AT first glance the results from this week’s Tattersalls Ireland Derby Sale would suggest that the market at the flagship store sale has contracted quite substantially but there are a number of factors to consider when reflecting on this week’s results.

Firstly to the figures which saw the turnover fall by 42% to just over €9 million and this was the first time since 2012 that the aggregate for this sale has come in below €10 million.

The average of €40,980 represented a decrease of 19 points and the median went from €42,000 to €32,000; the average and the median they were at their lowest levels since 2013. The clearance rate for the two days went from 83% to 70%.

There is some perspective required when considering all these returns and the sale was shorn of many potential high-profile lots who were sold elsewhere as a consequence of the two postponements that led to the auction eventually taking place in August. All told, the catalogue for the sale was reduced by a third as a result of withdrawals which surely wasn’t a help.

Challenging conditions

This sale and all other thoroughbred auctions through the autumn and winter are going to take place against the backdrop of the Covid-19 pandemic which will make for some challenging conditions. The uncertainty that abounds beyond the narrow confines of the thoroughbred industry is hardly a positive for business and the lack of British buyers wouldn’t have been a help either as there is no substitute for having that cohort of purchasers attending in person.

Thus while the final figures have witnessed substantial falls across the board and resemble those from a time just when the country was trying to make its way out of recession, there are factors to consider.

Undeniably conditions are challenging and a clearance rate of 70% is testament to a market place that was selective but there is certainly more to this week’s figures than first meets the eye.

Closing statementMatt Mitchell, Tattersalls Ireland CEO: “HAVING completed the two-day 2020 Derby Sale, we share with the majority of our valued clients a sense of relief that the sale has been able to take place.

“We have placed emphasis on a substantial level of pre-planning to ensure that the registration process and the protocols were of the highest standard for all those present on the sales complex.

“We acknowledge with gratitude the very high compliance levels for the protocols. Reflecting the current cooperation between Tattersalls and Goffs, it was a pleasure to renew acquaintance with Andrew Nolan on our panel of auctioneers.

“Overall trade has been remarkable, given the difficulties of Covid-19. Whilst the market is down, the quality is still very much in demand. In this exceptional year, it is appropriate to highlight that part of the Derby Sale took place in Doncaster, with sales of £2,205,000 and an average of £64,853.

“The €300,000 achieved for the full-sister to Altior reflects the demand for quality, and also rewards the vendor Paddy Behan for his belief in the Derby Sale.

“Despite the backing of Brian Kavanagh, HRI and ITM whose efforts we acknowledge with thanks, the protocols proposed by Tattersalls Ireland and Goffs to allow purchasers to attend from outside Ireland did not succeed.

”By providing videos of each entry in the sale we sought to assist purchasers outside Ireland who were unable to attend, with approximately 19% of the total sale purchases being made via live internet bidding from non-Irish based purchasers.”