The 27 horses on offer have all been pre-trained to a level where they will be able to breeze properly and indications are that the overall stock is of a high quality - as far as pedigrees go.

However, we have heard much of this before and, sadly for all concerned and not least the owners who bought them, the horses sold previously have done little overall to enhance the image of the now annual event.

Last year's figures make particularly depressing reading with two retired, two who never made the track and not a solitary winner from the bunch.

The biggest stakes earner from last year's crop is maiden Sky's The Limit who has amassed the less than grand total of $150,007 as a result of a second and third placing.

Seven of those in training have yet to race and there are some who are extremely unlikely to win, even if they do stay sound and are around for the next two seasons.

Last year's figures are the worst to date, but it is literally only a handful of horses who have paid their way.

Danzighill, still earning good prize money, is the best of the lot with $4.4 million to his name, while Billion Win is not that far behind on $3.7 million with the biggest number of wins - six - to his credit.

Golden Duke and Pinky Long Legs are right up there, too, in the $3 million plus bracket, and it won't take Forest Spring long to join them judging by his eye-catching effort in the final event at Happy Valley on Saturday, which was won by his stablemate, Win-Etic.

There is no point in mentioning any of the failures as their names are sadly only likely to be remembered by their one-time owners.

The current financial downturn apart, it is perfectly obvious from the foregoing that the Jockey Club simply had to do as much as they could to boost the upcoming auction.

To those not totally conversant with the ways of Hong Kong racing, it will be a matter of head-shaking wonderment as to why the Jockey Club does not take the most obvious step of all. That would lead to a full-blooded horse sale and ensure that it made a handsome profit.

I refer, naturally, to making the sale open to a much greater number of Jockey Club members than is presently the case. Those now wishing to buy a horse to race it in Hong Kong must be in possession of a permit or be on the reserve list.

After all, there are only 27 horses on offer and that number of new owners is surely not going to present a problem.

Logically, it is the move to make and would render much of what the Jockey Club is desperately seeking to offer as inducements, redundant. So why is it not done? In a word: security. The annual ballot for new horses eventually does come down to the luck of the draw but only after careful screening, which has seen a number of, shall we say, 'questionable' names removed.

That has always begged the question that if some members are disbarred from owning a horse why are they permitted to remain members? The answer, almost certainly, is that it is simpler to do it this way.

Given the security element, it still does not prevent a much more open, and ultimately successful, sale.

It need not be made open to all members of the Jockey Club. By setting a certain figure, say 600, the Jockey Club could call for those members interested in buying at the December sale to put forward their names a month in advance.

Anticipating - as is the case with the annual ballot - that there would be a greater number of prospective buyers than the permitted figure, yet another draw would take place. For those unsuccessful in the ballot six months previously, it is a second chance for a bite at the cherry.

The Jockey Club is clearly in a much better position than I am to suggest the figure as they know how many lose out every year in the regular ballot.

By going through the usual security checks and screening, an eventual list would emerge of people, not on the original ballot or reserve list, eligible to bid.

The current restrictions are made more damaging in relation to interest in this year's sale by the fact that a number of those coming out of last May's draw as reserves or permit holders, may not be so keen to buy a horse - at this time.

Some of them, like many people in Hong Kong, will be waiting and hoping that there is a decided upswing in the economy.

Of course, suggestions to broaden the base for bidding are too late in relation to next month but there is obvious Jockey Club determination to cement the annual sale as part of International Races Week.

That is good because it does add a dash of interest, excitement, glamour to the biggest week in the local racing calendar.

By taking certain logical steps while still ensuring that security requirements are met, the Jockey Club stewards would be doing themselves a major favour.

Nobody likes backing a loser when they could have been on a winner. That's the way it is at present with the International Sale.