"To buy a nice horse like this you have to pay a premium," said Leung, who added that the youngster will be given time to mature into a stayer capable of winning a Melbourne Cup.
Not to be outdone, Waterhouse later went to $650,000 in private negotiations with Cambridge Stud to acquire a High Chaparral-Diamond Like filly which had been passed in for $600,000.
It's not surprising that the High Chaparrals are hot property, given that his 74 yearlings on offer this week are the last conceived in New Zealand.
However, the early stages of the sale were notable for a number of unsold lots, such as the colt by Pins from the group one mare Glamour Puss which was passed in for $370,000.
As a result, the all important clearance rate was 70 per cent, down from last year's 79 per cent. The average price also suffered, falling 17 per cent on 2011 to about $145,000.
New Zealand Bloodstock sales and marketing manager Petrea Vela says that like last year the market is "taking its time to find its feet". Buyers were being selective, but she says the sale still has "a long way to go".
Before the sale began, a ceremony was held to induct Australian trainer Bart Cummings, as an honorary member, into the NZ Racing Hall of Fame.
A major buyer at the National Yearling Sales since 1958, Cummings has bought eight of his 12 Melbourne Cup winners in New Zealand. Hall of Fame chairman Gerald Fell said: "No overseas trainer has done more to promote the New Zealand thoroughbred", adding that "you're a legend and we welcome you".
Accompanied by long-time Malaysian owner, 86 year old Dato Tan Chin Nam, Cummings treated the sales crowd to some of his trademark wit.
On entering the sales ring for the induction, Cummings quipped to Prime Minister John Key "I might be in the ring, but I'm not for sale".
Cummings said he was always looking for a bargain, and recalled how he had bought the dual Melbourne Cup winner Think Big for $10,000. Asked whether he could get a similar deal today for $10,000, he replied - to much laughter - "I'm working at it".
When it came to the business end though, Cummings had to dig deep for his five yearlings yesterday, parting with $360,000 for a High Chaparral-Clarens colt, and another $270,000 for a Pentire-Cruz Control filly.
And while no million-dollar yearlings have been sold in Australasia over the past couple of years, that could change during today's second session when three-quarter brothers to So You Think and King's Rose go under the hammer.
Sales above $140,000 included:
A/C Haunui Bloodstock Ltd, Auckland: B. C Commands-Valpolicella, DC Ellis, Te Akau, $150,000.
A/C Little Avondale Stud, Masterton: BR. F Alamosa-Vedodara, RA James, Cambridge, $200,000.
A/C PJ & PM Vela Ltd, Hamilton: B. C Pins-Velvet and Satin, New Zealand Bloodstock, Hong Kong, $215,000.
A/C RH Rutherford, Christchurch: B. F O'Reilly-Volkrose, Gai Waterhouse/James Harron Bloodstock, NSW, $270,000.
A/C Little Avondale Stud, Masterton: BB C Pins-Wait a Minute, PJ Hickman, Singapore, $170,000.
A/C Hallmark Stud Ltd, Te Kauwhata: B. C High Chaparral-Wildcat Woman, DGR Thoroughbred Services, NSW, $140,000.
A/C Cambridge Stud, Cambridge: B. F O'Reilly-Wyndam Special, DC Ellis, Te Akau, $180,000.
A/C Karreman Racing Trust t/a The Oaks Stud, Cambridge: B. C Sakhee's Secret-Zaabi, M G Price Racing & Breeding, Victoria, $180,000.
A/C Waikato Stud 2001 Ltd, Matamata: B. C Pins-Zephyr O', The Hong Kong Jockey Club, $150,000.
A/C Windsor Park Stud Ltd, Cambridge: B. F High Chaparral-Akela, John Chalmers Bloodstock Services, Western Australia, $280,000.
A/C Wellfield Holdings Ltd, Palmerston North: B. C Alamosa-Akris, M G Price Racing & Breeding, Victoria, $140,000.
A/C Mapperley Stud Ltd, Matamata: Ch F Thorn Park-Alberton Star, Gai Waterhouse/James Harron Bloodstock, NSW, $150,000.
A/C Trelawney Stud Ltd, Cambridge: B. C O'Reilly-Alisara, Gai Waterhouse/James Harron Bloodstock, NSW, $150,000.
A/C PJ & PM Vela Ltd, Hamilton: B. C Danehill Dancer-Anatomy, DC Ellis, Te Akau, $200,000.
