Three million dollar yearlings have highlighted the first day of the annual Magic Millions sale at the Gold Coast.

Coolmore's Tom Magnier paid a first-session high of $1.1 million for a colt by Exceed And Excel out of Dream In Colour, an unraced daughter of champion Frankel.

The first of the seven-figure yearlings on Wednesday was an I Am Invincible colt from Adrift who boasts a significant Group Two victory.

She won the 2015 Group Two Light Fingers Stakes in which First Seal finished second and Winx seventh.

Bloodstock agent Guy Mulcaster and trainer Chris Waller paid $1.05 million for the colt bred by John Camilleri, also the breeder of Winx.

"He came up pretty early in the sale and I think by the end of the week he might look good value," Mulcaster said.

"We liked him on the farm and loved him all week. He was certainly a target horse for us and we were lucky enough to get him."

Trainers Gai Waterhouse and Adrian Bott went to $1 million to secure Rosemont Stud's I Am Invincible colt from former stable star Amanpour.

"Physically he's just such an athletic horse," Bott said. "He's from a family we know well and have had a lot of success with.

"He's by one of the top sires and from a farm that produces top horses. He ticked all the boxes."

More than $48.5 million was traded on 203 lots sold at an average price of $239,236 for a clearance of 83 per cent.

Vendors at the sale have committed $500 per horse sold to be donated to bushfire relief while Sheikh Mohammed will put in the same amount for horses by Darley stallions sold at the sale.