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Teeley Asset's Reduction Sale Rings Up $21M At Australian Thoroughbred Sale
Published May 30, 2014
Teeley Asset's reduction sale "hit the headlines thanks to a massive" A$23M ($21.3M) turnover during the Australian thoroughbred sales at the Gold Coast on Wednesday, according to John Holloway of the SYDNEY MORNING HERALD. The Magic Millions group "entrusted to handle the Teeley Asset sale and the average for the 57 lots sold was a staggering" A$404,168. The invaders did not hold back and Americans, Irish, Dubai folk and New Zealanders "helped the locals rack up 10 seven-figure lots." The Newgate Stud Farm group bought no fewer than five lots for A$5.5M. Coolmore Stud signed for five lots for A$4.3M. James Harron bought four lots for A$3.5M (SMH, 5/29). In Abu Dhabi, Geoffrey Riddle wrote breeders from around the world "underlined the difficulties that the Purebred Arabian industry faces in trying to attract young people willing to take the large financial risk of producing horses of racing quality at the World Arabian Horse Racing Conference." Despite a huge investment in prize money and bedrock initiatives in the UAE and in other parts of the world, "the industry is finding it hard to recruit young people to what has always been a dicey, yet potentially lucrative, business" (THE NATIONAL, 5/28).