I read an interesting report a couple of years ago which examined all horses which had sold for a million or more in Oz yearling sales. I think there were 16 or so and one had won back its purchase price. A couple had won a couple of hundred thousand and the rest had won trifling amounts.
It also showed that the only group which had shown a profit overall were in the $60k - $80k purchase price group.
A rich man's ego fest best describes the outlay on most of the top lots.