The auction record for a racehorse in Hong Kong was smashed last night when $4.5 million was paid for an unraced colt at the Piaget International Sale. Jacky Chan Cheung-ming bought a son of Danehill, sire of champion Fairy King Prawn. 'I had been expecting to pay $3 million, but the bidding drove the price up. My father has a good eye for horses and he liked him when he saw him gallop on the grass the other day,' Mr Chan said. 'I don't know if I've got a bargain yet . . . but I'm very pleased to have him.' The two-year-old colt had been widely expected to top the Hong Kong Jockey Club's sale of 38 horses at the Hong Kong Convention and Exhibition Centre. But the price exceeded the pre-sale estimate of $3.5 million and broke the record of $3.8 million set last year. The annual sale is the SAR's only thoroughbred auction. Chan's purchase will go into training with Francis Lui Kin-wai. 'He may need a little time, but he is a very good racing prospect,' Lui said.