With the major yearling sales fast approaching the auction houses have their work cut out for them with the AUD continuing to make ground against the USD.

In terms of attracting buyers to Australia - particularly those in countries that have their currency pegged to the USD - then the currency trends of late are certainly giving the marketing teams at the various Houses some added pressure I'd imagine.

Speaking of marketing, for an auction house that has worked hard to develop its HK profile (and is spending a fair bit of money advertising North of the equator as well as relying on the PR machine to promote the race results of the HK winners bought at Australian auction), the news that Magic Millions have been granted the right to run the HK auction for the second year running will no doubt be a significant blow to Inglis.