THE sharemarket might have recovered more than 50 per cent since early last year, but it seems the global financial crisis is still catching up with the thoroughbred industry.
The Australian Financial Review reports for the first time since 2005, not a single yearling tipped the magic seven-figure sum as the first section of the Magic Millions yearling sale closed on Saturday night.
The average Magic Millions yearling price, long considered the year's first litmus test of big-ticket discretionary spending, finished at $129,399 this year - down about 2.5 per cent on 2009. After a sluggish start, clearance rose to more than 82 per cent, 2 per cent up on last year.
Magic Millions managing director David Chester was happy with the sale, but many breeders grumbled it was a far cry from the good old days.
"I thought there were three or four horses that could have made a million," Mr Chester said. "It's telling us something that the top end of the market might be tough all through the year. They were very choosy, fussy buyers."
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