Four key talking points from the Goffs UK and Arqana breeze-up sales

Spirit of entente cordiale prevails

There can't be many industries that would be willing to pull together in desperate times quite like the bloodstock sector, but when Goffs and Arqana put rivalries to one side to host a combined breeze-up sale in Doncaster on Wednesday, the results surpassed all expectations.

It almost goes without saying that the coronavirus pandemic and the ensuing lockdown measures have wreaked havoc on worldwide finances, with PricewaterhouseCoopers' data suggesting that the British economy has shrunk by an unprecedented 25 per cent compared to pre-lockdown levels.

It stands to reason, then, that the bloodstock market would follow suit, as it appeared to have done during the Tattersalls Craven Sale, but both Goffs UK and Arqana sales posted sets of figures that can only be considered remarkable in the circumstances.

View full Goffs UK and Arqana Breeze-Up Sale results and stats

Both catalogues experienced significant numbers of withdrawals, as is to be expected with vendors needing to maintain cash flow during times of huge uncertainty, and consequently the smaller offerings meant turnover dropped year-on-year.

However, other market metrics illustrated the considerable resilience of the bloodstock sector.

The average at the Goffs UK rose by two per cent to £46,625, while the median, often the more revealing measure when dealing with smaller sample sizes, grew by 15 per cent to £30,000, having been £26,000 when the sale took place in its usual pre-Royal Ascot slot last year.

It was a similar story during the Arqana section, where the average increased by 19 per cent to £140,700 (€154,770) and the median went up by 11 per cent to £76,000 (€83,600).

Given demand for racing prospects looked a potentially major issue heading into the breeze-up sales, it was encouraging to see the Goffs UK and Arqana sales generate clearance rates of 84 per cent and 83 per cent respectively.

Given that such success has come about through an uncommon level of cooperation and pooling of resource and expertise, it is hard not to wonder what else the racing and bloodstock industry could achieve if other factions were only willing to put self interest aside and reflect on the greater good.

Online bidding makes a big impact

Online shopping has become a feature of modern-day life, with everything from perishable goods to the kind of goods that are best described as unprintable being available if you know where to look.

The Covid-19 pandemic has forced sales companies' hands to upgrade their online offerings, and results from the Goffs UK and Arqana Breeze-Up Sale highlighted the worth of an enhanced digital platform in no uncertain terms.

Across the combined sale, 16 lots - ten per cent of the 153 sold - were knocked down to bidders participating online. This is a considerable sum considering the process of buying thoroughbreds over the internet remains very much in its infancy, at least in Europe.

Moreover, Goffs UK reported that in excess of 300 bids were taken online, so the impact of those bidding digitally was not merely confined to those 16 lots, as the role of an underbidder should not be overlooked in a horse achieving its market value.

Filip Zwicky: Scandinavian agent bought a £110,000 American Pharoah coltCredit: Nils Rosenkjaer

The priciest horse purchased online was the American Pharoah colt out of Final Fling offered by Oak Tree Farm, who went the way of Scandinavian agent Filip Zwicky for £110,000. The colt is set to join trainer Niels Petersen in Norway before being aimed towards next year's Swedish Derby.

Sweden was not the only country to strike a successful digital bid, with buyers in Britain, the UAE, France, Italy and the US all purchasing online.

The dynamic between those bidding online and those operating in the sales ring also appeared to run smoothly, with a bid spotter on the rostrum calling out online bids as they came in and auctioneers emphasising when the highest offer rested with an online participant.

There is, of course, no substitute for being in the sales ring as a horse sells, but as the world adapts to a post-coronavirus existence, the importance of enabling buyers to participate without being present cannot be overstated.

In light of the early impact online trade has had on this year's breeze-ups, it is encouraging to hear that sales houses intend to significantly increase their online capabilities and functionality moving forward.

International trade abounds

The importance of encouraging participation from beyond the confines of the sales ring is underlined by the strong international demand evidenced at the Goffs UK and Arqana double-header.

The session-topping War Front filly bought by Kerri Radcliffe for £650,000 is due to head back across the Atlantic to race for free-spending US owner Larry Best of OXO Equine, while the second-top lot, a £620,000 son of Street Boss, was signed for by Matt Coleman on behalf of leading Hong Kong-based trainer John Size.

It was a similar tale among the Goffs UK offerings, as Jamie Lloyd went to £290,000 for the session-topping Kingman colt out of Asaawir, who will now head to California to race for owner Calvin Nguyen, while the aforementioned American Pharoah colt will be trained in Norway having sold for £110,000.

And it was a similar situation further down the price index too, with a First Samurai colt heading to the UAE and a son of Kodi Bear bound for Bahrain having sold to New Approach Bloodstock for £28,000 and £16,000 respectively, while Italian operators New Racing Factory bought a £20,000 Twilight Son colt and Francesca Succi landed a Camacho colt for £10,000.

There will, of course, be plenty of other lots signed for under agents' names who will have been sourced for a racing career abroad.

With domestic prize-money having sunk to embarrassing levels compared to the monster-sized purses available further afield, there seems unlikely to be a sudden influx of new British or Irish buyers any time soon, so foreign investors form a crucial part of the buying bench at all levels of the market.

Goffs UK and Arqana plainly did an excellent job of enabling international participation at the sale, but given the significance foreign players have on the British and Irish market at present, the entire industry needs to be conscious of making buying from sales in these jurisdictions as easy and as transparent as possible in a bid to court global clientele.

Coolmore's buying Exceeds expectations

Five of the six darts the Coolmore-Ballydoyle axis fire at the Derby on Saturday are by Galileo, with the record-breaking 11-time champion sire long since established as the foundation of the Irish powerhouse's domination of Group 1 races.

But a major result at the Arqana Breeze-Up Sale reaffirmed that the all-conquering operation is unafraid to spend considerable sums on the progeny of other stallions - including those who stand under the banner of their rivals Darley - when the right opportunity presents itself.

On Wednesday Jamie McCalmont, MV Magnier's eyes and ears on the Goffs UK sales ground, went to £525,000 to secure a strapping son of Exceed And Excel from Johnny Collins' Brown Island Stables draft.

The imposing physical wasn't hard pressed during his pre-sale workout but still posted some impressive splits, galloping two furlongs in 21.59 seconds, the fastest time registered among the Arqana lots.

Lot 240: the £525,000 Exceed And Excel colt bought by MV Magnier through Jamie McCalmontCredit: Claudia Claydon

"He didn't look like he'd gone fast but he actually did the fastest time," said McCalmont. "It's always encouraging when they don't look like they've gone quick but have. He just has a massive stride on him and he's a big, scopey horse."

When Coolmore put their faith in the progeny of stallions beyond their ownership the results usually speak for themselves.

Recent examples include Admiral Nelson, who looked a colt with a big future on his debut before disappointing at Royal Ascot just eight days later, and Group 3 Derrinstown Stud Derby Trial scorer Cormorant, both of whom are by Kingman.

Moreover, just last weekend they won the Irish Derby with Santiago, a son of former Haras du Logis stallion Authorized. This precedent means the Exceed And Excel colt out of Duquesa looks well worth keeping an eye on.

More from the Goffs UK and Arqana Breeze-Up Sale...

Entente cordiale prevails as £650,000 War Front filly tops Arqana Breeze-Up Sale

Goffs UK breathes life back into breeze-up market as £290,000 Kingman colt stars

Jump jockey Andrew Lynch lands a £165,000 touch at Goffs UK Breeze-Up Sale