as a prime example. A call from Warrnambool trainer Symon Wilde had Mee on the lookout for a stayer with potential to jump, with Wilde eyeing off hurdle and steeplechase features at the Warnambool Carnival in May. "I got to work and made approaches on horses in Australia, New Zealand, and as far afield as Europe," he said. "As luck would have it another client had a seven-year-old gelding by Reset called Prize running around on the Gold Coast that they wanted to move on. "He was a tough horse but the programming for stayers around the Gold Coast and northern rivers isn't great so there was limited opportunity for him there. I made an approach and bought the horse for just $6000 for Symon and his clients."
In two runs for Wilde, Prize is unbeaten, landing a 2200m 0-58 Handicap at Camperdown and then a 3000m Benchmark 84 Handicap at Moonee Valley, landing $33,000 in prizemoney for a profit of $27,000 to date - and the horse hasn't even been over a hurdle. "Whether it's domestically or internationally, I get an order for a specific race or a specific type of horse, then track down candidates, negotiate over price, then move on to closing the deal," Mee said. "Racing is different things to different people, and it’s certainly not a criticism but the reality is that some owners just get into horses without thinking about what they want to achieve and as a result they might have a bad experience or feel like they didn't get what they wanted out of it. Having some forward planning or at least an idea of how you want your thoroughbred investment to work for you can help avoid that."
Innovations like G1Xchange and the Inglis Elite Racing Prospects sale during The Chairman's sale at Easter highlight the way that bloodstock sales are moving to accommodate buyers in a quality plug and play market. "You look at something like G1Xchange, it's a new platform that I think buyers are really going to rally behind because of the direct access to owners and their shares," he said.
"The Inglis Chairman's Sale Elite Racing prospects takes a lead from G1Xchange and why not. There will be an international market in Sydney around that time for The Championships and Easter sale and they will be looking to get involved in runners. "But the first question is still the same; what are you looking for and what end result do you want from this purchase?"
The principles of successful tried horse selection are much the same as those employed by successful punters; understand race form, understand a horse's ability and potential ability, and bid to buy horses that fit the end criteria.
Finding the right horse is just the first part of the fun, bidding to buy it starts the most exciting part of the journey.