Rarest of Gems - Could Imperatriz Break Australian Record?

ttrausnz.com.au reports:

Te Akau Racing made headlines last week with the announcement of the retirement of Imperatriz, the world-champion sprinter boasting 10 Group 1 victories across three seasons. With her illustrious racing career coming to a close, the focus now shifts to her future as a broodmare, sparking speculation about her potential sale price and the impact she could have on the global breeding market.

David Ellis, representing Te Akau Racing, disclosed that Imperatriz (I Am Invincible) would soon be offered for public auction, leaving all viable options on the table. 

This decision has ignited conversations within the racing community, with many wondering if the mare could surpass the Australian sales record for a breeding or racing prospect, currently held by Milanova (Danehill {USA}) at $5 million.

A review of the top 10 highest-priced mares sold at auction in Australia highlights a consistent trend: racetrack success is a key factor among elite mares offered off-the-track. As such, Imperatriz's impressive track record, coupled with her strong pedigree, positions her as an attractive proposition for potential buyers.

Considering these dynamics, one can only speculate on the potential price tag that Imperatriz could command, given her career best rating of 119 is three points higher than any of the mares featured in Australia's top 10 highest-priced list. Imperatriz, a Group 2 winner at two, secured 10 Group 1 victories across three seasons, with eight of these wins achieved at weight-for-age level, a record unmatched by any of the mares featured in the leading tables.

While ratings serve as a universal performance metric, determining the auction prices of elite mares involves a multitude of factors. If auction value were solely based on ratings, Montefilia (Kermadec {NZ}) would have commanded a price equal to Sunlight’s (Zoustar) $4.2 million price tag, given their matching career best rating of 116. 

Montefilia, a four-time Group 1 winner over middle distance races, fetched almost a million dollars less than Sunlight, despite their equal ratings. 

However, Sunlight's appeal to the marketplace was bolstered by her status as a precocious dual stakes-winning 2-year-old and a three-time Group 1-winning sprinter, sired by a highly sought-after stallion. Which is why Impertriz is such a unique gem.

With an unparalleled race record and a robust pedigree that allows for pairing with a wide range of top-tier stallions, it seems quite plausible that Imperatriz could surpass the record for the highest-priced mare sold directly from the racetrack in Australia.

A global commodity

When comparing the prices of top-tier mares in Australia against those in Europe and the US, the notable discrepancy in affordability becomes evident. Australia's highest-priced mare, Milanova, falls significantly short of the top 10 most expensive mares sold at breeding stock auctions in the US and Europe. 

Experienced international bloodstock agent Sheamus Mills attributes this stark contrast in prices for premium mares to Australia's yearling market dynamics.

“Our yearling sales have a ceiling that means that it's just not financially viable to spend the sort of money that you can in Europe and America where they have a much higher ceiling on their yearling sales.

“Our (Australian) yearling sales have a ceiling that means that it's just not financially viable to spend the sort of money that you can in Europe and America where they have a much higher ceiling on their yearling sales.” - Sheamus Mills

“Say with a mare like Alcohol Free, she's a prime example whereby if you breed her in Europe, you might get $4 or $5 million for a foal. If you breed her in Australia, history would tell you it's very, very hard to break through a million dollars.”

In the US, the 2023 sales average at top-shelf yearling auctions like Fasig-Tipton’s Saratoga Select Yearling Sale and Keeneland’s September Yearling Sale were up to three times higher than those in Australia. 

Similarly, Europe’s premier yearling sale, Tattersalls October Yearling Sale (Book 1) boasted average prices over double that of Australian equivalents reflecting the constraints within the Australian market.

Despite the comparative modesty of the Australian yearling sale market in contrast to Europe and North America, the accessibility for international buyers to acquire top-tier Australian mares has never been more favourable. 

John Moynihan, prominent US based bloodstock agent, asserts that in today's globalised breeding landscape, elite mares hold substantial value worldwide, irrespective of their geographical origin.

“When I first started coming to Australia, a lot of your successful families were started in America. Australian breeders came to America, bought an American speed filly, took her to Australia to breed her to those Australian speed sires and lo and behold they end up producing world class horses down under.

“Pound for pound, horse for horse, if a mare accomplishes those major Group 1 races either by winning them or placing in them as 2-year-olds, 3-year-olds and even older mares, I think the class of those mares is exceptional regardless of the jurisdiction.”

International appeal

Imperatriz stands out not only for her exceptional racing career but also for her broad global appeal as a broodmare. 

As a daughter of I Am Invincible, who himself is a son of Invincible Spirit (Ire), and out of a Shamardal mare (Berimbau), Imperatriz is free from the bloodlines ofDanehill (USA) and Sadler's Wells (USA). With compatibility across the current top 10 global stallions, Imperatriz holds immense breeding potential that transcends geographical boundaries.

Notably, she possesses strong linkages with Europe’s reigning Champion Sire, Frankel (GB), who boasts a remarkable 75 per cent stakes horses to runners rate when paired with mares by sons of Invincible Spirit. An example of this successful cross is the stakes-winning filly Al Asifah (GB). Her dam, Aneen (Ire), is sired by Lawman (Fr), a son of Invincible Spirit, and she too descends from a daughter ofShamardal (USA), mirroring Imperatriz’s ancestral line.

Dubawi (Ire), when bred with maternal granddaughters of Shamardal, has also seen success, achieving a 50 per cent stakes horses rate, including the stakes-winning filly National Dance (GB).

