A WEEK that neatly encapsulated the two tiered and polarised nature of the bloodstock market ended at Goffs last Saturday with Part 2 of the company’s November Foal Sale.

The one-day finale to a near week long run at Kildare Paddocks didn’t have a major bearing on the cumulative figures for the November Foal Sale which, as expected, finished adrift of the corresponding results from 2017.

In addition, last year’s November Foal Sale benefited from the presence of some blue chip stock which came under the hammer as a result of the dissolution of partnerships involving the China Horse Club and others and these yielded a top price of €1.1 million and other major prices.

OWNERSHIP

The looming unknown that is Brexit is a factor that should not be underestimated nor should anyone lose sight of the fact that racing authorities in Ireland and England must realise that ownership needs a complete overhaul that will lead to an upswing in end users.

It is undeniably the case that the current trends we have been seeing throughout the year in various sectors wouldn’t be at all as stark or pronounced if there were more owners involved in racing. Fashion, stallion fees, commercial appeal all pale into insignificance relative to the level of ownership in England and Ireland. That is where the answer to the market’s difficulties lie.

The current state of the market is such that demand for quality stock is strong and unrelenting as evidenced by what took place during Wednesday’s premier foal session. Away from the top of the market, demand is selective and buyers have adopted a notably risk-averse approach as a result of what they encountered in the yearling market this year.

This in turn was reflected in the final figures for the foal sale and the first point to note is that the clearance rate dropped from 77 to 69% which was in large part due to a tough opening session. The aggregate for the four days fell by 21 points to just under €21.5 million. The average of €33,630 was down by 9% and the €20,000 median remained the same.

As a consequence of quite a brutal second day of the Breeding Stock Sale, there were fears that Part 2 of the foals could be a grim affair and that the week would end on a decidedly downbeat note.

However, under the circumstances and given how the lower tiers of the market have struggled in all spheres over the last few months, Part 2 returned a reasonable level of trade. There was a demand for horses and the day’s top price improved from €39,000 to €52,000.

The clearance rate did drop by five points on last year but, under the circumstances, a 61% clearance rate was quite respectable and this was actually better than the figure recorded on day one of the foal sale. The turnover fell by 36 points but still topped €1 million and the €6,713 average and the €3,800 median dropped by 18 and 36% respectively.

The day’s top price of €52,000 was paid by Tally-Ho Stud for a son of Fast Company from Collegelands. This colt is out of an unraced daughter of the stakes-placed two-year-old Bett’s Spirit. Earlier in the day, Tally-Ho also spent €22,000 on a son of their first-crop sire Mehmas and they signed for in excess of 20 foals last week, all of whom are destined to return for sale as yearlings. Liam McAteer, who has previously had the likes of Margot Did through his hands, made his third purchase of the week when giving €33,000 for a son of Footstepsinthesand from Ballybin Stud. This January-born half-brother to the useful three-time winner Pillar Of Society is likely to head towards one of the earlier yearling sales next year.

CLASSY

Guy O’Callaghan later secured a colt from the first crop of the classy Dark Angel horse Estidhkaar for €32,000. Earlier in the week the Tara Stud resident supplied a €100,000 colt who was bought by Paul McCartan.

As the sale came to a close, Yeomanstown Stud forked out €30,000 for a daughter of Dandy Man from CAFRE Enniskillen Campus and the same sire supplied the final lot into the ring at this year’s sale. That Acorn Stud-consigned colt cost Joe Foley €26,000.

Wyanstown Stud spent €28,000 on a Mehmas half-brother to Gordon Elliott’s capable two-year-old Artistocratic Man and Ginnotti Perluigi gave €27,000 for a daughter of War Command from a smart Italian family.

HENRY BEEBY’S COMMENT

“WHILE today’s trade could not be described as strong, it has moved up a notch compared to yesterday and those foals that were deemed to have residual value have enjoyed keen competition from a large group of pinhookers right up to the very last lot. Today’s top price of €52,000 is a fair bit higher than at last year’s comparable sale and it was perhaps revealing that the clearance rate was two points ahead of day one this week,” commented Goffs chief executive Henry Beeby.

“None of this however should detract from the issues we highlighted yesterday and we recognise the major challenges facing breeders in the current climate. Our commitment is to continue to work tirelessly to provide the best market possible and we continue to invest around the world as we strive to attract the biggest number of buyers to each sale. “We appreciate the support we receive from so many breeders and were pleased that the upper end of our Foal Sale earlier in the week enjoyed a strong and vibrant trade for the best with several very happy vendors.

“That the four-day Foal Sale median price held steady is interesting but it must be viewed against a clearance rate that was short of 2017 as well as the fact that last year’s Foal Sale made huge advances so we are still well ahead of 2016 by every measure.

“The addition of the new Barns X, Y and Z to give us an additional 96 stables, taking the total to 762, has been universally well received.

“ I want to pay tribute to our facilities manager, Ger Hennessy and his superb team who literally worked night and day to complete the new blocks while at the same time delivering the impeccable service for which we are renowned. Nothing is too much trouble for Ger and his colleagues, and we are lucky to have them on our team,” he concluded.