Cover image courtesy of Inglis
The Inglis Premier Yearling Sale was the first sale in 2025 to show an increase in the median price, although both Inglis Classic and Magic Millions Gold Coast Book 1 remained static with the same median in 2025 and 2024. Premier also defied market trends with a lift in the aggregate and average compared to 2024.
The aggregate demonstrates the health in the market
As much as averages and medians tell a story, the aggregate spend is that actual amount changing hands, and this can indicate how willing buyers are to take a risk on a horse. Across the whole sales season to date, the aggregate is down 7 per cent on last year, and the number of horses sold is down 5 per cent.
At Inglis Premier, the aggregate was up 4 per cent in Book 2 and 2 per cent in Book 1, while the number of horses sold fell 7 per cent and 5 per cent respectively. This shift defied the market trend, but the margins are not huge, and only feel positive compared to all other sales.
“We don’t really look at the average as it can get pushed around by a few lots. The gross shows the health of the market, as does the clearance rate,” said Inglis CEO Sebastian Hutch.
“We don’t really look at the average as it can get pushed around by a few lots. The gross shows the health of the market, as does the clearance rate.” - Sebastian Hutch
“We were hammered by vetting at Premier. Just look at the number of withdrawals we had this year compared to other years. Of course some of those vendors chose to go through the ring, and there is also some faith from buyers that certain vet issues might not be a long term problem.”
There were 71 yearlings withdrawn from Book 1 and a further 42 from Book 2. In 2024, Book 1 had 55 withdrawn and Book 2 had 33 withdrawn. In 2023, 70 were withdrawn from Book 1, and 18 withdrawn from Book 2.
| Inglis Premier Book 2 | $ 6,573,500 | $ 6,334,500 | -7% | 147 | 158 | |
| Inglis Premier Book 1 | $ 53,762,000 | $ 52,712,000 | -5% | 395 | 413 | |
| Inglis Classic | $ 54,678,000 | $ 56,280,000 | -3% | 591 | 608 | |
| NZB Book 1 | $ 75,322,500 | $ 79,585,500 | -4% | 457 | 473 | |
| MM Perth Book 1 | $ 13,746,500 | $ 14,677,682 | 3% | 158 | 153 | |
| MM Gold Coast Book 1 | $ 207,140,000 | $ 225,778,000 | -7% | 769 | 819 | |
| NZB Book 2 | $ 9,759,000 | $ 11,444,000 | 2% | 270 | 265 | |
| MM Perth Book 2 | $ 5,024,500 | $ 5,943,000 | -3% | 124 | 128 | |
| MM Gold Coast Book 2 | $ 10,917,000 | $ 14,517,000 | -25% | 247 | 308 | |
| MM Tasmania | $ 1,974,500 | $ 2,818,500 | -12% | 84 | 94 | |
| Total to date | $ 438,897,500 | $ 470,090,182 | -5% | 3242 | 3419 |
Table: Changes in gross since last year
Quartile analysis of Book 1
By breaking up Inglis Premier Yearling Sale Book 1 into four quartiles, it allows an analysis of the shifts in the various parts of the market.
| 2025 | 375 | $ 100,000 | $ 293,842 | $ 139,892 | $ 83,763 | $ 40,367 | $ 44,718 |
| 2024 | 413 | $ 90,000 | $ 279,660 | $ 123,131 | $ 72,670 | $ 35,957 | $ 40,092 |
| 2023 | 438 | $ 100,000 | $ 274,545 | $ 131,972 | $ 85,963 | $ 46,445 | $ 38,818 |
| 2022 | 490 | $ 140,000 | $ 295,569 | $ 168,770 | $ 108,374 | $ 57,336 | $ 50,445 |
| 2021 | 461 | $ 105,000 | $ 287,609 | $ 137,478 | $ 86,659 | $ 45,848 | $ 45,526 |
Table: Quartile analysis
There was a peak at this sale in 2022, but across a five year trend, this ends up being hidden in the middle of the group. The high end of the market at Inglis Premier has risen 2 per cent over the past five years, while the bottom quartile has fallen 14 per cent, which is the same trend the industry has seen across all the major sales.
Notably, the average in Book 2 has been higher than the average for the lowest quartile of Book 1 for the past two years. If this trend continues, vendors might want to give consideration to placing certain horses in Book 2 rather than competing in Book 1.
