The first of the annual yearling sales for 2015 has realised an upturn in prices and clearance rates at the Gold Coast.

Yearlings sold at the Magic Millions are eligible for a lucrative pay day next January when the Magic Millions Classic will be worth $2.5 million as part of Australia's richest race day.

Prize money for the Magic Millions Guineas for three-year-olds will double to $2 million with the Gold Coast meeting carrying an overall $10 million.

Saturday's Magic Millions Classic winner Le Chef cost $120,000 at last year's sale and with his owner Lenore Saunders collecting a $325,000 bonus as a female owner, the gelding earned more than $1.1 million for his victory.

The highest price paid at the sale was $1.2 million for a colt by first season sire Sepoy from Sister Madly while a Fastnet Rock-Response filly fetched $1.05 million.

"What the figures show is that people that bring their top quality horses here will get the top money which we're very happy about," Magic Millions managing director Vin Cox said.

The sale grossed $92 million, up from $75 million last year with the average price $170,728, up from $144,122.

While the races on Magic Millions day do not attract black type status, company boss Gerry Harvey believes the prize money is a big enough attraction.

"At the end of the day when you are racing horses, that is what matters, especially if you are not a breeder," Harvey said.

"This day next year will have more prize money than Melbourne Cup day and the first day of The Championships in Sydney.

"It is an incentive to race at the Magic Millions.

"We were the number one auction house for the first time last year."

Money earned from the Magic Millions does not count towards a start in the $3.5 million Golden Slipper in Sydney in March, the world's richest race for two-year-olds.