Market ‘Stark’ Beneath The Top: Beeby

[Wandering Eyes]

Expectations were tempered ahead of the second and final day of the Goffs November Breeding Stock Sale and so it proved as trade ticked over at pretty low revs throughout the session.

Despite a smaller offering of mares compared to last year, the clearance rate fell to 45% when only 67 of the 148 mares on offer changed hands. This had a severely detrimental effect on turnover, which finished up at €370,600, less than a quarter of the aggregate of last year. The average and median also suffered and came in at €5,531 (-49%) and €2,000 (-63%), respectively.

Taken as a whole, the two day breeding stock sale obviously came up well short on last year, with turnover for the sale amounting to €6,290,000, a drop of over €8.5-million from last year and even allowing for the absence of some big-ticket lots this year there are clear signs that there is little or no appetite among breeders to continue breeding from potentially loss-making mares.

Acknowledging the highs and lows of the last couple of days, Goffs Group Chief Executive Henry Beeby said, “In recent years Goffs has been privileged to handle a number of significant dispersals at our November Breeding Stock Sale. Who can forget the amazing atmosphere as Chicquita sold in front of a packed house for a record breaking €6-million, whilst the Wildenstein Stables mares also added a real buzz before and during their sale?

“When this year’s edition was launched we highlighted 16 stand-out mares that we felt held international appeal and set about promoting them to the widest audience. As it turned out 10 of them were withdrawn from the catalogue and we feel that was the difference when comparing yesterday with 2017. I stress we make no criticism of the vendors as it is absolutely their prerogative whether or not to sell, but to an extent it does help explain the big drops in Thursday’s statistics. That said, those that stood out and commanded six figure sums enjoyed a vibrant trade as a truly international group of buyers fought it out for the best we presented. In fact, the top five lots sold to interests from China, Australia, Japan, Spain and France to clearly illustrate the global appeal of the best at Goffs.

“Away from the top lots it was a very different story, however, and I would be deluded not to refer to the stark state of the market beneath the top. Some of Thursday and most of Friday has proved extremely tough for breeders and we should not underestimate the ongoing challenges the industry is facing. In my 36 years in the bloodstock business I have seen many highs and lows, enjoyed selling in several strong markets and worked through some very trying times. However I have rarely, if ever, seen a trade that is both so strong and so weak at the same time. As we saw on Wednesday with the best foals, and at the Orby, there is an ongoing hunger for the best-bred but today is just one of several days in recent months that would give huge cause for concern, especially with the ongoing uncertainty of Brexit looming. ‘Polarised’ is an overused description of the market at present but it is very accurate in our view and all we can do is double down on our efforts to seek out new buyers and promote the horses entrusted to us to the widest number of potential purchasers. As ever we are grateful for the support of our vendors, and never more so in such trying times, and our simple promise is to keep endeavouring to repay their trust as best we are able.”

The highlights from Friday were few and far between, but a Galileo (Ire) mare that has already produced a stakes performer should not have too much difficulty finding a new home and it was Paul Nataf who signed for lot 1062 for €27,000. Offered by Denis Brosnan’s Croom House Stud in foal to Fascinating Rock (Ire), the unraced mare, named Phillipa (Ire), has bred four winners including the Group 3-placed Naseem Alyasmeen (Ire) (Clodovil {Ire}) and her 2-year-old filly by Acclamation (GB) made €50,000 as a yearling in the Orby Sale last year.

Another of the more popular mares during the day was lot 1053, Lady Heart (GB) (Kyllachy {GB}) and she received a quality update since the catalogue was printed when her half-brother Son Of Rest (GB) (Pivotal {GB}) dead-heated in the Ayr Gold Cup. The 3-year-old, offered by the Stack’s Thomastown Castle Stud was purchased by Cavalier Bloodstock for €26,000.

Meanwhile, the John McConnell trained filly Evie’s Wish (Ire) (Holy Roman Emperor {Ire}) (lot 1117) will now embark on her breeding career after selling to PP Bloodstock for €23,000. A winner this year, Evie’s Wish is a half-sister to the Group 1- placed Lottie Dod (Ire) (Invincible Spirit {Ire}) and a full-sister to another stakes performer in Rockaway Valley (Ire).

Indian and Turkish buyers have been a feature of this sale in the past and while their participation isn’t as prolific as in years gone by, they still make a significant contribution to trade. Gaurav Rampal, one of the leading bloodstock agents in India, made his presence felt when purchasing lot 1085, Ibiza Empress (Ire) (Tertullian) for €22,000. The Castletown Stud-consigned 5-year-old was offered in foal to Holy Roman Emperor (Ire).

The lone offering by Scat Daddy was bound to generate interest and lot 1120, Miss Margarita (GB), eventually went the way of Honey Pound Farm & Stud for €21,000.

Saturday will see the resumption of selling foals with a single-session Part 2, which commences at 10 a.m.

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