GOFFS chief executive Henry Beeby gave his “frank assessment” of the bloodstock trade on Friday evening, following a week which saw Book 1 of the Orby Sale exceed expectations while Book 2 highlighted the oversupply in the commercial market.

Book one generated an average price of €128,594, a 5% increase on last year, helped considerably by Godolphin’s outlay of over €5 million for just seven yearlings on Tuesday and Wednesday. A clearance rate of 85% also compared favourably with recent sales in France and Britain.

However, Book 2 on Thursday and Friday served up a strong dose of reality to breeders and pinhookers. By mid-afternoon on Friday, the clearance rate was running at 72.5%, not far behind last year’s figure of 74%. But this year’s average price of €21,000 was about 10% down on last year, as was this year’s median price of €16,000.

“There is no silver bullet to the current issues and the polarisation” of the market has been building momentum for a few years,” Beeby said. “It has become very evident that those yearlings that do not have it all – pedigree, ‘fashionable’ sire and conformation – are roundly rejected as there is always another to buy with so much choice and catalogues growing. That means the market is speaking, and loudly, and it is up to all of us to work together to navigate our way through this downturn.”

Beeby added: “Book 1 was strong because the majority of horses had it all and so the metrics are all good. But if you fell beneath that standard you struggled, and that has been the evidence from all the other European sales so far this season.

“That’s the market place we have at the moment. Some people have said we take too many horses but we are there to serve the breeders and our job is to provide the marketplace. We spend a huge amount of money and time promoting these sales to the widest possible audience.”

Looking back to Book 1, Beeby said: “We were delighted with it. It defied expectations and bucked trends. There was a truly international audience, new people, and there was a buzz around the sales ground from the first day of inspections.

“The average price was up, we achieved the highest price we’ve seen for a yearling for a number of years. The number of horses who sold for €500,000 and €750,000, or more, both doubled. “But, yes, there was a selective nature to it and so our clearance rate dropped a few points.”

Beeby is always quick to acknowledge the role played by vendors in the success of any sale, and he gave a particular mention to breeders Denis Brosnan (Croom House Stud) and Kirsten Rausing (Lanwades/Staffordstown) who supplied this week’s seven-figure lots.

“I visited Denis myself this year, made a pitch to him and he was receptive to it. It’s the first year he sent us the cream of his crop and I am delighted it worked out for him. He has always been a great supporter.”

Kirsten Rausing has never missed an Orby Sale in almost 50 years and was described as “a wonderful supporter” by Beeby. “She has two very well-bred Frankel yearling fillies this year and she sent one of them to us.”

Anthony Rogers of Airlie Stud described the week as “character building”, having sold six of the nine yearlings they took to Goffs.

“We got a bit of a hammering, to be honest,” he said. “We only put reserves on a couple who we are prepared to put in training ourselves but we had a couple of well-bred fillies who didn’t make what we thought they would. It was a tough week, a moderate sale for us.

“As usual my moan is about stallion fees and too many mares being covered by some horses. If your yearling is one of 50 by the same sire in a catalogue you can’t afford to have anything wrong with yours.”

“Luckily we have had some good winners on the track lately which is probably more important.”

Godolphin bought both the top lots, which did not shock Beeby. He said: “Anthony Stroud and David Loder told me that if we had the quality lots they would be strong for them. So when they told me this was the best Orby catalogue they had ever seen, I was hopeful they would compete.”