Recession? What recession?

Meet the yearling that provided a couple of minutes of magic at the Karaka yearling sales yesterday; the Herald reports:

What a difference a day makes. The malaise afflicting buyers at Monday's opening session of the National Yearling Sales at Karaka saw three out of every 10 lots go unsold, but day two of the Premier Sale was a different story.

Having some seriously blue blood on offer definitely helps to get the adrenalin - and money - flowing.

Te Akau Stud's David Ellis bought 14 yearlings for $2.4 million on Monday, including $740,000 for the Stravinsky-Jesmonds Gift filly, and he came back for more.

In the first couple of hours, Ellis snapped up another half dozen lots for prices ranging from $70,000-$225,000. However, the best was yet to come.

Many good judges had predicted that the Fastnet Rock-Nureyev's Girl colt offered by Cambridge Stud would be the top lot. They were on the money.

In a thrilling duel, Ellis outbid Ireland's powerful Coolmore Stud to secure the half brother to the group one racemare King's Rose for a sale-topping $1.75 million.

Ellis joined the bidding late in the piece at $1.45 million and thought that he might have to stretch to $2 million.

"If this colt can win group one races, he's worth real money," he said.

And David Ellis is to be congratulated on tis purchase for more than just the potential of the horse; read on:

A quarter share has yet to be syndicated, "but I don't think that's going to be a very difficult thing to do", said a bullish Ellis. "I think he'll sell very quickly, this colt.

"I think it's absolutely essential that we retain horses like this to race in New Zealand and then represent New Zealand and Australia and further overseas."

As for the bidding duel with Coolmore Stud, delighted vendor Sir Patrick Hogan said that Te Akau Stud was equal to any stable in the world.

"The New Zealand industry are so lucky and fortunate that David Ellis was able to step up and be able to buy this horse."

Indeed. We happened to see this particular auction, and it was interesting, almost compelling to follow the bidding. David Ellis is to be congratulated both on his purchase yesterday of this star colt, and for his contribution to the continued success of the thoroughbred industry in New Zealand.