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There is certainly a lot of international money at the yearling sales, and always has been. But never forget that an auction is a contest and requires at least two adversaries to bid up the price.

I've been going to yearling sales and following them for over 30 years; I say that they are a harbinger of the economy at least at the top end of town.

There are lesser sales in which one can gauge the lower stratus of the economy... And the so-called "fire sales" where one can gauge the bottom end.

The Perth premium Magic Millions are coming up in a month, then the lower strata of yearling sales, Australia wide after that.

Though not perfect, it does give a bit of a lead into how things are going at various stratas of the economy.

I'll be following closely and will comment as appropriate.

Caveat: a lot results at yearling sales are not actually real. A keen observer will note where things are a bit dodgy... Because of the aftermarket of syndicating out yearlings to mug punters. The success or not of these syndications can also give a lead into the overall economy.

Don't ask me how I know.