Figures fall at Goffs Autumn Sale as supply and demand are 'out of kilter again'

The Goffs Autumn Yearling Sale concluded on Tuesday with a set of figures that will make for sobering reading for many breeders, as a large number of youngsters failed to find a buyer, while even those that did struggled to cover the cost of production.

By the close of trade, 504 lots had come under the hammer during the two sessions, with 300 finding a buyer for a clearance rate of 60 per cent, prompting Goffs chief executive Henry Beeby to describe the levels of supply and demand as "out of kilter again".

That statistic meant that, despite a larger foal crop contributing to an expanded catalogue, fewer yearlings changed hands than at last year's Open Sale, when 313 of 433 offered lots sold at a clip of 72 per cent.

The clearance rate was far from the only market indicator to suffer, as the aggregate dropped by 25 per cent to €1,641,750, the average was down by 22 per cent to €5,475, and the median shrank from €4,700 to just €3,000 - a 36 per cent reduction.

Tuesday's session-topper was the Tamayuz colt out of the Invincible Spirit mare Laftah, a sister to Ektihaam and Music Box, offered by Lumville Farm. Kevin Ross emerged victorious from a protracted round of bidding, with an offer of €50,000 enough to secure the Shadwell-bred youngster.

In his end of sale address, Beeby pulled no punches with his assessment of the state of trade, not only at the Autumn Sale but across the lower end of the bloodstock market at large.

"There is no disguising that the last two days have been hard work for everyone as the market has proved highly selective, as evidenced by the clearance rate of 60 per cent," he said.

Henry Beeby: 'There is no disguising that the last two days have been hard work'Credit: Patrick McCann (racingpost.com/photos)

"Trade has mirrored that at other sales of a similar category across Europe this autumn, although it remains the case that the standout lots enjoyed plenty of competition.

"That said, all of us involved in the bloodstock business must accept that the market is the ultimate arbiter of each offering, and it is speaking with increasing volume that the sums do not add up at a certain level.

"How much the uncertainty or threat of Brexit is contributing is anyone's guess as, like everyone, we are so sick of the lack of clarity in this connection, but there is no doubt that it appears the supply - demand ratio is out of kilter again.

"Working in tandem with Irish Thoroughbred Marketing, Goffs will continue to do our level best to attract the broadest group of buyers to our sales and it was pleasing to see significant groups from Scandinavia, Eastern Europe and Italy competing with buyers from USA, China and the UK for the yearlings that appealed the most."

The Goffs Autumn Sale continues on Wednesday, with a session of horses in training beginning at 12 noon.

View full Goffs Autumn Yearling Sale results and statistics