'We were hoping for a 20 per cent increase, but this is beyond our wildest expectations' - Engelbrecht-Bresges

The Hong Kong Jockey Club was celebrating a profitable and high-profile success last night as prices went through the roof at the Piaget International Sale.

The prestigious event, held at the Hong Kong Convention and Exhibition Centre, grossed $49.1 million for a select group of two-year-old racing prospects, a staggering 63 per cent rise on last year's sale. The average price for the 23 lots sold was $2,134,783 - up more than 60 per cent on 1999 and, incredibly, more than the $2.05 million purchase price of last year's top lot.

That sum seemed chicken feed last night, with a highest individual price of $3.8 million, and nine other lots that surpassed last year's top price.

Winfried Engelbrecht-Bresges, the Club's executive director of racing, was in jubilant mood after the sale. 'That was very special,' he said. 'We were hoping for a 20 per cent increase on last year's sale, but this result is beyond our wildest expectations.'

It was clear the sale was set to scale new heights from the very first lot, a son of hot dual-hemisphere stallion Danehill, sire of Hong Kong star Fairy King Prawn. The atmosphere in the auditorium was electric as the bidding passed last year's benchmark figure and accelerated past the $3 million mark. Eventually, the Danehill colt was knocked down for $3.8 million to Li Wing-hon, who was sitting with trainer Eddie Lo.

The gelding had attracted a lot of attention when the 23 horses breezed at Sha Tin on Tuesday, and had been widely predicted as a sale-topper, but the price still brought gasps from the audience.

The sale could have gone flat after such a breathtaking start but, while no lot surpassed the opening price, the overall figures improved throughout the sale, which lasted just over 90 minutes.