Most of the sales this year have struggled slightly in comparison to 2024 metrics, but Inglis Premier defied the trend with Book 1’s average lifting 6 per cent on 2024 and Book 2’s average lifting 10 per cent on the year before. All other Book 2 level sales to date have dropped from 2024, while the Book 1 sales have had mixed results across gross, average, and median.
| Inglis Premier Book 1 | 80 per cent | $ 136,106 | $ 127,632 | 10% | $ 100,000 | $ 90,000 | |
| Inglis Classic | 82 per cent | $ 92,518 | $ 92,566 | 0% | $ 70,000 | $ 70,000 | |
| MM Gold Coast Book 1 | 83.05 per cent | $ 269,363 | $ 275,675 | 0% | $ 200,000 | $ 200,000 | |
| NZB Book 1 | 81 per cent | $ 160,762 | $ 168,257 | -9% | $ 110,000 | $ 120,000 | |
| MM Perth Book 1 | 89.27 per cent | $ 87,003 | $ 95,933 | -14% | $ 70,000 | $ 80,000 |
Table: Major sales in 2025
A rise at Book 2 surprised everyone
The most surprising result, for industry analysts, out of the Inglis Premier Yearling Sale is that Book 2 improved on 2024, while all other sales so far this season have struggled at this end of the market.
“It’s a feature of a rising tide at a sale. Book 1 was competitive and a lot of people were shut out, so inevitably this flows into Book 2. Several of those top lots would’ve held their own in Book 1 but they stood out in Book 2. You can sell well there with the right horse, and we had a good crowd on the day with good engagement and a healthy clearance rate,” said Hutch.
| Inglis Premier Book 2 | 75 per cent | $ 44,718 | $ 40,092 | 6% | $ 32,000 | $ 30,000 | |
| MM Gold Coast Book 2 | 73.29 per cent | $ 44,198 | $ 47,133 | -13% | $ 35,000 | $ 39,500 | |
| MM Perth Book 2 | 80 per cent | $ 40,520 | $ 46,430 | -17% | $ 30,000 | $ 35,000 | |
| NZB Book 2 | 78 per cent | $ 35,633 | $ 43,185 | -25% | $ 26,000 | $ 32,500 | |
| MM Tasmania | 75 per cent | $ 23,506 | $ 29,984 | -26% | $ 19,000 | $ 24,000 |
Table: Book 2 sales in 2025
Buyer location at Inglis Premier
Victorian buyers accounted for 58 per cent of all lots sold, with an average purchase price of $99,800. Meanwhile, NSW buyers secured 15 per cent of the lots but spent more per horse, averaging $149,000. This higher spending power saw NSW buyers contribute 20 per cent of the total gross, while Victorian buyers were responsible for 52 per cent of the sale’s aggregate.
Aside from one buyer from South Africa, C Ramsay, who purchased five lots for $1 million at an average of $216,000, it was Hong Kong who spent 11 per cent of the aggregate with an average of $171,000.
| VIC | 316 | $ 31,554,500 | $ 99,856 |
| NSW | 80 | $ 11,967,500 | $ 149,594 |
| Hong Kong | 37 | $ 6,341,000 | $ 171,378 |
| New Zealand | 32 | $ 2,867,000 | $ 89,594 |
| WA | 21 | $ 2,296,000 | $ 109,333 |
| QLD | 15 | $ 1,242,000 | $ 82,800 |
| South Africa | 5 | $ 1,080,000 | $ 216,000 |
| USA | 1 | $ 1,000,000 | $ 1,000,000 |
| SA | 14 | $ 611,000 | $ 43,643 |
| Japan | 7 | $ 525,000 | $ 75,000 |
| TAS | 3 | $ 280,000 | $ 93,333 |
| NZ | 3 | $ 223,000 | $ 74,333 |
| China | 2 | $ 100,000 | $ 50,000 |
| Mongolia | 1 | $ 70,000 | $ 70,000 |
| Thailand | 1 | $ 70,000 | $ 70,000 |
| Philippines | 1 | $ 20,000 | $ 20,000 |
| ACT | 1 | $ 17,500 | $ 17,500 |
| Tasmania | 1 | $ 11,000 | $ 11,000 |
Table: Buyer location at 2025 Inglis Premier (Book 1 and 2) by aggregate
“Japanese buyers were good across Classic and Premier, they respect our product and Satomi Oka has done a great job there. The relative value of the currencies was probably not a factor, we have people like Nicky Wong who has worked hard in Asia and helped get lots of buyers here,” said Hutch.
