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Value Sires Part III: 10,000 to 20,000

Stick or twist? That's the question faced by many breeders this year. Anecdotally, it appears that some will be pulling back and not covering certain mares, which is understandable after a tricky sales season, not to mention the constant reminders from racecourse managers regarding the “significant headwinds” faced by racing.

Unlike America, the foal crop in Britain and Ireland has been gently on the rise in recent years, up to 13,438 in 2023, compared to 12,778 in 2020, though within that combined number for last year, the Irish crop rose by 4% to 9,082 while the British number was down by 4% at 4,356. It will be interesting to see if that trend continues this year.

Those behind the stallions will be all too aware of the dilemma faced by some of their clients. In Monday's TDN, Coolmore's Mark Byrne said, “Now more so than ever breeders will need to steady the ship and use the good stallions that they can afford.”

As we discussed in Part II of this series, which looked at stallions under the £/€10,000 mark, for those attempting to breed commercially and second-guess which way the winds of fashion and favour will blow, it truly is a game of chance. As we go up another tier in price, we will try to offer some perspective on both up-and-coming and established stallions which could offer value. This will not include any of the stallions standing their first season this year who were dealt with in Part I of the series.

Proven sires

While for many breeders the Juddmonte high-flyers of Frankel (GB) and Kingman (GB) are out of reach, it is hard to look past two stalwarts of the roster in this division. Bated Breath (GB) had a quieter year in 2023 by his own standards but he has the offspring of his strongest crop on paper to run for him this year and he's a stallion we will surely be hearing plenty more from. Having spent a couple of years at £15,000, he is back down to £10,000 and when considering his yearling average in 2023, of £48,300 for 60 sold, this does look a very workable price for a horse who generally gets good-looking sprinter-milers.

Then there is his fellow resident Oasis Dream (GB), who has been a friend to the British breeding industry for 20 years now and last year had a yearling average of just over £55,000. Yes, he's 24, but at his lowest fee of £15,000 (his career high having been £85,000 ten years ago) he's a decent choice to get a young mare off to a good start. We all know what Oasis Dream can do: his best horses among his 18 Group/Grade 1 winners include his champion two-year-old son Native Trail (GB), who has recently retired to Kildangan Stud, the brilliant Midday (GB) and top sprinter Muhaarar (GB). Oasis Dream is versatile as a sire and increasingly influential as a broodmare sire – from brilliant juvenile sprinter Big Evs (Ire) (Blue Point {Ire}) to talented stayer Quickthorn (GB) (Nathaniel {Ire}).

And that brings us to Nathaniel, who some now seem to consider a National Hunt sire but that's sheer madness. With a Derby winner and an Oaks winner already in his portfolio, Nathaniel added another two Group 1 winners to his list last year in the Champion Fillies and Mares S. winner Poptronic (GB) and the aforementioned Quickthorn. Both of these horses raced for their breeders, and I guess Nathaniel has a proper owner-breeder profile, but look at how the Blunts and the Blyths have been rewarded for their patience: Poptronic was sold for 1.4 million gns after her Champions' Day success, having also racked up racecourse earnings of £459,815, and Quickthorn has earnings knocking on the door of £800,000.

Nathaniel's fee has gone up again a little this year. After spending three years at £15,000, he is now back at £17,500, but he's still worth it.

Golden Horn (GB) is another with a National Hunt label around his neck since his move to Overbury Stud but again, if you're an owner-breeder with a bit of patience, he really should not be forgotten. Admittedly, it remains a disappointment that from his early expensive books he has still not produced a Group 1 winner. That is surely coming, but it didn't happen soon enough to stop his fee dropping from £60,000 to £10,000 (having been at £8,000 last year when he covered 162 mares). Sure, plenty of breeders have had their fingers burnt, but he is now at a price which is workable. He had nine stakes winners in 2023, including three Group 2 winners, putting him ahead of some fairly big names, and he certainly should not yet be considered solely a jumps sire.

