Tough times for
vendors at Goffs
A GLARING lack of demand and quality coupled with the prevailing economic climate gave rise to a dismal renewal ofthe Goffs Autumn Yearling Sale, which concluded on Friday.
Expectations wouldn't have been too high coming into the sale but even so it provided a graphic and stark illustration of the plight that faces those in the lower reaches of an oversupplied market during a time of major financial upheaval. The sale was similar to the opening sessions to some of last year's foal sales where there was minimal interest in lesser horses but this lack of demand has become all the more acute in what is now a far tougher economic climate.
Spread over two sessions, the sale was compared with the second day of last year's Sportsman's Sale. It saw turnover fall by 66 per cent from nearly €1.2m to just under€400,000. The average dropped 40 per cent from €7,621 to €3,859, while the median fell by a huge 70 per cent from €6,000 to dismal €1,800. Of the 253 horses that came under the hammer, 102 were sold at a clearance rate of 40 per cent. Of the 99 not sold lots, 55 yearlings did not even receive a bid.
"The yearling sale has unfortunately been extremely hard work, not withstanding the top price of €40,000," said Goffs chief executive Henry Beeby. "Concerns about overproduction have been aired for some time now and sadly the reality of the issue was seen quite bluntly today. Couple that with the recent world financial downturn and we were always going to be up against it. Frankly, we will have to seriously reconsider the validity of holding this sale in future," he added.
Centre stage was occupied by a €40,000 Green Desert colt who will next year be bidding tofurther the burgeoning career of Curragh trainer Paul Deegan. The colt was consigned by Derrinstown Stud and is out of an unraced daughter of the 1994 Irish 1,000 Guineas heroine Methaaf.
"I don't know who he is for yet but I'm a huge fan of the sire and this horse comes from an excellent pedigree," commented Deegan, who has sent out 12 winners this season and spent six years with Mick Channon prior to going out on his own. "We've been looking to build on this year over the autumn and have picked up a nice few yearlings for next year."
Deegan later picked up a daughter of King's Best for €30,000. From Whitethorn Stud, she is out of an own-sister to the
Group 2 King Edward VII Stakes winner Foyer.
Elsewhere, Canice Farrell paid €18,000 for a son of Desert Style belonging to Joan Browne who is the breeder of that sire's crack three-year-old and recent Group 1 winner Paco Boy. This colt came from the immediate family of the high class German runner Electric Beat.
Looking back on Thursday's Horses In Training Sale, Beeby commented "We were perfectly satisfied with trade. Demand was strong when a horse with form entered the ring and the €150,000 top lot far surpassed last year's highest price. It was also encouraging to see the number of overseas purchasers in action, in particular the Greek and Italian buyers."
"Goffs Horses In Training Sale has an excellent reputation as a source of Flat and National Hunt winners and we will make a concerted effort to attract more entries next year as the ‘big fish, small pound' theory clearly works. Our thanks must once again go to our leading vendor John Oxx for his continued support of this sale."