Cover image courtesy of Goffs UK
At A Glance
Turnover for the depleted sale dropped a massive 29% to £8,389,250 (AU$15.8 million) while the average fell by 32% to £57,070 (AU$107,500).
The median fell by a further 5% to £35,000 (AU$66,000).
Of the 175 horses offered, 147 were sold at a clearance rate of 84%. The caveat being that a quarter of the 233 horses catalogued were withdrawn.
The top price was £880,000 (AU$1.66 million) for a Mehmas colt, while next best was £260,000 (AU$490,000) on a Ten Sovereigns colt.
Mehmas colt tops the sale
Trainer Michael O'Callaghan described the sliding figures at the Goffs Breeze-Up Sale on Wednesday as “refreshing” for buyers as Tally-Ho Stud once again dominated at the top end of a polarised market when selling a Mehmas colt to Anthony Stroud at £880,000 (AU$1.66 million).
Amo Racing and Richard Brown, who filled the role as underbidder, were involved in the running on the Mehmas colt who was out on his own as the most expensive horse sold at this year's sale. Still, he fell £120,000 (AU$226,000) short of the record-breaking Mehmas colt (Rapid Force) that Katie Walsh sold here 12 months ago to Stroud on behalf of Godolphin.
The top bloodstock agent was not at liberty to disclose what superpower owner the Mehmas colt would race for but, quelle surprise, outlined hopes for the half-brother to two black-type horses to pitch up at Royal Ascot.
“He did a very good breeze, has a very good pedigree and we're all trying to buy an Ascot runner,” Stroud said. “He comes from Tally-Ho, who do a fantastic job. He just had the make and shape of what we're looking for in a breezer. Obviously, it's a great deal of money and is a lot more than one would have liked to have spent. But that's the competition of the sales ring. Everyone wants to win so you have to stretch.”
“He (Lot 197) did a very good breeze, has a very good pedigree and we're all trying to buy an Ascot runner.” - Anthony Stroud
Asked whose colours the Mehmas colt would be carrying, Stroud responded, “I don't know. We just need to come up for some air. I anticipated that (price tag) and I am sure everyone else did, too, because Richard Brown was the underbidder and Kia (Joorabchian) was there – all the people you would expect to be bidding were there.”
The top lot was bred by Con Marnane, who sold the horse to Tally-Ho Stud after the colt failed to sell at 70,000gns (AU$139,000) at Book 2 of the Tattersalls October Yearling Sale.
Lot 197 - Mehmas (Ire) x Mia Divina (GB) colt | Image courtesy of Goffs
Marnane commented, “Hats off to the O'Callaghans. They're unreal – incredible people to do business with. Would you believe, we were advised by the vets to put the mare down as a two-year-old but we didn't and she has bred nothing but top-class horses for us. She has a beautiful Kodiac yearling filly and is in foal to Starman. Over the moon.”
Tim Kent on a ‘trying market’
Goffs UK Managing Director Tim Kent commented, “A top price of £880,000 is the obvious highlight of today's trade and is dwarfed only by last year's £1,000,000 record but there is no doubt that the global economic uncertainty has been a big factor in the challenges faced by many. That said, there is plenty to be positive about and we feel that we have delivered a good sale in the circumstances, albeit in a very different world to 12 months ago.
“Yes, the figures have stepped back from last year's record highs but given the issues facing all of us driven by the events unfolding in the Middle East, a pullback was expected coming into this week – the question was how big. Turnover has obviously taken a hit, and the dizzying top prices we achieved last year have been largely absent with the notable exception of the top price, but trade was steady today, albeit settling at a lower level, and the good ones were still hard to buy.
“In all we managed to largely hold last year's median and finish with a very acceptable clearance rate of 84%.”
He added, “It is never easy selling in such an environment, the uncertainty can be very unnerving, and we would like to extend our genuine thanks and praise to our vendors who have been nothing but consummate professionals over the last few days. They have presented another great line-up of 2-year-olds and have stepped up to meet the market without complaint.
“It is never easy selling in such an environment, the uncertainty can be very unnerving, and we would like to extend our genuine thanks and praise to our vendors who have been nothing but consummate professionals over the last few days.” - Tim Kent
“For our buyers, the current market is also very trying and we are extremely grateful for their support. This sale has produced so many wonderful horses, its Royal Ascot record speaks for itself, and that famous meeting is once again the target for many of the 2-year-olds purchased today. We wish everyone every success and look forward to seeing our 2-year-olds in Royal Ascot's winners enclosure in June.”
