Karaka 2026 Book 2: Sword Of State Dominates as Averages Surge
The 2026 New Zealand Bloodstock Karaka Book 2 sale delivered a remarkable result, with the average price nearly doubling year-on-year. While clearance tightened slightly, buyers who engaged paid significantly more — a clear sign of quality over quantity in the middle market.
Sale Summary
| Metric | 2026 | 2025 | Change |
|---|---|---|---|
| Sold | 185 | 277 | -33% |
| Clearance | 74.6% | 78.2% | -3.6% |
| Aggregate | $12,102,000 | $9,819,000 | +23.3% |
| Average | $65,416 | $35,448 | +84.6% |
| Median | $60,000 | $25,000 | +140% |
| Top Price | $200,000 | $260,000 | -23% |
Note: Our median calculation includes only sold lots, reflecting what buyers actually paid. Some industry reports include passed-in and withdrawn lots as $0, which artificially deflates the median.
The standout figure: an 84.6% increase in average and a staggering 140% jump in median. Fewer horses were sold, but those that were sold commanded substantially higher prices. This wasn't a weak market — it was a selective one.
The $200,000 Topper
Lot 601 — an Embellish filly out of Queen Of Wizardry (by Not A Single Doubt) — topped Book 2 at $200,000, consigned by Cambridge Stud. The filly represents strong value for a well-bred type from New Zealand's leading vendor.
The top five lots:
| Lot | Sire | Dam | Dam Sire | Sex | Vendor | Price |
|---|---|---|---|---|---|---|
| 601 | Embellish | Queen Of Wizardry | Not A Single Doubt | F | Cambridge Stud | $200,000 |
| 838 | Sword Of State | Membership | All American | C | Leanach Lodge | $170,000 |
| 657 | Sword Of State | Tina Again | El Roca | F | Landsdowne Park | $170,000 |
| 762 | Shocking | Gardenier | Rip Van Winkle | C | Rich Hill Stud | $160,000 |
| 756 | Ardrossan | Feuilla | Teofilo | C | The Oaks Stud | $150,000 |
Sword Of State featured twice in the top five — a continuation of his dominant Book 1 performance.
Sire Analysis: Sword Of State's Complete Sweep
Leading Sires by Aggregate
| Sire | Offered | Sold | Clearance | Aggregate | Average | Top |
|---|---|---|---|---|---|---|
| Sword Of State | 25 | 23 | 92.0% | $2,182,500 | $94,891 | $170,000 |
| Ardrossan | 24 | 19 | 86.4% | $1,182,000 | $62,211 | $150,000 |
| Noverre | 23 | 18 | 85.7% | $1,072,500 | $59,583 | $130,000 |
| Profondo | 25 | 16 | 69.6% | $840,000 | $52,500 | $120,000 |
| Per Incanto | 8 | 5 | 71.4% | $520,000 | $104,000 | $145,000 |
| Satono Aladdin | 14 | 8 | 61.5% | $511,000 | $63,875 | $110,000 |
| Almanzor | 9 | 9 | 100% | $463,500 | $51,500 | $90,000 |
Sword Of State was utterly dominant — leading on aggregate ($2.18M), clearance (92%), and average ($94,891) among sires with significant numbers. Across both Book 1 and Book 2, his 2026 Karaka tally reads: 43 sold from 50 offered (86%) for $7.39M at a $171,802 average.
Perfect Clearance Club
- Almanzor — 9/9 at $51,500 avg
- Shocking — 3/3 at $121,667 avg
- Embellish — 3/3 at $105,833 avg (sale topper)
- Derryn — 3/3 at $68,333 avg
- Cosmic Force — 2/2 at $62,500 avg
- War Decree — 2/2 at $57,500 avg
Vendor Analysis: Cambridge Stud Leads Again
Top Vendors by Aggregate
| Vendor | Offered | Sold | Clearance | Aggregate | Average | Top |
|---|---|---|---|---|---|---|
| Cambridge Stud | 15 | 14 | 93.3% | $1,195,000 | $85,357 | $200,000 |
| Waikato Stud | 22 | 18 | 81.8% | $902,500 | $50,139 | $130,000 |
| Windsor Park Stud | 17 | 11 | 73.3% | $805,000 | $73,182 | $120,000 |
| Rich Hill Stud | 16 | 8 | 57.1% | $797,500 | $99,688 | $160,000 |
| Woburn Farm | 11 | 9 | 90.0% | $770,000 | $85,556 | $150,000 |
| Landsdowne Park | 12 | 8 | 80.0% | $557,000 | $69,625 | $170,000 |
Cambridge Stud continued their Karaka dominance with a 93% clearance and the sale topper. Their combined Book 1 + Book 2 tally: 64 sold from 73 offered (88%) for $11.84M.