On the rise

Territories (Ire) is quietly compiling a decent record and is one who could easily be overlooked in the rush for the new stallions. He shouldn't be. Haydock Sprint Cup winner Regional (GB) became his second Group 1 winner last year after the Prix de l'Opera heroine Rougir (Fr), and he was represented by another seven stakes winners in Australia, Britain, Italy and Germany last year. His fee has been pretty consistent: £12,000 for his first four years and £10,000 for the next four. Territories is not necessarily flashy but, from the family of Shamardal and Street Cry (Ire), he has a solid feel to him.

There's a lot of love for Kodi Bear (Ire), particularly in our house, because he is from the family of Roy Rocket (Fr). But that pointless fact aside, he made a decent start with his first crop which included the Group 2 winner Go Bears Go (Ire) and Oaks runner up Mystery Angel (Ire). He needs to build on that, but he has some bigger and more expensive crops on the way through following his early success. This season's two-year-olds were conceived from his lowest fee of €6,000. He's been at €15,000 for the last two seasons and remains at that figure in 2024. Crucially, the market seems to retain faith in his stock.

Phoenix Of Spain (Ire) caught a few people by surprise with the early results of his first two-year-olds, his 18 winners including the G2 Vintage S. winner Haatem (Ire) and giving him a 36% winners to runners strike-rate. His fee for 2024 has been reduced by a third from his opening price of €15,000, and €10,000 seems a reasonable level for this good-moving Classic winner.

Heading into the second season

In France, Sealiway (Fr) was the busiest new stallion of 2023 and, a good juvenile himself, it would be no surprise to see him make a reasonably fast start with his runners. That won't be until 2026, but considering the leap his own increasingly popular sire Galiway (GB) has made, from €3,000 to €30,000, Sealiway's fee of €12,000 may look reasonable in years to come, and he has certainly been lent some support to get his career off to a decent start.

For his personalised breeder bonus scheme alone, which returns for his second year at stud, it is worth taking a chance on Stradivarius (Ire), who covered 120 mares in his first year and remains at £10,000. He's unlikely to get you the Brocklesby winner but if he sires horses in a similar mould to himself, there could be plenty of fun and rewards to be had down the line.

TDN Value Podium

Bronze: Gleneagles (Ire), Coolmore, €17,500

From a top-drawer family, Gleneagles had weighty expectations on his shoulders from the start. While he may not have quite lived up to that level, and his fee has come down accordingly, he has steadily proved himself to be more than useful and was represented by nine group winners last year, while his daughter One Look (Ire) was the easy winner of the Goffs Million on debut, having been picked up for €65,000 as a yearling. In the last two years another three of his daughters have sold for in excess of 500,000gns at the December Mares Sale.

Silver: Ardad (Ire), Overbury Stud, £12,500

Ardad could have a big year in store. From being the leading first-season sire in Britain in 2021, when his son Perfect Power (Ire) won the G2 Norfolk S., G1 Prix Morny and G1 Middle Park S., his numbers dropped off keenly to just 18 foals in his third crop, but the success of his first runners meant that his book soared to three figures, and he has 101 two-year-olds in 2024, with 144 yearlings to follow those. From a lowest fee of £4,000 in 2021, he has since then stood at £12,500, which keeps him in a commercial bracket, with a yearling average last year of almost seven times his fee.

Gold: Study Of Man (Ire), Lanwades, £12,500

One of the best-bred stallions in Europe, this son of Deep Impact (Jpn) made a really promising start with his first two-year-olds last year and is another who could be set for a big season. His most obvious Classic prospect from his nine winners at a strike-rate of 35% is Deepone (Ire), winner of the G2 Beresford S., a race whose previous winners include Sea The Stars (Ire), Saxon Warrior (Jpn), and Luxembourg (Ire). But there are others who could well step up on impressive performances last season, including the French-trained Birthe (Ire) and Newmarket winner Sons And Lovers (GB). One would expect his stock to be progressive and there's a number of well-bred youngsters yet to make an appearance, not least a half-brother to the Derby winner Desert Crown (GB).