A/C Shamrock Developments Ltd, Hamilton: B. C Zabeel-Arena Pride, Kennewell Racing, Southern Australia, $170,000.
A/C Curraghmore Stud Ltd, Te Awamutu: B. C Galileo-Astonish, Adrian Nicoll BBA - Ireland, $320,000.
A/C Lime Country Thoroughbreds Ltd, Hastings: BR. C High Chaparral-Avant Jazz, Mulcaster Bloodstock, NSW, $300,000.
A/C Curraghmore Stud Ltd, Te Awamutu: B. C Encosta de Lago-Ballermoss, The Hong Kong Jockey Club, $350,000.
A/C Curraghmore Stud Ltd, Te Awamutu: B. C High Chaparral-Ballet Danseuse, New Zealand Bloodstock Ltd, NSW, $230,000.
A/C Eliza Park, Victoria: Ch F Exceed and Excel-Baltics, Darley Australia, NSW, $300,000.
A/C Windsor Park Stud Ltd, Cambridge: B. C High Chaparral-Barrachdail Lass, John Chalmers Bloodstock Services, Western Australia, $400,000.
A/C Cambridge Stud, Cambridge: B. C Zabeel-Berlin Tango, DC Ellis, Te Akau, $140,000.
A/C Cambridge Stud, Cambridge: B. F Zabeel-Better Alternative, Bahen Bloodstock/Malua Racing, Victoria, $400,000.
A/C PJ & PM Vela Ltd, Hamilton: BB F O'Reilly-Beyond the Sunset, Michael Wallace, Victoria, $150,000.
A/C B Treymane, Matamata: B. F Lucky Unicorn-Bohemian Blues, New Zealand Bloodstock, Auckland, $200,000.
A/C Haunui Bloodstock Ltd, Auckland: BR. F Don Eduardo-Bonaichi, Segenhoe Thoroughbreds Australia, NSW, $180,000.
A/C Windsor Park Stud Ltd, Cambridge: B. F High Chaparral-Casual Chick, DC Ellis, Te Akau, $150,000.
A/C Little Avondale Stud, Masterton: BR. C Towkay-Centaine Gu Li, The Hong Kong Jockey Club, $170,000.
A/C Windsor Park Stud Ltd, Cambridge: B. C High Chaparral-Clarens, JB Cummings, NSW, $360,000.
A/C Curraghmore Stud Ltd, Te Awamutu: B. C Stravinsky-Clarissa, Waikato Bloodstock, Cambridge, $380,000
A/C Windsor Park Stud Ltd, Cambridge: BR. C Thorn Park-Clown Princess, Lisa Latta Racing Stables, Palmerston North, $130,000.
A/C Cambridge Stud, Cambridge: B. F Commands-Copita, WJ Mitchel Western Australia, $280,000.
A/C Mr MA & Mrs SL Treweek, Cambridge: BR. C High Chaparral-Creil, WK Lee, Hong Kong, $650,000.
A/C Little Avondale Stud, Masterton: BR. F Pentire-Cruz Control, JB Cummings, NSW, $270,000.
A/C BJ & Mrs MA Harvey, Cambridge: BR. C Savabeel-Dancing Brunette, DGR Thoroughbred Services, NSW, $270,000.
A/C Cambridge Stud, Cambridge: B. F Zabeel-Danelish, Hawkes Racing, NSW, $200,000.
A/C Hallmark Stud Ltd, Te Kauwhata: BR. C Pentire-Danex, Cameron Cooke Bloodstock, Victoria, $210,000.
A/C Cambridge Stud, Cambridge: B. F Zabeel-Danger Point, DG Rogerson, Hamilton, $190,000.
A/C Cambridge Stud, Cambridge: B. C Zabeel-Dawninsky, Hawkes Racing, NSW, $420,000.
A/C Cambridge Stud, Cambridge: B. F High Chaparral-Diamond Like, Gai Waterhouse, NSW, $650,000.
A/C Cambridge Stud, Cambridge: B. C Stravinsky-Diamond Smile, Lisa Latta Racing Stables Palmerston North, $180,000.
A/C MA & SL Treweek, Cambridge: B. C Encosta de Lago-Divine Secret, RA James, Cambridge, $180,000.
A/C Windsor Park Stud Ltd, Cambridge: B. C High Chaparral-D.J. Lightning, JB Cummings, NSW, $240,000.
