New Zealand Bloodstock says sales at its premier auctions in Karaka this week were down nearly 20% on last year.
More than 1400 horses are being sold at the annual auctions which attract buyers worldwide.
Turnover at the premier sale on Monday and Tuesday was down from $65 million last year to $54 million.
Chief auctioneer Joe Walls says the drop is disappointing and is partly because a few key buyers from Australia were not able to attend.
Mr Walls says other auctions will continue until Sunday and expects the final sales figure to be similar to last year.
