Star stands strong in bullish yearling market

Cover image courtesy of Bronwen Healy

Martin's Star Thoroughbreds, a major player in the racehorse syndication space for nearly 30 years, combined with her trusted advisor Brett Howard of Randwick Bloodstock to purchase three yearlings at last week's Inglis Easter Yearling Sale, a colt by Street Boss (USA) and fillies by Sebring and American Pharoah (USA).

On Saturday, she was trackside at Randwick to watch rising star Kiku (Zoustar) claim the G3 Carbine Club S. in barnstorming fashion, adding her name to the illustrious band of stakes winners in the purple and white Star Thoroughbreds' colours.

The sister to G1 Newmarket H. winner Zoutori, who was purchased for $300,000 at the 2019 Magic Millions Gold Coast Yearling Sale, is developing into not only a very exciting racehorse but a tantalising broodmare prospect in time.

"She's very good. When I bought her at Magic Millions we knew that her full brother was talented. Clearly, we had no idea that in time he would ultimately be a Group 1 winner. Like him, this filly has just continued to develop and strengthen," Martin told TDN AusNZ.

"I had suggested to Chris (Waller, trainer) at the end of last year when she won, that perhaps we could contemplate the Magic Millions Fillies and Mares' race, having had such great success before with Invincibella, Chris rightly explained that the filly wasn't physically and mentally ready for that competition at that time.

"We wanted to give her a break and it was certainly the right thing to do. She has come back stronger again. She still has some development to go as she is quite a tall filly, but she has a wonderful turn of foot and a great attitude. I think she can get to a very high level."

Martin said a decision will be made this week whether to press on for stakes options in either Adelaide or Brisbane, or whether Kiku heads to the paddock with an eye to the spring. The overriding thought is that there is still substantially more improvement to come from her.

"She seems the type of filly that could develop into a high-grade 4-year-old mare. I think she could be an Epsom candidate later in the year," she said.

"If she were to come back and improve again next time, the same way she has until now, she could even be a mare that could go to the Golden Eagle. We don't know at the moment how far up the ladder she can go.

"She is only lightly raced, eight starts for four wins, and she has been placed the other four starts."

Martin is very much aware that the improvement Kiku has shown is mirrored in improvement in her pedigree thanks to Zoutori's recent Group 1 success. Given their dam, Atotori (Haradasun) died last year, it makes her quite an attractive long-term broodmare prospect.

"She is a Group 1 winner's full sister and she is highly valuable, both as a racing prospect, and the owners will keep racing her, but ultimately, she can become a very high quality and valuable broodmare," she said.

Standing up in a hot market

There are few people better acquainted with the ups and downs of the yearling market than Martin, but even she admits she has been surprised by the bullishness of the Australian sales ring in 2021.

"It was an exceptionally strong yearling season and prices were unexpectedly high. I recall when I arrived at the Gold Coast for Magic Millions I was thinking after a discussion with a variety of vendors that prices would be fairly reasonable and probably down from the last couple of years," she said.

"But it was extraordinary to see the prices on the Gold Coast and as is always the case, that sets the tone for the year. As we progressed to the Classic Sale, then Melbourne and Easter, nothing changed.

"All sales were up substantially on averages of last year, clearance rates were particularly good. It was very difficult overall to buy good-quality horses at an affordable price."

Martin has stuck to her usual volume of purchases through 2021. She usually buys around 25 and has secured 24 to date but did change her approach at the start of the season, with a view to maintaining affordability for her clients.

"I worked out pretty quickly on the Gold Coast that the market was going to be substantially stronger than anybody had anticipated. I had decided before that Sale started that I would take a step back from what I had planned to do and had done in the last few years," she said.

"I decided not to buy three or four very high-end horses in the $300,000 bracket, but rather focus more in the $120,000 to $250,000 bracket, maximum. That still enables people to buy a five per cent share in a horse for a reasonable sum."

In a very competitive yearling market, it is easy to get caught up in the hype of the sales ring, but Martin was determined to maintain her focus across the season.

"Discipline is the key. If you know you particularly like a yearling, you have in your mind what your maximum spend will be, and it’s really important to stay in focus and make sure you don't stretch too far. At the end of the day, the market has to want those horses and they have to be affordable," she said.

Easter shopping nets trio

Martin spent $730,000 at The Easter Yearling Sale, buying three quality yearlings.

"It was always going to be an in-demand sale because the pedigrees, in many cases were extraordinary. There were some wonderful yearlings on offer. I knew that 80 per cent of the catalogue wasn't going to be anywhere near my price range, I was just focussing on what I could buy," she said.

The first one she purchased was Lot 8, a colt by Street Boss, the sire of Saturday's G1 Inglis Sires' winner Anamoe, out of Perskipey (Falbrav {Ire}). Offered by KBL Thoroughbreds, he is a half-brother to Group 2 winner Blueberry Hill (Myborycharlie {Ire}) and cost $260,000.

"He was a particularly attractive Street Boss colt that seemed to tick all the boxes. He was well-related and a really strong, athletic type of colt," she said.

Martin admitted there was a touch of sentiment attached to the purchase of Lot 252, who is from the final crop of Star Thoroughbreds' flagbearer Sebring. Like her sire, this filly, who is out of three-time winner Cloak Of Night (Lonhro), was bred and offered by Corumbene Stud, and cost $210,000.

"I wanted to buy a Sebring filly, as it was his last crop, and coincidentally, I bought a beautiful filly from Corumbene. I said to George Altomonte, I hope we are on the right train with her for lightning to strike twice," she said.

Martin's final purchase was Lot 296, a filly by American Pharoah out of Canadian stakes winner Enstone (Can) (Tiznow {USA}). She was offered by Kia Ora Stud and cost $260,000.

"I bought her for well under what I though she would bring. I thought she was a $400,000 filly. She was much cheaper than that," she said.

Overall, while it was tough work getting a bid in on the ones she liked, Martin was very much pleased with her Easter haul.

"I think if you go to a sale and you are able to buy three very good-quality yearlings for well under the average, you know you have been very successful. That's what we achieved," she said.