Magic Millions Ready-To-Run: Average Up 8.5%

At the conclusion of the opening session of the 2007 Magic Millions Ready-To-Run Sale on the Gold Coast, the average had risen 8.5% over last year, going from $35,540 to $38,567. That was despite the top price being drastically reduced from the 2006 high of $825,000 to $275,000. Due to the EI-influenced small number of 82 sold (versus 207 in 2006), the aggregate was $3,162,500 as opposed to $7,356,750 last year. The sold percentage improved to 77.4% from 69.7%. "Under the circumstances it turned out a positive day's selling," MM managing director David Chester commented after the sale. "When we first catalogued for the sale we were thinking the sale would be the biggest and best breeze up style sale ever seen in the Southern Hemisphere. Obviously the equine influenza outbreak led to the catalogue being reduced dramatically because of unfortunate travel restrictions around Australia." The sale continues today. (Nov 28)