Perfect Clearance Vendors (3+ sold)
- HGT Bloodstock — 6/6 at $72,500 avg
- Hallmark Stud — 8/8 at $51,875 avg
- Curraghmore — 5/5 at $66,000 avg
- Trelawney Stud — 5/5 at $48,500 avg
- Elsdon Park — 5/5 at $45,000 avg
- Jamieson Park — 3/3 at $66,667 avg
Colts vs Fillies
| Sex | Offered | Sold | Clearance | Aggregate | Average |
|---|---|---|---|---|---|
| Colts | 159 | 108 | 76.6% | $7,207,500 | $66,736 |
| Fillies | 122 | 77 | 72.0% | $4,894,500 | $63,565 |
Colts held a slight edge on clearance (77% vs 72%) and average ($66,736 vs $63,565), though an Embellish filly topped the sale. The gap was narrower than Book 1, suggesting strong filly demand in the middle market.
Price Distribution
| Price Range | Lots | Aggregate |
|---|---|---|
| $150K+ | 8 | $1,300,000 |
| $100K-$150K | 30 | $3,470,000 |
| $75K-$100K | 32 | $2,655,000 |
| $50K-$75K | 43 | $2,552,500 |
| $30K-$50K | 41 | $1,537,000 |
| Under $30K | 31 | $587,500 |
The $50K-$75K bracket was the strongest segment by volume (43 lots), while the $100K-$150K range delivered the highest aggregate ($3.47M). Only 31 lots sold under $30K — a stark contrast to 2025's median of $25K.
Year-Over-Year Trends
| Year | Sold | Clearance | Aggregate | Average |
|---|---|---|---|---|
| 2026 | 185 | 74.6% | $12,102,000 | $65,416 |
| 2025 | 277 | 78.2% | $9,819,000 | $35,448 |
| 2024 | 277 | 62.5% | $11,703,500 | $42,251 |
| 2023 | 273 | 62.8% | $11,663,000 | $42,722 |
| 2022 | 271 | 70.4% | $10,839,500 | $39,998 |
| 2021 | 217 | 64.0% | $8,909,500 | $41,058 |
The 2026 average of $65,416 is the highest Book 2 average on record, representing a 59% increase from 2021 and an 85% jump from 2025. The market has fundamentally re-rated what a Book 2 yearling is worth.
Key Takeaways
- Record Average — $65,416 average is the highest Book 2 average on record, up 85% year-on-year.
- Median Surge — The 140% jump in median ($25K to $60K) shows the entire market lifted, not just the top end.
- Sword Of State Dominates — 92% clearance, $95K average in Book 2. Across both books: $7.39M aggregate, 86% clearance, $172K average. The sire of Karaka 2026.
- Cambridge Stud Perfect Run — 93% clearance, sale topper, $11.84M combined across both books.
- Quality Over Quantity — 33% fewer lots sold, but 23% higher aggregate. Buyers were selective but paid up.
- Almanzor Reliable — 9/9 (100% clearance), continuing his Book 1 form, where he also went 23/23.
- Middle Market Strength — 75 lots sold between $50K-$100K, generating $5.2M. This bracket carried the sale.
Combined Karaka 2026 (Book 1 + Book 2)
| Metric | Book 1 | Book 2 | Combined |
|---|---|---|---|
| Sold | 422 | 185 | 607 |
| Aggregate | $79,022,500 | $12,102,000 | $91,124,500 |
| Average | $187,257 | $65,416 | $150,123 |
| Top Price | $1,100,000 | $200,000 | $1,100,000 |
The 2026 Karaka sale delivered $91.12M in aggregate from 607 sold — a powerful statement about the health of the New Zealand thoroughbred market.
Report compiled from New Zealand Bloodstock Karaka 2026 Book 2 results
Data source: G1 Goldmine / Stallion Match