“Those relationships, especially with Hong Kong and New Zealand, matter. We sold around 60 yearlings to those two places, and buyers who have had prior success came back again.”
Hong Kong buyers purchased 37 yearlings and New Zealand buyers bought 32 yearlings for a total of 69 sales.
| South Africa | 5 | $ 1,080,000 | $ 216,000 | 1% | 2% |
| Hong Kong | 37 | $ 6,341,000 | $ 171,378 | 7% | 11% |
| NSW | 80 | $ 11,967,500 | $ 149,594 | 15% | 20% |
| WA | 21 | $ 2,296,000 | $ 109,333 | 4% | 4% |
| VIC | 316 | $ 31,554,500 | $ 99,856 | 58% | 52% |
| TAS | 3 | $ 280,000 | $ 93,333 | 1% | 0% |
| New Zealand | 32 | $ 2,867,000 | $ 89,594 | 6% | 5% |
| QLD | 15 | $ 1,242,000 | $ 82,800 | 3% | 2% |
| Japan | 7 | $ 525,000 | $ 75,000 | 1% | 1% |
| NZ | 3 | $ 223,000 | $ 74,333 | 1% | 0% |
| SA | 14 | $ 611,000 | $ 43,643 | 3% | 1% |
Table: Buyer location at 2025 Inglis Premier (Book1 and 2) by average (3 or more bought)
Swettenham thrilled with sire results
Toronado (Ire) led the sire’s table at Inglis Premier across both books with gross sales of $3.7 million for his 14 yearlings sold. His sale topper, Lot 197, was sold for $1 million by Gilgai Farm to Andrew Williams Bloodstock (FBAA) and Hong Kong Bloodstock.
“It’s a discerning market currently and buyers are selective in what they are pursuing. The biggest difference between Classic and Premier was that we had more sire power at Premier,” said Hutch.
The sire power was apparent with three yearlings by global sensation Frankel (GB) making over $1.5 million, at an average of $520,000. Proven sires were the most popular with the top nine stallions by average all being proven sires, and the tenth, Lucky Vega (Ire), has performed well with his juveniles so far this season.
| Toronado (IRE) | 21 | 2 | 14 | $ 3,735,000 | $ 266,786 |
| Zoustar | 14 | 3 | 7 | $ 2,180,000 | $ 311,429 |
| Written Tycoon | 22 | 6 | 9 | $ 2,160,000 | $ 240,000 |
| Wootton Bassett (GB) | 13 | 3 | 9 | $ 2,085,000 | $ 231,667 |
| Ole Kirk | 13 | 2 | 10 | $ 1,725,000 | $ 172,500 |
| The Autumn Sun | 14 | 10 | $ 1,620,000 | $ 162,000 | |
| I Am Invincible | 11 | 4 | 6 | $ 1,570,000 | $ 261,667 |
| Pinatubo (IRE) | 12 | 10 | $ 1,565,000 | $ 156,500 | |
| Frankel (GB) | 7 | 1 | 3 | $ 1,560,000 | $ 520,000 |
| Home Affairs | 14 | 2 | 10 | $ 1,550,000 | $ 155,000 |
Table: Inglis Premier (Book 1 and 2) sires by aggregate
“Toronado’s first million dollar yearling was an incredible result. This is the first crop off an $80,000 fee, his 2-year-olds are off a $45,000 fee, and the rest were at that $20,000 or lower.
“With each increase in fee, the quality of mares has increased too. It’s not just better mares, but also a different type of breeder. He started out with breed to race mares, but now breeders are spending $80,000 they are sending more commercial mares and looking to take the stock to the sales,” said Swettenham Stud’s Sam Matthews.
“Written Tycoon is probably the closest comparison, he really kicked along and got sons at stud once he hit an $80,000 fee. We also capped his book to ensure that breeders could get into the sales they wanted. Toronado can handle more mares, but we felt it was the right thing to do for our clients, if they are spending that much, we want to give them the best chance to get a return on investment. It’s the making sure the quality is there, and quality over quantity.