Similarly, Dark Angel (Ire) has proven successful when paired with granddaughters of Invincible Spirit, as demonstrated by the achievements of his four-time Group 1 winning son Battaash (GB), who shares the same cross with Imperatriz.

In the US, Tapit (USA) and his son Constitution (USA) have a strong affinity with Imperatriz's lineage each boasting a 100 per cent winning strike rate when mated with mares by Shamardal, including Group 3 winner Tusk (USA) (Tapit {USA}). American Pharaoh (USA) and Justify (USA) have both proved successful when paired with granddaughters of Invincible Spirit, while sons of Curlin (USA) have an affinity with Invincible Spirt mares.

Speaking of Imperatriz, Moynihan agrees that her internationally recognised bloodlines will appeal to the global market.

“She has the race record, but she also has a pedigree that a lot of international breeders are extremely familiar with, both on the sire side and the dam side.

“She (Imperatriz) has the race record, but she also has a pedigree that a lot of international breeders are extremely familiar with, both on the sire side and the dam side.” - John Moynihan

“Shamardal has been a great influence in Europe and in Australia. Invincible Spirit has been a great influence in Europe and Australia as well".

Moynihan understands firsthand the challenge of acquiring mares of exceptional quality. In 2016, he purchased Group 1 winner Bounding (Lonhro) for $1.9 million from the Magic Millions National Broodmare Sale on behalf of Stonestreet Farm. Bounding's colt by Curlin (USA) later fetched an impressive US$4.1 million (AU$5.6 million) at the 2019 Keeneland September Yearling Sale. 

Additionally, he was the underbidder on triple Group 1 winner Sunlight when she sold for $4.2 million to Tom Magnier at the 2020 Magic Millions National Broodmare Sale. The Gold Coast has been a hot shopping spot for Moynihan.

“I think everybody that has a serious broodmare band or they're serious about breeding nice horses would have to take a serious look at her (Imperatriz). I think that she's one of the best prospects that has come through Australia in recent times.

“A few years ago we tried to buy Sunlight. We targeted her as a mare that would have an amazing amount of international appeal no matter where she called home.

“It's so hard for those kind of fillies and mares to accomplish what they did on the racetrack, they're such a rare item that from a breeding standpoint, people look at them and they dream that if they can reproduce themselves in their offspring, they are going to sell extremely well, they’re probably going to race extremely well and that’s the ultimate quality that you're going for”.

“It's so hard for those kind of fillies and mares (Sunlight, Bounding, Imperatriz) to accomplish what they did on the racetrack, they're such a rare item... people look at them and they dream that if they can reproduce themselves in their offspring, they are going to sell extremely well, they’re probably going to race extremely well...” - John Moynihan.

Does physical location matter?

Moynihan believes the right horse will sell well on any platform, but there's nothing like a physical auction when it comes to offering rare collectors items like Imperatriz.

“If the horse is of a certain amount of quality, they’re going to bring plenty of money, no matter what format they get sold on.

“Although, if the people that own her are serious about really wanting to sell her, I think that they're going to get the most money selling her in a physical auction environment.

“When a mare shows up physically in an auction, as opposed to an online auction egos get involved. People can see and they can touch. They have time to validate, they have time to see the mare, so they get their competitive juices get flowing and they see who they're going to have to bid against. 

“I think those things set up for special horses to bring more money in that type of format than say maybe a digital one”.

“When a mare shows up physically in an auction, as opposed to an online auction egos get involved. People can see and they can touch. They have time to validate, they have time to see the mare, so they get their competitive juices get flowing...” - John Moynihan

Leading European-based agent Hubie de Burgh concurs, emphasising that showcasing highly-credentialed mares is not only about their individual merits but also about promoting the industry on a broader scale.

“I think the online market is a great facility, from top end to bottom end. Personally, I love the public auction side for the big Group 1 mare, because it puts bloodstock at the top of the headlines within our own industry and on a global basis.

“A filly bought for $250,000 as a yearling, turns out to be an outstanding race mare and then goes into the ring and makes $4 million. That's all written up, and everyone who looks at that thinks, well gee whiz, I could be the one doing that next time.”

Drawing parallels to another high-profile sale of the $10 million Winx filly sold just weeks ago at the Inglis Australian Easter Yearling Sale, Mills emphasises the uniqueness of Imperatriz's offering, setting the stage for an unprecedented bidding war and he believes Imperatriz is poised to make waves in the market.

“I think we're seeing two horses offered that are very, very unique within a few months of each other. They’re offering two horses I’ve not seen in the last 20 years.

“I can understand whichever way they would go with this horse. I think that the pool of people to buy would be relatively small. 

“I think that the pool of people to buy would be relatively small..” - Sheamus Mills

“Take her to Port Augusta and parade her, and you'd still get the same result because those who are truly going to be interested will make the effort,” said Mills.

Speaking of putting a figure on Imperatriz, Mills was equally as optimistic highlighting that the mare could easily break the Australian sales record, but it will ultimately come down to the competition at hand.

“I think you've probably got a lot of people probably doing their homework and due diligence with the hope of buying her. I think to be realistic, you'd want to have $4 million minimum in the locker to even bother getting in the car and going to look at her.

“I've always argued that there is very little between a $2 million and a $4 million horse. The $4 million horse generally has the same credentials as the $2 million horse, but the former has two buyers who just won’t drop off.

“I think it just depends on the two people involved. I really think this mare could sell for $4.5 million or could sell for $8.5 million just as easily."