Trainer John O'Shea and Coolmore's Tom Magnier have bought the first million dollar lot at the Gold Coast Magic Millions Sale.

The Fastnet Rock colt out of stakes winner Risk Aversion went into the ring late on the first day on Wednesday.

"It's all about the type," O'Shea said. "This colt is a real athlete and that's why I was drawn to him."

"For me he is a great horse by a champion sire in Fastnet and it's exciting to have him."

The second highest price at the opening session was a colt by Snitzel out of Madame Andree which was knocked down to bloodstock agent James Harron for $900,000.

A total of 182 lots were sold for a gross of $39.17 million and average price of $215,220, a record for the opening day of the sale.

"It's been a very good start," Magic Millions managing director Vin Cox said.

"We look forward to Day Two with some outstanding prospects to go through the ring."