Breeder's perspective: Tom Whelan, Church View Stables

Gold: Kodi Bear (Ire)

Silver: Supremacy (Ire)

Bronze: Space Blues (Ire)

Breeder and pinhooker Tom Whelan says, “I've had great luck with Kodi Bear so I'd have to put him forward as being the best-value stallion in this bracket. He gets great-looking horses and they all have a great attitude and lovely size for a son of Kodiac (GB). He's just very hard to knock. I'm a huge fan.

“I have been very taken by some of the progeny of Supremacy. He looks to have a real chance. Another one who had his first foals last year was Space Blues and, while I might be a bit biased here because I got decent money for one, I'd be happy to use him going forward. I better give a mention to two others, Phoenix Of Spain and Lucky Vega (Ire), as they are producing the goods at this level as well.”

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Paul Thorman Q&A: Trickledown Boss On Ambitions In Retirement And More

The Tattersalls December Mares Sale marked the end of an era with Paul and Sara Thorman bringing the curtain down on their Trickledown Stud.

Trickledown made its first public offering back in 1990 and has seen a kaleidoscope of change in the industry ever since.

The Thormans will forever be associated for having back-to-back 2,000 Guineas winners–George Washington (Ire) and Cockney Rebel (Ire)–through their hands in the early noughties

George Washington was sold by Trickledown on behalf of his breeder at Tattersalls in 2004, where he topped Book 1 when selling to Demi O'Byrne on behalf of Coolmore for 1,150,000gns.

Meanwhile, Cockney Rebel, who was bought as a foal by Trickledown for 15,000gns, turned a pinhooking profit when selling to Bobby O'Ryan for £30,000 as a yearling. George Washington won the 2,000 Guineas in 2006 while Cockney Rebel followed up the following year.

Amazingly, Thorman's association with back-to-back Guineas winners does not rank as his greatest day in the sport. Instead, it was the pinhooking of Dutch Art's dam–12,000gns into 710,000gns in less than a year–which towers above everything else.

In this week's Q&A, Thorman reflects on some of those great days as well as his concerns for the sport and future ambitions.

You brought the curtain down on the Trickledown consignment at Tattersalls in December. Was the much emotion involved in that process?

It wasn't so much emotion but more relief. Sara got hurt at Book 3 and when I went to see her in hospital that night I said, 'right, that's it, we'll finish now.' I'd been pushing out the retirement and I know Sara was ready for it as well. You know, when there is a yearling or a foal misbehaving, you are the one who has to grab a hold of it. There comes a time where that is no longer the sensible thing to do and we were ready to retire. We have been the luckiest people in this industry and had the most amazing staff. Some of the staff have been with us since they were 15 or 16 and came back to us after they've had a family. We've also had some brilliant owners, the likes of Chris Mills and Ray Townsend, who have been with us for 30-odd years. No outfit can operate and survive without good owners and staff and we have been blessed with both.

The consignment business has changed a lot since you and Sara started. Trickledown would have been one of the first major consignors in Britain back in 1990. What have been the biggest changes that you have seen since you started?

Since we have started, we have seen the likes of Castlebridge, Barton and similar outfits become huge. We've had our loyal bunch of supporters but, as they have gotten older, some have dropped away. Young people like to work with young people and that's why maybe Castlebridge and Barton consign major numbers. I mean, when we started, we used to consign 80-odd foals and we had the best owners that anyone could ask for. We consigned over 1.5m gns worth of foals three years running at one point. This year, the same group of owners were down to just 30 foals to consign. We haven't have a new client for five years. Certainly not a major client. But things evolve and we certainly hadn't been looking for that same volume of work as we were. It has dwindled down without us doing anything and things move on. It was time.

I know you've had a lot of good horses through your hands but, in many ways, you have been the champion of the smaller breeder. With that in mind, how tough was it to watch on at the breeding stock sales last year?

