Post-Gigginstown store market highlights resilience of jumps industry

Gigginstown House Stud's shock withdrawal from the National Hunt market on the opening day of the store sale season came as a major bombshell to the jumps breeding industry.

However, with the headline store auctions in Britain and Ireland completed, the market has once again proved its resilience.

Trade reached record-breaking levels at the Goffs Land Rover Sale, with gains made across all market metrics, and demand also proved high at this week's Tattersalls Ireland Derby Sale, which concluded on Thursday with an aggregate of €17,093,500, an average price of €50,570 and a median of €42,000.

Many industry insiders suggested that the departure of one superpower may have encouraged other owners to step up their buying plans safe in the knowledge they would no longer be locking horns with such a dominant spending force.

"It's interesting that the lack of Gigginstown doesn't seem to have affected the market," said Highflyer Bloodstock's Anthony Bromley, whose agency, which includes David Minton and Tessa Greatrex, signed for 26 lots for a total spend of €1,473,000 at the Derby Sale.

Anthony Bromley: 'It's amazing how resilient this industry is'Credit: Patrick McCann

"Our Highflyer clients haven't changed their habits but after watching the market I feel that you're seeing more established owners coming into the store market who haven't been players in previous years.

"The Gigginstown thing may be the catalyst for that. There was a concern after Goffs that the market might not be able to maintain these levels but it has and it's amazing how resilient this industry is."

Leading consignor Peter Nolan, who topped the vendors' chart during the Land Rover Sale, said he had not expected the market to absorb the absence of such a major spending force quite so quickly.

"I thought it might take a year or two to work itself out but I was wrong about that," said Nolan. "I think people have thought to themselves: 'maybe we have a chance to buy horses now'. It's sorted itself out a lot quicker than I expected."

Peter Nolan said he had not expected the market to absorb the absence of such a major spending forceCredit: Peter Mooney

Nolan also pointed to the impact point-to-point trainers have had on trade, with the Doyle family's Monbeg Stables proving a notably strong presence at each of the Goffs UK Spring Sale and the Land Rover Sale. Monbeg Stables also signed for 33 lots at a spend of €1.687m at the Derby Sale.

"The middle market here has been a little bit tougher than at the Land Rover, the 20 to 30 grand horses have been harder to sell, but the top of the market is brilliant, very strong. Thank God for the point-to-point men!

"We've had a great year, and I didn't expect it after the Gigginstown thing, but it's been brilliant. Long may it last."

Bromley also highlighted the draw that the Cheltenham, Aintree and Punchestown festivals have on prospective purchasers, while he noted that jumps breeders and vendors have a much smaller pool of owners to draw upon compared to their Flat counterparts.

"The big festivals are a great catalyst for the game," he said. "Jumping is just a domestic market between the British and Irish, there aren't really international owners so we're very dependent on the domestic economy. The enthusiasm for the game is amazing though."

More Tattersalls Ireland Derby Sale news:

Bright start to Tattersalls Ireland Derby Sale as son of Al Namix emerges on top

Douvan's brother brings big money early on at Tattersalls Ireland Derby Sale

Celebrity Tattersalls Ireland Derby Sale graduates before they were famous