$58m Karaka spend-up clear sign of growth
Around $58 million was spent on horses at this year’s Karaka bloodstock auctions, organisers say, up $2.5m from the previous year.
An economist said this reflected the strong economy.
The National Yearling Sales, which wrapped up yesterday, are the premier showcase of New Zealand’s racing talent, and this year they attracted international attention.
NZ Bloodstock managing director Andrew Seabrook said 169 horses were sold on Monday fetching a total of $30.2m — a record for the first day. Yesterday’s auction saw $27.8m change hands. “It was a day worth remembering for the sale of a white colt offered by Windsor Park Stud, knocked down to the bid of Michael Wallace for $510,000. And the day’s top selling yearling, lot 312, being sold by Sir Patrick Hogan’s Cambridge Stud to David Ellis of Te Akau for $625,000,” Seabrook said.
The buyers included three Dubai sheikhs — Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Sheikh Mohammed bin Khalifa Al Maktoum, and Sheikh Mohammed bin Rashid Al Maktoum. All three bought horses, spending a total of $2.6m. ASB chief economist Nick Tuffley said strong sales at Karaka were in line with economic growth in New Zealand.
“There’s pretty decent consumer spending going along with that so we’ve got an environment where employment’s been pretty solid for a while, businesses are doing reasonably well and interest rates are supporting growth.
“Factors like that will be contributing to people’s decisions over things like purchasing horses and cars . . . where we have been seeing a fair amount of strength over the last year or two.”