Oh, for sure. We gave, and I mean gave, two mares and two foals away. These are animals that, five years ago, they would have made five or six grand to Italy or wherever. I had to work hard to give those horses away and, I promise you, they weren't wrecks. You can very quickly work out if a foal is a wreck and if it is never going to be worth anything but these were not wrecks. The two mares we gave away would certainly have been viable three or four years ago. These mares and foals belonged to smaller breeders who have been great clients of ours and it was bloody hard turning to them to explain what was going to happen. Now, we did telegraph it a long way out because the horse were all by stallions who had fallen off a cliff. But, even when you put no reserve on the horse and you don't even get a bid in the ring, that takes a shine off things. Fashion has never been stronger. We used to be able to sell yearlings by unpopular stallions. If they were good-looking horses out of reasonable mares, they'd find a level and sometimes that level was quite good. Sir Mark Prescott, Peter Makin, the likes of those people would always buy a good-looking horse by an unfashionable sire. Now, if you have picked the wrong sire, there is nobody for it. Stallions are never as good or bad as fashion says they are.

Dutch Art: Thorman pinhooked the horse's dam for major profit | Racingfotos.com

Will fashion play much of a role in your pinhooking? I suppose it will have to.

The only thing about fashion when pinhooking is that you have a year for things to change. You couldn't buy a Havana Grey (GB) at Tattersalls in December unless you had a big budget but there were some stallions out there that you felt still had mileage in them so you were happy to buy a foal out of those horses. The most expensive foal we bought was an Ardad (Ire). He had 108 foals two years ago so he has plenty of runners to represent him this year. He was also one of the leading first-crop sires two years ago so he must still have a chance, mustn't he? This foal was a dinger. Now, if Ardad doesn't come off, we might be lucky to get thirty grand for him. But if Ardad comes back into fashion, this could easily be a one-hundred grand yearling. It's buying a lottery ticket, isn't it? There are several horses you could have said would have had the makings of being a decent first-crop sire last year. There are probably four of those stallions who have absolutely been canned already. I mean, you cannot get a bid if you are by any of those stallions. But they are not that bad. Fashion has multiplied their disappointment.

Getting back to the foal sales, have you any other thoughts as to why things were so bad for your clients?

There weren't any foreign buyers at Tattersalls. I got talking to one of the transport men and, I don't know if he was spinning a yarn or not, but he told me that between Brexit and the English paperwork, it costs the foreign buyers on average one thousand pounds more to get a foal home from England compared to Ireland. That has certainly made a difference. There was more of a market at the lower end at the foal sales at Goffs in Ireland. But at the other end of the spectrum, we had a decent order to go and buy a foal. We were prepared to spend fifty, sixty or seventy grand but, everything we liked, we just kept on getting blown out of the water. We weren't even finishing second or third on these nicer foals.

Your broodmare band is down to four. How hard has it become to breed commercially? It's obviously a lot more expensive to produce the horses and perhaps now more so than ever you have to be very careful about what stallions you choose.

Our philosophy to breeding has changed a lot but that is due to circumstances. We don't have the farm anymore. When you have a farm, whether you've six mares in a field or eight mares in a field, it doesn't make a fat lot of difference. You can kid yourself that you are keeping them for nothing so, that chancy mare, you might sit with her an extra year or two. When we gave up the tenancy of the farm, we looked at our mares very critically and decided that, if they had two runners that were no good, we shifted them on. Again, I wanted to buy a decent mare in December but didn't because my want list was bigger than my budget. The mares I have are getting a bit older and I could do with some new blood in there. But it's funny, all the good mares I have bought down through the years, I've almost bought them by mistake. The cliche is that the good mare finds you and that you don't find the good mare.

You've had your fair share of good touches. Is there one result that towers above another?

It would have to be Halland Park Lass (Ire) (Spectrum {Ire}), the dam of Dutch Art (GB), because, again, I bought her by mistake. I had no intention of buying her. I had a bunch of friends who told me that, if I saw a cheap mare, they'd like to come in on one with me. They were two veterinary surgeons from Newmarket and an auctioneer [Ollie Fowlsten]. Every mare I tried to buy for us, I got blown out of the water. A friend came up to me to tell me about Halland Park Lass and said 'she won't do you any harm.' I couldn't find a reason not to buy her so I bought her. I had seen Dutch Art at Doncaster and, although he wasn't the best-looking yearling, I remember being taken by how athletic he was. That was a great story because the two vets bought houses on the proceeds of her sale, as did the auctioneer. I sold a foal out of the mare to my daughter when Dutch Art won his maiden and that ended up helping her to buy a house. For me and Sara, the biggest thrill of all was the fact we did it for relatively small people. When we sold George [Washington], yes it was great and he was the only yearling that year to make over a million, but the owner was already a millionaire and had a big reserve on the horse. So, it was almost a relief when he sold rather than a slap on the back moment. Anybody could have sold George. Well, maybe not anybody, as he wasn't the simplest fella to deal with. The bulk of the fun we had at Trickledown was when people got a touch and it really mattered to them.

