Book 1 Q&A: ‘I’ve Never Known The Market To Be This Strong In My Lifetime’

[Wandering Eyes]

Anticipation is building towards Book 1 of the Tattersalls October Yearling Sale and bloodstock agents Deuce Greathouse and Jamie McCalmont along with Yulong's Paul Curran, assistant trainer Kate Harrington and trainer Eve Johnson-Houghton, weigh in on the big questions ahead of Tuesday's sale. 

So, how have the yearling sales treated you so far? 

Deuce Greathouse: It's been very hard work. Horses have become very expensive but, at the end of the day, I think we found a lot of value.

Kate Harrington: We got a lot of business done at Goffs last week in particular and we're delighted with what we have bought. I also purchased one myself at Tattersalls Ireland with the view towards trading it on so I am happy with that as well. We'd like to keep the momentum going into Book 1 and are really looking forward to this week.

Paul Curran: The yearling sales have been a bit of a mixed bag so far for us. We have bought two Dark Angels – one at Tattersalls Ireland, which is somewhere we hadn't bought at before, and the other came from the Somerville Sale. I really think that Tattersalls Ireland did a great job this year and that is something that has to be noted. It goes without saying that we are trying to buy quality and not quantity so hopefully we can be active this week.

Eve Johnson-Houghton: We've got a good few bought but the market has been extremely strong – for example, the average and the median was up by 49% and 59% respectively at Tattersalls Ireland. But hopefully we've got on well. I will let you know this time next year how well we did!

Jamie McCalmont: The bloodstock market has followed all other markets this year and it has been very strong from the top to the bottom. It's very hard to buy the horses that I like to buy because they are making more money than I have to pay for them. 

Where has the value been? 

DG: Like always, I think the value play has been targeting the horses who may have been misplaced. So, the horses who don't stick out as much as if they were in a different sale. 

KH: Overall, the yearling sales have been extremely strong but I'd like to think we found a bit of value during Book 1 of the Orby Sale. I thought it was tough for what was on offer during Book 2 of the Orby but I thought the odd one slipped through during Book 1 at Goffs. 

PC: The only sale where I saw a bit of value was at Donny. Okay, we didn't buy there because we are looking for a different type of horse but I thought there was a good spread of quality there and there appeared to be some value on offer. 

EJ-H: I always sniff out value! I think the value has been in turning up. You have to be there for every horse that you have on a list to watch them go through. You can't be disappointed if you keep getting beaten because there will be a day where one falls your way. I know the value of money. I run my own business and everything has to stack up. A lot of my clients do not have a lot of money so I need to operate at a level where they still enjoy it, win, lose or draw. When it gets to a point where it becomes too expensive, people don't enjoy it and that's how you put them off racing.

JMcC: I don't think there has been any value. When you look at the clearance rates in the low 90 per cents at all sales, not many horses are slipping through the net. I don't see any holes in the market right now.

Is there anything you'd have done differently in hindsight?

DG: Listen, we've been doing this for 20 years now and it's been trial and error all of that time. You try to fine tune it as you go and I think all of us in this game over-abuse ourselves for what we did wrong nine months ago when it doesn't work out. A lot of the time, you can put it down to bad luck. Okay, you can get a little sharper on the horses you vet or even the list of vendors who always command a premium. Really, you try to compile a list of horses where, if you buy them, you can think you were sharp. 

KH: I know everyone else probably says this but I am very happy with the business we did during Book 1 of the Orby Sale. Buying in Euro makes a lot of sense but, as I said, there were a few cracks and hopefully found a few nice ones.

PC: We're pretty happy. You know, we have dabbled pretty much everywhere and even bought at the breeze-ups earlier in the year. We don't buy at every sale and are quite select in what we have done. But no regrets so far anyway.

EJ-H: Oh, there are loads of horses we left behind. I would have had an extra bid on a couple but you can't have any regrets in this game. You've got to just keep kicking and keep on looking forward. 

JMcC: No. I'd have liked to have had more money, though!

Would you agree or disagree that, whether it's an agent, a trainer or even a breeze-up handler, it has become harder to compete at the yearling sales?

DG: There's a lot more people buying horses now. There used to be situations where you had camps who were grouped together and, if they weren't on a horse, you could find value. It's not like that anymore. Every time you look up, there is someone different signing for a horse for a lot of money. Whether you think it's a good thing or a bad thing, the superpower trainers are changing the dynamic of racing.

KH: Definitely, because the nicer horses are becoming more and more obvious. The 80 grand horse is now costing 100 grand and it has been a gradual trend. It can be tough but you need to stay true to your valuations and keep patient until the opportunities present themselves. The cost of everything is on the rise but, when you have an owner who wants to spend 50 grand, it's very hard to turn around and ask them to spend 100 grand. You need to stay realistic.

PC: Definitely. The top level is getting stronger and stronger and, from Yulong's perspective, the competition for those high-end horses is very strong. Kia [Joorabchian] was extremely strong here last year for example and that wiped a few horses off our list straight away! We are strong in our own right but it definitely can be difficult when you are competing with the likes of Amo Racing and Godolphin.

EJ-H: It's very hard to compete. This year, the market has been surprisingly strong. The horses we were buying for 10 grand last year, we've had to spend 20 grand on them this year. There has been an exponential jump.

JMcC: Very much so. The Americans made a big difference to the European market last year. They bought 60 or 70 horses all between that 200 and 300 grand mark. There used to be a case where it would be horses making 500 grand and then there would be a big drop-off. Now, the drop-off is not as severe. There are literally no gaps anymore. I've never known the market to be this strong in my lifetime.

What young stallion has caught your attention – in the ring or on the track?

DG: The Minzaals look very sharp. They look nice.

KH: I have been blown away by what Starman has done on the track this year. Of the first-season sires for next year, the State Of Rests are very classy. They are good-looking, easy-moving horses and we actually bought a nice filly by him at Goffs last week on behalf of Alpha Racing.

PC: What Starman has done this year is phenomenal. To be a Group 1 producer in his first crop is an amazing achievement. He looks as though he can compete at the highest level and, as we saw at some of the yearling sales this year, it didn't matter what the pedigree of some yearlings was like. All that mattered was the stallion and they sold extremely well across the board. They are like hot buns – everyone is trying to get their hands on them! I must say, I am a big fan of Palace Pier as well.

EJ-H: The State Of Rests have been lovely. I haven't bought one yet but I have tried to buy a few. They have been good value and very athletic. The Bayside Boys have been very athletic as well.

JMcC: Blackbeard and State Of Rest. I like their stock a lot.

In a nutshell, what are you hoping to achieve this week? 

DG: Find horses who can win races – and ones we can make money on. If we can do both, we'll be happy.

KH: Buy the next champion. 

PC: We wouldn't be here if we didn't think we could buy a nice athletic horse who could prove to be something special next year. That's the dream.

EJ-H: To buy a champion.

JMcC: If I can buy three or four nice horses, I will be very happy.

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