Disbelief at lack of buyers and quality stock
At an event to which the bloodstock world looks for market analysis, and Sheikh Mohammed for his Kentucky Derby winner, a sense of disbelief dug in as buyers went AWOL on the night when the breeding industry needed them most.
The figures said it all by the halfway point of the 59th July Selected Yearling Sale; average down 35%, turnover down 39%, horses going home after failing to sell, up 48%.
The stats read like a bad day in the stock markets, only worse, and if there was a consolation for consignors, it was that they had a stronger-looking second session coming the following night in which to salvage a recovery.
“It’s a bloodbath,” French bloodstock agent Robert Nataf said.
Mr Nataf’s summary was mimicked by others, about a catalogue that carries so much influence but which this year was criticised as short on proven, world-class sires, due, in part, to the chronic foal loss syndrome of last season, lacking the offspring of top-flight broodmares.
“It’s sad to say,” renowned British agent Joss Collins said, “but I think the big buyers are sitting on their hands because the horses aren’t good enough tonight.”
Demi O’Byrne was conspicuous by his absence. The ubiquitous Irishman, who has bought two of the last three July sale toppers, failed to buy for the Coolmore Stud, and it fell to rival agent John Ferguson, acting for Sheikh Mohammed, to provide relief by topping the session with a bid of $2m.
“We came in thinking we were going to increase the average,” Keeneland sales director Geoffrey Russell said, “but we didn’t see ourselves having such a big differential.
“The buyer’s ranks were very thin. I’m very disappointed, and surprised by this,” Mr Russell said.
The session was scheduled to run to 100 lots, but after 22 withdrawals, and with 37 failing to meet their reserve, just 41 were listed as sold.
It took what seemed an eternity before the magical seven-figure barrier was threatened.
The occasion was an all-American affair as a filly by Kentucky Derby and Breeders’ Cup Classic winner Unbridled passed from Taylor Made Farm, as agent, to the stable of Nick Zito for $850,000.
The buyer, Paul Manganaro, was bidding on behalf of his family’s JMJ Stables for a full sister to Anees, winner of the Breeders Cup Juvenile.
