It's where deep-pocketed owners, trainers and breeders arrive with the hope of finding the next Group 1-winning horse.

It's where dreams are shattered, smaller players are blown out of the water and the credit card gets an extensive workout.

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It is, of course, the Magic Millions.

Australia's highest-profile yearling sales, which has developed into much more than just a horse auction.

It's a multi-million dollar raceday, a networking opportunity and for many a working holiday.

Ultimately, however, there's one thing that attracts everyone to the Gold Coast.

"Hope is what keeps everyone going," Kembla trainer Theresa Bateup said.

"The fantasy about buying a yearling is you've got a Group 1 horse or a city-class horse.

"It's a bit of that mystery factored in, you don't know what you've got. It could be a superstar or it could be legless."

COVID has limited the Illawarra's presence at this year's sales, Gwenda Markwell and Kerry Parker likely to remain at home rather than making the trip north.

Luke Price is currently in Queensland with star filly Jamaea, who will run in the $2 million Guineas at the Magic Millions raceday.

The trainer will be joined by his father and owners Bruce and Ken Noble.

The group has directed considerable resources to buying yearlings in recent years, Jamaea and Count De Rupee two sage Magic Millions purchases.

The pair were bought for $130,000 and $145,000 respectively and Luke Price is hoping to unearth the stable's next star throughout the coming days.

"I've already looked at a few," Price said. "I've got 30 on my shortlist and still have work to do before the guys get here.

"Hopefully we'll come away with four to six. At a sale like this, there's a lot of quality animals and you have to do your homework to get the ones at the right price."

Organisers spare no expense to ensure potential buyers are on the Gold Coast, covering the cost of flights, accommodation and transfers for many present.

The action starts Tuesday, with 933 yearlings listed in the first book.

This is where the big players take centre-stage, last year's biggest sale a Snitzel colt for $1.9 million.

Bateup will keep her powder dry until the second book opens up on January 16, where she hopes to find a promising horse in the $40-50,000 range.

"The ones that bring the money are the early running two-year-old types," Bateup said.

"I steer away from that. The guys I'm bidding against have bigger pockets, I'm not going to beat them.

"I'm looking for a horse that needs a little bit more time, is athletic and has scope to develop."

Kiama owner-breeder Matthew Sandblom will wear two hats throughout his time on the Gold Coast, as both a buyer and a seller.

The businessman is involved in a number of ventures at multiple ends of the market.

A member of Newgate's colt-buying syndicate, Sandblom will have his eye out for what he hopes to be a future Golden Slipper winner and star stallion.

But whereas many of his rivals will be willing to break the bank for the right horse, Sandblom will be disciplined with his bidding.

"Our syndicate found it hard to buy at the Magic Millions last year," Sandblom said. "We were blown out of the water on a few of the colts we were trying to buy.

"There's a few syndicates now trying to do what we do, which is identify colts that can become good stallions.

"In previous years our average has been $400,000 per horse. We might have to extend the budget to buy more horses but if it's crazy, we might step back and buy less.

"We've always bought for less than $1 million. It's a good idea not to go for the super-shiny colts, they rarely turn out good and chew up capital."

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While the Newgate syndicate, which includes China Horse Club, is on the look out for promising colts, the Magic Millions is also where they reap the rewards of previous purchases.

Yearlings produced by the likes of Capitalist, Flying Artie and Deep Field will be on offer at the sale, with Sandblom involved in more than 20 horses being sold.

The businessman won't purely have his eye on high-prized colts, the Kiama breeder searching for more affordable youngsters to race across the country.

Some of those will make their way to Markwell, the owner having a long association with the trainer.

"I get satisfaction out of winning races, in the country or elsewhere," Sandblom said. "The other part is very business like, this is because I enjoy racing horses.

"One way or the other, I'll sell a few but also end up buying a few. Hopefully the ledger balances out in the end."

The Magic Millions Carnival officially kicks off with Saturday's The Wave meeting at Aquis Park.

Recent Price stable addition Our Bellagio Miss will contest a 900-metre open handicap, with the trainers confident she will thrive in forecast wet conditions.

"Our Bellagio Miss arrived Thursday morning," Luke Price said. "She travelled well, she's an old girl, she knows the routine.

"The travel certainly didn't affect her. She licked the bin clean before I'd even left the stables, she had a good drink. I'm really happy and the wet track will suit her.

"We've had a lot of rain up here, so it will be in the heavy range. With gate two over that trip, the conditions are ideal for her."

Victories for Our Bellagio Miss and Jamaea would be great. But the real action is in the auction ring.

And that's where the overall winners and losers next week will be determined.