| Frankel (GB) | 7 | 1 | 3 | $ 1,560,000 | $ 520,000 |
| Zoustar | 14 | 3 | 7 | $ 2,180,000 | $ 311,429 |
| Toronado (IRE) | 21 | 2 | 14 | $ 3,735,000 | $ 266,786 |
| I Am Invincible | 11 | 4 | 6 | $ 1,570,000 | $ 261,667 |
| Written Tycoon | 22 | 6 | 9 | $ 2,160,000 | $ 240,000 |
| Wootton Bassett (GB) | 13 | 3 | 9 | $ 2,085,000 | $ 231,667 |
| Extreme Choice | 3 | 3 | $ 675,000 | $ 225,000 | |
| Too Darn Hot (GB) | 6 | 2 | 4 | $ 840,000 | $ 210,000 |
| Snitzel | 8 | 4 | 4 | $ 820,000 | $ 205,000 |
| Lucky Vega (IRE) | 13 | 3 | 6 | $ 1,140,000 | $ 190,000 |
Table: Inglis Premier (Book 1 and 2) sires by average (3 or more sold)
“His colts are easy to sell, even though his fillies are slight better, but there’s a market perception that he only leaves colts. His last three Australian stakes winners are fillies.”
Gilgai Farm, who sold the seven figure colt, also bred Toronado’s debut crop G1 William Reid Stakes winner Masked Crusader. Toronado’s last three Australia stakes winners are Listed Stutt Stakes winning 3-year-old filly Suntora, Listed Scenic Blast Stakes winner Twain’s Angel, and Listed Black Pearl Stakes winner Romantic Choice.
Five first-season sires—St Mark's Basilica (Fr), Stay Inside, Pinatubo (Ire), Home Affairs, and Wild Ruler—achieved an average sale price exceeding the overall Book 1 average.
| St Mark's Basilica (FR) | 4 | 4 | $ 720,000 | $ 180,000 | |
| Stay Inside | 14 | 4 | 7 | $ 1,152,500 | $ 164,643 |
| Pinatubo (IRE) | 12 | 10 | $ 1,565,000 | $ 156,500 | |
| Home Affairs | 14 | 2 | 10 | $ 1,550,000 | $ 155,000 |
| Wild Ruler | 8 | 2 | 6 | $ 920,000 | $ 153,333 |
| Wooded (IRE) | 9 | 1 | 6 | $ 562,000 | $ 93,667 |
| Portland Sky | 7 | 1 | 6 | $ 460,000 | $ 76,667 |
| Palace Pier (GB) | 7 | 1 | 6 | $ 400,000 | $ 66,667 |
| Sword of State | 1 | 1 | $ 65,000 | $ 65,000 | |
| Extreme Warrior | 2 | 1 | $ 60,000 | $ 60,000 | |
| Captivant | 3 | 1 | 1 | $ 55,000 | $ 55,000 |
| Tiger of Malay | 5 | 4 | $ 193,000 | $ 48,250 | |
| Acrobat | 5 | 2 | 3 | $ 80,000 | $ 26,667 |
| Profiteer | 3 | 1 | $ 20,000 | $ 20,000 |
Table: Inglis premier (Book 1 and 2) first season sires by average
“Wooded was incredible. I was over the moon to see him go so well and using his multiplier of fee, he led the first season sires. He’s had exceptional support from buyers, and they were bought by good judges. It validates that he is the right sort of horse for Australia. People understand who he is and what he offers, and for me, his return on investment was as exciting as it was to see Toronado’s results.”
Wooded (Ire) stood his first season for $20,000 plus GST and he achieved an average of $93,700 for six yearlings sold at Inglis Premier.
“I Am Immortal had his record price with Widden selling a filly for $160,000. She’s a full sister to a recent debut winner. And I Am Immortal has a strong hand in the Showdown.” Lot 354 was purchased by Busuttin Racing, and her full brother 2-year-old gelding McGaw won on debut at the end of January for trainers Emma-Lee and David Browne.
Lot 354 - I Am Immortal x Niki Piki Milo (NZ) (colt) | Image courtesy of Inglis
Swettenham Stud haven’t had a draft at the yearling sales for the last five years.
“It was the best decision we ever made. It allows us to support our clients at the sales, without being stuck at our barn with our own horses. Our clients know that we’ll be at the sales promoting our stallions and their progeny.
Sam Matthews and Hannah Penfold | Image courtesy of Inglis
“We have around 35 broodmares and we race all the fillies through leases, and sell the colts across all the different sales through other people’s drafts. We had only one yearling in Premier, and it wasn’t by one of our stallions,” said Matthews.
And on the sale itself. “It felt that people were nervous at the start, but then once horses were on the market, they were easy to sell and many made overs.”