Given everything you achieved–being associated with back-to-back Guineas winners and that massive profit with Halland Park Lass–is there more left to tick off?

I'd love to own a very good racehorse. We've had plenty of fun with the horses we've raced but never had a real one. But then again, we tend to race what we're left with rather than what we really like. There might be an opportunity to keep one that we really like going forward. Sara and I are very much into our point-to-pointing and we've got two pointers in training with Chris Barber, one of which we know is only going to be a fun horse. We went to 17 or 18 points last year and had so much fun. If I was to ever win one of the big races, the Foxhunters at Cheltenham or Aintree would be top of my list. Could you imagine the buzz? That would be a dream.

And who will consign your horses going forward?

David Hegarty, who has just set up on his own, and Robbie Mills, who is actually the son of Chris Mills, who we have sold horses for for over 30 years. He's trading as RMM Bloodstock. You watch them over the next year or two. Both are exceptional talents. They'll find it easy following us!

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Fee Increase for Golden Horn

Overbury Stud has released the fees for its Flat roster, with Ardad (Ire) remaining at £12,500 in 2024 while the fee for Golden Horn (GB) has been increased to £10,000 (from £8,000) on the back of a season in which he was represented by the G2 Queen's Vase winner Gregory (GB) and G2 British Champions Long Distance Cup winner Trawlerman (GB).

Golden Horn, who covered 173 mares this spring, stood his first season at Overbury Stud in 2023, having moved from Dalham Hall Stud after his purchase by Jayne McGivern. His fellow new recruit was Caturra (Ire), a son of Mehmas (Ire), who has been cut to £5,000 from an opening fee of £6,500. He covered a book of 110 mares in his first season.

Caturra's fellow Flying Childers winner Ardad has 101 juveniles to run in 2024. His current crop of foals numbers 144 and he covered a further 154 mares in 2023, his increased numbers being a result of a successful first crop of runners åwhich included the treble Group 1 winner Perfect Power (Ire).

Simon Sweeting, manager of Overbury Stud, said, “We are very lucky to have such popular stallions who are achieving plenty and yet have even more to look forward to. Ardad's young stock from his excellent 2022 book of mares includes many quite outstanding individuals, and so many breeders have bred back to him to get more of the same. These big books he's had really do stand him in great stead. Meanwhile, Golden Horn has had a really tremendous year: nine Stakes winners, five at Group level – he's outperforming many stallions at far higher fees.”

The fees for Overbury's other stallions, Jack Hobbs (GB), Frontiersman (GB) and Schiaparelli (Ger), will be set later in the year.

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Peckham Back For More After Successful First Breeze-up Foray

NEWMARKET, UK–Trueshan (Fr) (Planteur {Ire}) may have been overturned in Wednesday's G3 Sagaro S. at Ascot, but the five-time group-winning stayer remains a great advertisement of the diversity of horses on offer across the range of breeze-up sales in Europe.

We've seen plenty of those dubbed as 'Royal Ascot two-year-olds' over the last week or so, and as the British leg of the breeze-up action comes to a close at Tattersalls on Thursday, the focus generally adjusts slightly to more of a later-maturing specimen. It was at the Guineas Sale of 2018 that Trueshan was bought for 31,000gns by Alan King and Anthony Bromley, a duo which is now a regular fixture at these auctions. He was plucked from the draft of Thomond O'Mara's Knockanglass Stables and, as the sun and wind continued to dry the Rowley Mile on Wednesday morning, two of O'Mara's seven juveniles on offer in this year's sale posted times within the top five of the day.

