Strong Aussie Dollar Puts Off International Buyers At Inglis Sales

By: Sarah Fortnum
April 8th, 2011

While Sydney’s Inglis Easter Yearling Sales ended positively, international buyers appeared reluctant to spend big at the sales due to the rising Australian dollar.

Inglis Commercial Director, Matt Rudolph, said that while there was still an international presence at the Sales, the soaring price of the dollar may have caused them to be more reserved than usual with their spending.

“We have the buyers from Hong Kong and Singapore here and we are quite happy with their activity but some of them are compromised by the dollar,” Mr Rudolph said.

“The Australian dollar does have an effect. The buyers have orders to fill. “

Mr Rudolf said that this is also due to the fact that the Australian thoroughbred industry fared better global financial crisis than many other nations, causing our prices to remain high.

“We saw some of it last year with the level of spending from the overseas buyers,” Mr Rudolf said.

“They were bidding on the horses but they were the under-bidders.”

It is not only the strong Aussie dollar that has worried international buyers, but also the competition from local owners and trainers.

“They are thinking what it will cost them in Hong Kong dollars,” Mr Rudolf said.

“The other factor from them is that our local market has been very, very strong.”

The most expensive horse of the Sales was bought by Sydney trainer Gerald Ryan, who purchased a half-brother to superstar mare Black Caviar for over $1 million.

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