The Magic Millions is a major event on the Australian horse racing industry calendar. It consists of two parts – the Magic Millions horse auction and the Magic Millions horse race meet. The auction attracts a wide range of horse breeders and investors, with some horses fetching millions of dollars.
It is only recently that the Magic Millions auction has resumed its place of importance in Australian racing. In the late 1990s, the auction house was looking to close. Luckily, it was bought out by a group of businessmen who have raised the profile of the races and auction to bring its current success. The record for an individual horse purchase being broken at the 2008 auction has proved this success.
Mostly held in Surfers Paradise on the Gold Coast of Queensland, the Magic Millions has a very interesting requirement for the horses entered into its races. Any horse racing in the Magic Millions races needs to have been bought at the auction in previous years. This includes entry into the biggest race, the Magic Millions Classic for two-year-olds. With a prize of $2 million to the winner, the Magic Millions Classic is a good incentive for investors to buy horses at this auction.
The Magic Millions race series is held over time at many different tracks around Queensland, though most races are on the Gold Coast. Most of the races are for two-year-olds, as the races are designed to show off horses that were purchased in recent years. Races are generally held from November through the next March. The 2009 Magic Millions Classic, for instance, was held on 10 January and won by Phelan Ready, a clear outsider.