Of course, every vendor and buyer will tell you that it's not all about the time, and indeed there have been some notable examples of slower breezers going on to success at the top, including Derby runner-up Libertarian (GB) and Gold Cup winner Trip To Paris (Ire). But it can help when the clock speaks in your favour, as was seen a fortnight ago at the Craven Sale, when Glending Stables' son of Havana Grey (GB) sold for 15 times his yearling price at 650,000gns after posting the fastest breeze of the session. Roderick Kavanagh's outfit again had one of the fastest breezers on the unofficial times recorded for the Guineas Sale in lot 193, a colt by freshman sire Inns Of Court (Ire).

Last week we spoke to Robbie Mills of RMM Bloodstock about his burgeoning breeze-up and pre-training business, and one of his neighbours on Newmarket's Hamilton Road, George Peckham, is in a similar position. Under the George Peckham Racing banner, the former trainer brings a colt and a filly to the Guineas Sale, only the second and third he has consigned to breeze following an initial foray in 2021 when selling treble winner Straits Of Moyle (Ire) (Prince Of Lir {Ire}) to the Cool Silk Partnership for 105,000gns.

“That's our only previous breezer at the sales,” Peckham said. “We did have one last year for the Guineas that had a setback before the sale so we sold him privately to Niels Petersen through Edgar Byrne. He won his first start by eight lengths in Norway and they quite like him, so I'm excited to see what he can do.”

Now a sought-after pre-trainer in Britain's busiest training centre, Peckham's involvement in the breeze-ups remains on the select side at present.

“It's something that we wanted to give a go,” he noted. “It's never going to be a big business for us. We're flat out with the pre-training, and that's our main business, but we are lucky to have the facilities on the Heath in Newmarket. We'll see what happens but, we're very happy with how they went this morning.”

His two-strong draft currently at Park Paddocks consists of lot 174, a colt by Twilight Son (GB) whose full-sister The Twilight Lady (GB) won twice at two last year. Their grand-dam Confidential Lady (GB) (Singspiel {Ire}) won the G1 Prix de Diane for her breeders Cheveley Park Stud.

He is followed by lot 258, a filly by Ardad (Ire) out of Broughton's Secret (GB) (Aqlaam {GB}) whose half-brother Spioradalta (GB) (Rajasinghe {Ire}) was another juvenile to win last year.

Peckham said, “The Twilight Son is a speedy little horse who does what it says on the tin, and the Ardad is a nice, big, rangey filly who will need a little bit more time. She probably wants seven furlongs or a mile at this stage, and the last few weeks it's all just come a little bit quick for her. She has a lovely, big stride on her, so it will be towards the back end of the season and into next year that she'll really come to the fore, I think. But to do what she's doing at the moment, I'm really happy with her.”

For the breeze, both juveniles benefited by being in the experienced hands of Arc-winning jockey Luke Morris.

“Luke used to ride for us when we were training and he's obviously a very hard-working fellow and nice and light as well,” Peckham explained. “We have a good relationship. He rode the one a couple of years ago for us, and we go back a long way.”

He added, “I was a little bit disappointed that they watered the breeze strip. It was just a little bit tacky, which hasn't suited many people, and it was a little bit chopped up after the Craven, but it was the same for everyone.”

George Peckham Racing is based in Yellowstone Stables next-door to trainers Simon and Ed Crisford, and with easy access to the vast expanse of the all-weather and Southfields turf gallops on 'racecourse side', behind the Rowley Mile grandstand.

“It's been really busy over the winter and still going strong at the moment, which is great. We're very lucky with the people that support us, and we're very grateful to them,” he said.

“Yellowstone is brilliant for doing our job. We've got 50 boxes, and we're looking to expand a bit as well. It's a perfect location with all that grass we have on Southfields.

“I've been using the grass all winter and I'm a big believer in it. I try to stay on it as much as I can. That's a big advantage of being in town here. We tend to target the Tattersalls sales so we have a little bit of home advantage, and it would be silly not to use that. The horses have been over to the flat gallop plenty before they went up the watered gallop this morning.”

After withdrawals, 100 horses in training will take to the ring during Thursday morning, followed by 170 juveniles for the breeze-up session. The action gets underway at Tattersalls at 9.30am.

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