Encosta de Lago colt tops Inglis Melbourne Premier opener

An Encosta de Lago colt fetched A$170,000 to lead day one of the Inglis

Melbourne Premier Yearling Sale, which saw declines across the board compared to

the records set in 2008. Last year's auction closed up 56 percent in gross, with

the average rising 25.7 percent to A$84,353 and a sparkling clearance rate of

83.7 percent. A contraction was expected in difficult economic times, however,

and the RNA rate increased to 34.3 percent with 119 sold at an average of

A$57,529.

There were encouraging signs, nevertheless. The median of A$50,000 -- which

matched the 2007 level -- is one, while activity by a broad bench of trainers is

another. Paul Perry, Robbie Griffiths, Mick Price, Greg Eurell, Bart Cummings,

Les Bridge, Colin Alderson, Peter Moody and others all decided there was value

aplenty at Premier.

For many years the Inglis Premier sale was considered not only a poor

relation, but a very distant one, to the sale company's Sydney showpiece Easter

Sale, with some trainers maintaining they had to inspect a great many horses to

find one that took their fancy. But the indisputable success of graduates of the

Melbourne sale translated last year to a deserved rise in stature. The auction

has been bolstered by renovated and expanded facilities, appealing marketing

initiatives by Victorian breeder organizations and a more up-market feel as many

prominent Melburnian owners, such as Makybe Diva's owner Tony Santic, choose to

set up boutique breeding operations in the garden state.

Session-topping honors went to Lot No. 191 from the Blue Gum Farm

consignment. Out of a half-sister to multiple stakes winner La Lagune (Danehill),

the Encosta de Lago colt went to William Inglis as agent -- believed to be

acting on behalf of Hong Kong interests -- for A$170,000. The topper is bred on

the same cross as top-rated sprinter Sacred Kingdom (Encosta de Lago), whose

wins include the 2007 Hong Kong Sprint (HK-G1) and 2008 Chairman's Sprint Prize

(HK-G1).

Mark Webster, managing director for Inglis, noticed how the economy may have

contributed to the day one downturn.

"It was very positive to see all of the familiar players you would expect to

see," Webster said, "and they are buying; it's just that they don't have as much

to spend."

He conceded disappointment with the clearance rate.

"I would like to see a few more vendors meeting the market -- the clearance

rate at the moment is disappointing for a top yearling sale like this," he said.

"It is worth noting that this year's Classic Sale finished with a clearance rate

of 73 percent, but since then we have sold another 40 horses privately and I

expect that will be the same here."

Day two of Session One is scheduled for Monday. The full catalogue and

results are available at www.inglis.com.au.