O’Callaghan on state of the market
Michael O'Callaghan was not in a rush to get the violin out for vendors. Instead, he pointed to the cooling off to the horses-in-training market as providing some context against what played out at the Craven and at Donny. He even went as far as saying that the recalibration was badly needed after paying £260,000 (AU$490,000) on the Ten Sovereigns colt from Tally-Ho Stud.
“Lovely colt (Lot 121), he was my pick of the sale physically.” - Roger O'Callaghan
“Lovely colt, he was my pick of the sale physically,” O'Callaghan said shortly after the hammer fell his way. “He did a very good time and a good breeze. He came very highly recommended from a hotel we have been very lucky with, especially at this sale. We bought Twilight Jet, Now Or Never and others (from Tally-Ho Stud) at this sale. Good horses. We're just very happy to get him and it was probably a little more than what we expected we'd have to pay.”
On the market, he commented, “Even though we only got three last week and one today, I have found it refreshing from a purchaser's point of view because it is what horses are worth. It's their value. In the grand scheme of things, lads have got well paid for horses over the past few years and they will still get paid for good horses. But we buy a lot of horses to re-trade if they are good enough and that market has been cool over the past few years. It's just a bit of a recalibration to the whole thing and everything will be fine. It's part of the process, I think.”
Asked if it was needed, he replied, “I think so. Just to steady things. I'm speaking against vendors, but I am being fair. Horses are making what they are worth.”
Roger O'Callaghan didn't disagree. In fact, he rushed to the defence of Goffs, stating that nobody was to blame for the dip in the market. Moreover, he said that what has played out at the Craven and at Donny is more of a reflection of the global political landscape and was “irrelevant” compared to the war in the Middle East.
Lot 121 - Ten Sovereigns (Ire) x Chitra (GB) colt | Image courtesy of Goffs
He commented, “There are trainers who have had winners and nobody has rang up looking to buy them. We've had a good time of it at the breeze-ups, but we earned it. Maybe last year we didn't earn it but the main reason that there is a recalibration is because the whole world is recalibrating. But there's nobody to blame. It's a reflection of the world. How could anyone blame Goffs? They (people) can't.”
The O'Callaghans have seen good times and bad times at Tally-Ho Stud. There's no doubt that, with Mehmas and Starman at the helm, they are experiencing a very good time at present. It's fair to say the modus operandi of the outfit seems to be to drive on regardless.
Roger O'Callaghan | Image courtesy of Goffs UK
Asked if he would take stock or even refine that 'bull on' approach in light of the market, O'Callaghan added, “How can we? We've made our bed for the year. No? I think a lot of people have been bracing themselves. And that's fair given the world we are living in. I watch the news every morning and the Strait Of Hormuz is open, it's closed, it's open, it's closed, and then there's a ceasefire and then there's not. When that sort of thing is going on, what we're doing is immaterial. It's irrelevant.”
Henry Dwyer active with pair of buys
Bloodstock agent Hamish Macauley and Australian trainer Henry Dwyer, teamed up to secure lot 74, a St Mark's Basilica filly from the family of Kalpana (Study Of Man), for £205,000 (AU$387,000). The sale represented a good piece of pinhooking for Innishannon Valley Stud's Darragh Lordan, who sourced the filly at the Goffs Orby Sale for just €45,000 (AU$73,600).
Lordan said, “She showed very well the past couple of days and hopefully she will go on and do good things. I bought her for €45,000 at the Orby Sale last year and she has been a pleasure to have around the place. I'm a big fan of St Mark's Basilica.”
Meanwhile, Macauley was left dreaming about Royal Ascot with his first purchase on behalf of the trainer of crack sprinter Asfoora (Flying Artie).
He commented, “She has been bought on behalf of Henry Dwyer and hopefully there is a chance that she can make Royal Ascot. She is a filly with a good pedigree and she did a very good breeze. She came highly recommended and obviously plenty of people were in for her. But she is from a champion's family and we are delighted to have bought her.”
The combination also purchased Lot 171, a Too Darn Hot colt for £100,000 (AU$189,000).
