KEY POINTS:
The bloodstock industry is the latest market to be affected by the credit crunch with annual sales at Karaka dropping by 25 per cent.
The two-day Karaka Premier Sales, which finishes today and is part of the week-long 83rd National Yearling Sales Series, grossed $25.9 million yesterday.
Last year's sales for the first two days was $77 million, while $110 million was grossed for the week. New Zealand Bloodstock managing director sales and marketing Petrea Vela said that was a record.
"We're tracking at about 25 per cent down on last year and considering last year's results were up about 30 per cent, we're pretty happy.
"By the buyers' account, there's strong competition on good horses, so we're pretty happy with the level of trade today generally."
Prices at sales in the northern hemisphere have been down 30 per cent or more because of the recession.
Buyers from all over the world have flown in for the Karaka sales, with Australian and Hong Kong connections packing the biggest cheque books.
But it was a local trainer who secured the biggest sale yesterday.
Matamata's Lance Noble spent $800,000 on a colt whose sire is Australian racehorse Encosta de Lago.
More than 1000 horses are up for grabs during the week, including 503 representing the cream of the crop at the Premier Sales.
