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"The industry can be satisfied with the resilience of the market"

Book 3 of Tattersalls' October Yearling Sale ended two weeks of selling in Newmarket on Friday night with a set of figures that many would have been happy with going into the event.
The three parts of the sale averaged 60,764 per cent, a fall of 13.2 per cent, and the clearance rate of 71.5 per cent, compared to 75.8 per cent in 2007. The 72,309,000gns aggregate fell by 23.5 per cent.
Book 3 showed sharper declines with a 10,389gns average falling by 33 per cent and the 7,000gns median, down by 36 per cent.
It took just 40,000gns to top the final evening session on Friday when trainer David Elsworth and owner Matthew Green combined forces to buy a Titus Livius colt out of a half-sister Compton Bolter from Maurice Burns' Rathasker Stud.
At the close of play, Tattersalls chairman Edmond Mahony commented: "Putting this year's Tattersalls October yearling trade into context, the total spend through Books 1 to 3 of the 2008 October Yearling Sale has been just over 72 million gns, which, although a fair way below the record breaking 2007 and 2006 figures, places it only marginally below 2005.
"Bearing in mind the current economic climate, the industry can be satisfied with the resilience of the market when one considers that the FTSE and other stock markets are currently around 30 per cent lower than their autumn 2005 levels and we hover on the brink of recession.
"The 72 million gns has, however, been spread more thinly than in 2005. In addition to the very different economic conditions, another major change between the 2005 October Yearling Sale and this year's is the number of yearlings being offered."
He continued: "Between Books 1 to 3 this year we have catalogued 1,942 yearlings whereas we catalogued 1,556 for the equivalent sales in 2005. Even in last year's market the weight of numbers had begun to take its toll and with a backdrop of global financial turmoil we could not expect to come close to such figures.
"What we have seen, however, has been sustained demand throughout Books 1 to 3 for quality individuals and for that we should be grateful. Yes, the market has been selective, and yes, it has adjusted significantly, but the Book 3 clearance rate has been higher than last year and the better yearlings have attracted plenty of attention.
"Recent promotional visits to smaller markets such as Serbia have paid dividends and in these testing times we will continue to spread the net as far and wide as possible exploring new markets and maintaining existing ones, inconjunction with British Bloodstock Marketing."




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