Predictions of a major downturn in yearling sales proved unfounded at the first four sessions of the Magic Millions sale with just a 16 per cent drop on 2008 figures.Aushorse Marketing said the Gold Coast sale had defied world trends and augured well for the remaining sales this year."This is a watershed moment for the Australian thoroughbred industry with this sale performing better than any other sales around the world in the last six months," Aushorse chairman Antony Thompson said."Results pr

Predictions of a major downturn in yearling sales proved unfounded at the first four sessions of the Magic Millions sale with just a 16 per cent drop on 2008 figures.

Aushorse Marketing said the Gold Coast sale had defied world trends and augured well for the remaining sales this year.

"This is a watershed moment for the Australian thoroughbred industry with this sale performing better than any other sales around the world in the last six months," Aushorse chairman Antony Thompson said.

"Results prove how well our horses are regarded by the most influential buyers locally and internationally."

The clearance rate at the Magic Millions was a healthy 80 per cent with an average price of $131,000.

International buyers spent more than $19 million during the first four sessions of the sale.

" Aushorse was vigorous in its approach, telling the world about the high quality yearlings we have to offer here in Australia and broaden the base of buyers," Thompson said.

Hong Kong was the most active region, spending more than $5.3 million in the first session.

The Hong Kong Jockey Club spent $3,41 million on a total of 19 yearlings.

International clients reaped the benefit of a favourable exchange rate.

"It's very encouraging to see how well this sale has held up (in the current global climate)," South African Lionel Cohen said.

Tom Goff's Blandford Bloodstock, one of the leading buyers in the northern hemisphere, attended the Magic Millions for the first time and purchases included colts by General Nediym and More Than Ready.

"As somebody who has attended all of the major bloodstock auctions in the northern hemisphere over the past six months and seen sales down anything up to 50 per cent, it was very refreshing to come to a sale that has held up so remarkably well," Goff said.

"What is particularly striking is that the Australian industry's sustainability during a recession is due in part to the excellent way in which Australian racing is run and financed."