Karaka 2009: Pencarrow Stud Bucks Trend

Karaka 2009 held up very well given the current world economic conditions, but this still saw an adjustment in the market by some 30% from the record aggregate of $111,148,850 in 2008 to $74,624,700 in 2009.

In light of this adjustment, Pencarrow Stud (see table) bucked all trends, actually bettering their 2008 results in terms of aggregate, median, clearance rate, and average, while equalling their 2008 top price of $700,000.

Leon Casey was delighted with the stud's sales results, a testament to the continuous improvement of the Pencarrow Stud yearlings.

“They were a strong, even line of yearlings, a draft we seek to achieve, and it was pleasing to have them sell so well. The real highlight was how well we sold through the middle market that included nine yearlings selling between $150,000 and $450,000.”

Pencarrow’s 2009 top lot was Lot 98, the bay colt by Redoute’s Choice out of Sunday Silence mare Love Connection, purchased by David Ellis for $700,000. He also outlaid $600,000 for Lot 451, the Encosta De Lago – Devil’s Lair colt, that result giving Pencarrow Stud two of the top ten priced yearlings.

The prices were not unexpected according to Leon.

“It was a close call between the Devil’s Lair colt and the Love Connection colt as to who would top our draft, they were both great types with stallion pedigrees, and they sold accordingly.”

Pencarrow's Karaka draft averaged $257,105 this year, earning them the honour of Leading Vendor by Average for the entire Sales Series, a title they held from 2004-2007.

The buying bench in 2009 was again diverse with Pencarrow yearlings finding homes in Australia (3), Hong Kong (3), Singapore (3), and New Zealand (10).

David Ellis was again the biggest supporter of yearlings carrying the 'v in the box' after his success with the likes of Group 1 racehorse Darci Brahma.

Ellis’ Te Akau Racing purchased five from the draft this year, after seven in 2008, and three in 2007. He spent $1,880,000 on Pencarrow yearlings, at an average price of $376,000.

Other notable return customers of the Pencarrow Stud product included The Hong Kong Jockey Club, Dominic Li’s IDL racing, Singapore trainer Laurie Laxon, and Bruce Wallace.

The four fillies offered at Karaka 2009 attracted plenty of interest, an acknowledgement by purchasers of the residual value held in the Pencarrow Stud broodmare band. Amongst the quartet were the two top priced Pins yearlings of 2009, the $300,000 Silver and Roses filly, and the $280,000 Pavan filly. The $500,000 paid for the Redoute’s Choice – Grace and Power filly made her the second top priced Redoute's Choice filly at Karaka 2009, while the $280,000 paid by Dominic Li for the Stravinsky – Oh So Precious filly made her the fifth top priced yearling filly for her own sire.
The fillies all found good homes and averaged over double the Premier Yearling Sale average at $335,000.

The focus of Pencarrow stud staff now turns to the weaning and handling of the 2008 crop of young Pencarrow-bred thoroughbreds, some of which will be present in the Karaka 2010 Yearling Draft.

A special thanks to all Pencarrow Stud staff for doing a superb job this year, and to all buyers, thank you for your support and we wish you all the best on the racetrack in the coming years.

For full details of Pencarrow Stud’s Karaka 2009 result visit the Yearlings section of this website.