A/C Karreman Racing Trust t/a The Oaks Stud, Cambridge: B. C Darci Brahma-Dominant, DC Ellis, Te Akau, $140,000.
A/C Trelawney Stud Ltd, Cambridge: Ch C Sebring-Eden Valley, O'Brien Thoroughbreds, Victoria, $230,000.
A/C GTS Bloodstock Ltd, Te Awamutu: BB C Savabeel-Ennerdale, Li Chu Kwan, Hong Kong, $280,000.
A/C Eliza Park, Victoria: B. C Northern Meteor / Espuela, Tony Pike Bloodstock, Cambridge, $160,000.
A/C Waikato Stud 2001 Ltd, Matamata: B. C O'Reilly-Etoile du Nord, John O'Shea Racing, NSW, $160,000.
A/C Wellfield Holdings Ltd, Palmerston North: B. F Alamosa-Everswindell, MC Smith, NSW, $190,000.
A/C Cambridge Stud, Cambridge: B. C Testa Rossa-Faze, John O'Shea Racing, NSW, $190,000.
A/C Cambridge Stud, Cambridge: B. C Zabeel-Femmebot, New Zealand Bloodstock, Hong Kong, $200,000.
A/C Curraghmore Stud Ltd, Te Awamutu: Ch C Danehill Dancer-Fine Design, Dr KC Tan, Singapore, $150,000.
A/C Trelawney Stud Ltd, Cambridge: Ch C Starcraft-Fire Song, DGR Thoroughbred Services, NSW, $150,000.
A/C Curraghmore Stud Ltd, Te Awamutu: B. F Zabeel-Floridita, Pencarrow Stud, Cambridge, $200,000.
A/C Rich Hill Thoroughbreds Ltd, Matamata: BR. C Testa Rossa-Formal Combat, Wallace Thoroughbreds, Auckland, $230,000.
A/C Haunui Bloodstock Ltd, Auckland: BR. C Pentire-Foxy Blonde, Mulcaster Bloodstock, NSW, $170,000.
A/C Haunui Bloodstock Ltd, Auckland: B. F High Chaparral-Freequence, Redgum Racing, Victoria, $220,000.
A/C MA & SL Treweek, Cambridge: B. C Encosta de Lago-Giovana, The Hong Kong Jockey Club, $310,000.
A/C Llanhennock Trust, Cambridge: B. C Darci Brahma-Gold Class, New Zealand Bloodstock, Hong Kong, $150,000.
A/C Waikato Stud 2001 Ltd, Matamata: B. C Savabeel-Go Our Dana, MJ Freedman, Singapore, $170,000.
A/C Westbury Thoroughbreds Ltd, Auckland: B. C Exceed and Excel-Gypsy Geena, Tony Pike Bloodstock, Cambridge, $155,000.
A/C BJ & MA Harvey, Cambridge: Ch C Magic Albert-Hearth, Magic Bloodstock Racing Syndicate, Queensland, $220,000.
A/C Fairdale Stud Ltd, Palmerston North: B. F Zabeel-Howmuchyacharging, Phill Cataldo Bloodstock, Victoria, $380,000.
A/C Haunui Bloodstock Ltd, Auckland: Ch C Exceed and Excel-Hurricane Mist, The Hong Kong Jockey Club, $140,000.
A/C MA & SL Treweek, Cambridge: Ch F More Than Ready-Imananabaa, BJ & J Lindsay, Auckland, $370,000.
A/C Rich Hill Thoroughbreds Ltd, Matamata: BR. C Pentire-In the Midnight, John Chalmers, Western Australia, $220,000.
A/C Mapperley Stud Ltd, Matamata: B. F High Chaparral-Irlanda, Michael Wallace, Victoria, $135,000.
A/C PJ & PM Vela Ltd, Hamilton: B. C Choisir-Jeanetta Cochrane, John Chalmers, Western Australia, $180,000.
A/C Cambridge Stud, Cambridge: Ch F Stravinsky-Jesmonds Gift, DC Ellis, Te Akau, $740,000.
A/C Westbury Thoroughbreds Ltd, Auckland: B. C High Chaparral-Jolly Genie, JB Cummings, NSW, $185,000.
A/C Cambridge Stud, Cambridge: B. C Zabeel-Juncture, Hawkes Racing, NSW, $190,000.
