THE tough reality of the muted level of demand that exists at the lower tiers of the yearling market was starkly illustrated at Goffs earlier this week when the company’s two day Autumn Yearling Sale concluded with sharp decreases across the board.

Over the course of the autumn various non select yearling sales have grappled with over supply and limited demand and, as expected, trade this week was no different.

An expanded catalogue was always going to struggle to match the results from 12 months ago and of the 504 yearlings offered 300 found buyers which gave rise to a clearance rate of 60%, which represented a drop of some 12 points on the 2017 edition of the sale.

In all there were 71 more horses on offer at this year’s sale, but the aggregate fell by some 25% to just under €1.65 million.

The two-day average of €5,473 was down by 21 points and the median fell from €4,700 to €3,000, which represented a decline of some 36%.

Unfortunately, these figures were in line with the expectations for the sale as this part of the yearling market has seen a limited level of demand stretched all too thinly by an increase in numbers which, in turn, has left many horses unable to cover their production costs.

As was the case last year, two lots made at least €50,000, but elsewhere the top of the market at this sale wasn’t as strong as last year and the number of horses to make €25,000 or more dropped from 11 in 2017 to just six this time.

Over the last two years this sale has benefitted from the very notable input of Chinese buyer Zhang Yuesheng – he bought 35 yearlings in 2017 – and his absence this week was acutely felt.

REALITY

However, this shouldn’t deflect attention away from the glaring reality that supply has comprehensively outpaced demand at a time when the number of owners involved in racing in Ireland and Britain has yet to show meaningful signs of returning to pre recession levels.

Furthermore, the sale did benefit from a notable level of activity from Eastern European buyers.

Also, the recurring theme of supply and demand was something that Goffs Chief Executive Henry Beeby alluded to in his end of sale statement.

“There is no disguising that the last two days have been hard work for everyone as the market has proved highly selective as evidenced by the clearance rate of 60%,” he said.

“Trade has mirrored that at other sales of a similar category across Europe this autumn although it remains the case that the stand out lots enjoyed plenty of competition.

“That said all of us involved in the bloodstock business must accept that the market is the ultimate arbiter of each offering and it is speaking with increasing volume that the sums do not add up at a certain level.

“How much the uncertainty or threat of Brexit is contributing is anyone’s guess as, like everyone, we are so sick of the lack of clarity in this connection but there is no doubt that it appears the supply – demand ratio is out of kilter again.

“Working in tandem with Irish Thoroughbred Marketing, Goffs will continue to do our level best to attract the broadest group of buyers to our sales and it was pleasing to see significant groups from Scandinavia, Eastern Europe and Italy competing with buyers from USA, China and the UK for the yearlings that appealed the most,” he concluded.

Top lot

The star of this year’s sale was a €52,000 colt hailing from the second crop of the dual Derby winner Australia whose first runners include horses the calibre of the Group 2 winner Beyond Reason and the Group 1 placed trio of Broome, Sydney Opera House and Western Australia.

The sale-topper, who was consigned by Shanaville Stables, was making his first visit to the sales ring and he was bought by Charles O’Brien.

The trainer’s purchase hails from a good George Strawbridge family and is related to a number of quality French runners including the Prix Marcel Boussac third Rainbow Springs.

Ross strikes

A busy autumn at the yearling sales for Kevin Ross concluded when he secured a €50,000 son of Tamayuz from Lumville Farm. The agent was once again acting on behalf of leading owners Paul and Clare Rooney and his purchase, who was by far the most sought after horse on offer on day two of the sale, is out of a winning Invincible Spirit own-sister to the Group 3 winner Music Box and the Dante Stakes runner-up Ektihaam.

Showcasing appeal

Over the two days there was just one yearling on offer by the red-hot sire Showcasing and the Nafferty Stud-consigned filly was snapped up by the BBA Ireland’s Eamonn Reilly for €45,000.

This filly is from the family of the Group 1-placed French runner Runaway and she looks set to go into training in Britain, with Reilly reporting that his client was more than likely to send the filly to Karl Burke.

American Appeal

American agent Shawn Dugan often competes for some of the best lots at the Orby Sale but she also appeared amongst the buyers this week as the purchaser of a €35,000 son of Dragon Pulse who was showing a good return on the 6,500gns he cost as a foal.

The colt is from the immediate family of this year’s American Grade 2 winner and Del Mar Oaks third Californiagoldrush who is under the care of Dugan’s husband Neil Drysdale.

Doyle and Marnane

At the 2015 yearling sale in Baden-Baden Peter Doyle and David Marnane joined forces to buy a son of Rio De La Plata who turned out to be this year’s Royal Hunt Cup hero Settle For Bay.

The pair teamed up once more on Monday to secure a son of Toronado for €28,000. This colt is from the amazing and hugely successful dynasty founded by the Crystal Palace mare Alruccaba.

Another purchase by the Doyle team was a €21,000 daughter of Dandy Man from Ballyhane who was bought on behalf of Richard Hannon. Dandy Man was also the source of a filly who cost Joe Foley €20,000 and she is bred on the same cross as the promising English-based juvenile Leodis Dream.

Breeze-Up appeal

A trip to the breeze-up sales next spring is on the agenda for a Dandy Man colt who was knocked down to Willie Browne’s son, Jamie, for €25,000. The colt was sold by Luca Somaini’s Deer Forest Stud and he was providing his connections with a tidy profit on the €3,500 he cost at the February Sale.

Trio at 24

The concluding hours of the sale produced a trio of €24,000 transactions and the first of these was a Requinto half-brother to several stakes performers who was knocked down to MCR Bloodstock. Shortly afterwards Hyde Park Stud matched this price for a Sir Percy colt related to a pair of quality middle distance runners in Asian Heights and St Expedit.

Lastly, Goffs Scandinavia agent Filip Zwicky spent €24,000 on Lumville Farm’s Sea The Moon filly who hailed from the immediate family of Banimpire.

Domestic demand

Among the Irish purchasers to make their mark was Rory O’Brien who spent €23,000 on a colt hailing from the first crop of the St Leger hero Kingston Hill. This grandson of Mastercraftsman is out of a daughter of the Oaks second Flight Of Fancy.

Armagh trainer Natalia Lupini spent €18,000 on a Kodiac filly whose grandam is the 1000 Guineas winner Ameerat. Meanwhile, John McConnell went to €18,000 for a half-brother to his Beresford Stakes second and Grade 3-winning hurdler Orgilgo Bay.