Cheer Up, It Might Never Happen

We've never had it so bad, apparently. That of course depends on whether you're a glass-half-full or half-empty kind of person. Mine has been mostly empty so far in 2024, of the good stuff at least, but the swapping of a decent claret for chai tea has not lowered the spirits as much as might have been imagined at the start of January. In fact, optimism levels are running high in this very small corner of Newmarket at present. 

For a start we have made it through storms Isha and Jocelyn with the loss of only one roof tile and a fence panel. There were no loose horses or fallers, and there has been no ice under the hooves of the fresh horses just back from their winter holidays. These sound like minor considerations, but in a small stable, when the horses who live below and the staff who come in every day to ride them feel like family members, every day that passes without dramatic incident is a good day. 

Don't get me wrong, I don't skip around every minute of the day being irritatingly upbeat. I have grave concerns over the way racing is heading in some areas, particularly that so many people seem willing to gamble on trading horses but have no interest in racing them. With little acknowledgement of their importance to the Levy, the paltry level of funding for lower-tier races is making it increasingly unsustainable for many of the sport's smaller participants to continue and is in part deterring others to get involved. It is becoming harder not to conclude that there is now no place for the small breeder, the small owner or the small trainer with their lesser horses. That would be a shame. 

In the long history of sport, fans have deified the very best, and rightly so. We all need a Pele, a Piggott, a Klopp or a Cecil to sprinkle a little magic. But the sporting public also loves an underdog. Only recently, the exploits of Hewick on Boxing Day reminded us of this. And I long to see another horse of the ilk of Sergeant Cecil or Speciosa in the hands of trainers whose talents lack only the supply of horses. 

For a start, what a story. Fresh faces, a new narrative. And then there's the knock-on effect; the hope brought to others in a similar situation, that encouragement to roll the dice. 

Racing has always been built on dreams. People come and people go, and new people replace them with that same old dream. Retention is important, of course, and it is hard not to look upon last week's announcement from Andrew and Gemma Brown of Caldwell Construction with anything other than concern. Here are owners who have enjoyed major success, with some exciting young National Hunt prospects on their hands, withdrawing from racing and dispersing their stock, apparently following three recent fatalities among their string. One can sympathise with the Browns while wondering how long jump racing will be tolerated by the general public, particularly in Britain. 

Among the other issues of the day are prize-money, concerns over Britain and Ireland becoming nurseries for other racing nations with deeper pockets, and the hoovering up of top-class stallion prospects by our friends in Japan. Well, guess what. None of this is new. 

'No Racing and no Money as 1968 comes in' ran the cheery headline on the editorial leader in the February 1968 edition of Stud And Stable. Britain was then in the grip of a foot-and-mouth epidemic which had halted racing during the previous December (the same disease later caused the cancellation of the Cheltenham Festival of 2001). Remarkably, the December Sales of 1967 had been permitted to go ahead by the government under strict protocols and they recorded some notable returns despite some epidemic-enforced withdrawals. Sound familiar? 

Vaguely Noble sold for a record 136,000 guineas, and he was far from the only high-priced lot to fall into the hands of owners from overseas.

The gloomy leader stated, “Already supported by racing programmes that justified the payment of high prices, French and American buyers were afforded a field day.”

It continued, “Throughout the century, England and Ireland have acted as a storehouse from which to supply the world's Thoroughbred requirements. This year's December Sales raised more dramatically than ever the question of how long we shall be able to go on doing so unless we can increase our prizes and keep the best at home.”

These words, written 56 years ago, could so easily have been penned today.

Elsewhere in the same magazine there was a short report on the sale of the stallions Larkspur and Hard Ridden to Japan, which began, “Following on from the rather alarming foreign purchases of the top lots at the Newmarket December Sales comes news of the export to Japan of two Derby winners.” Again, this has a familiar ring of recency to it (as did an advertisement in the same edition for Rathduff Stud's promising young stallion by the name of Cracksman).

In fact, the only thing that felt a little different in this edition of Stud And Stable from 1968 was a photograph of the packed stands at the Curragh in an advert for the Irish Sweeps Derby which boasted of the higher average prices of yearlings with Irish Derby entries. Just don't tell Patrick Cooper or he might write another letter. 

Over the years we have had epidemics of the human and bovine variety temporarily halt racing in its tracks. It would have felt catastrophic at the time, and the worry of the months of April and May 2020 in particular is still fresh in the mind. 

Somehow, though, this industry bounces back, often stronger than ever. 

Racing limped on, restricted and reduced, through the far graver years of the Second World War. The Derby and the Oaks were run at Newmarket, but at least they took place. It must be said that the influential owner-breeders of the day played a major role in persuading the government that a certain amount of racing must continue for the morale of the people, not to mention the important continuation and testing of the breed on the racecourse.

And yet even in those desperate times we find in the Bloodstock Breeders' Review similar buoyancy at the sales, which is quite staggering considering what was taking place in the real world. A report written in the sixth year of war concluded, “Bloodstock Sales in 1944 showed the highest aggregate ever known…The December Sales results alone beat all hitherto established records…The same story is to be recorded regarding the Dublin Sales. All records were surpassed by the results in 1944.”

I've lost track of the times I've reported on a “record-breaking” sale over the last decade. Of course the vitality of the bloodstock market should not be confused with the overall health of racing. As stated, an increased number of people treat the sales like the stock market and are not involved beyond that, while plenty of money that changes hand comes from foreign investors. 

That's not all bad though. We have always needed international interest in our bloodstock market, and the breed itself needs it. Many of those investors hail from countries which are not conducive to the breeding and rearing of horses, and the fact that the green and pleasant lands of Britain and Ireland are ideally suited to that pursuit has not gone unnoticed by those from overseas who have decided to establish their own breeding operations in this part of the world. 

And yes, to a degree, it is facetious to imply that little has changed. Glancing through those old books and magazines, the most telling difference is that there were once so many small, independent studs that each stood a stallion or two. Now, many have been subsumed by those major investors whose breeding operations have become empires. Whether that is good or bad is almost a moot point. It's different, but we still have the choice of a large range of stallions, with many of the best in the world standing in these isles.

None of this means that we can simply think all is well and turn to complacency. Those quickly expanding racing programmes in the Middle East will need more and more horses to meet their demands, at a rate and standard which exceeds the potential of their local breeding industries. In part that is good news for European breeders, but it may well prove detrimental to racing here.

A personal gripe is how much owners appear to be encouraged to sell on a horse as soon as it shows a glimmer of talent. Obviously lucrative offers are hard to turn down, and horses can suddenly be lame in the blink of an eye, so this isn't pointing the finger of blame at anyone who has cashed in. But what happened to that dream? Isn't it what drew people in in the first place, the chance to race a top horse? 

There really is nothing like the thrill of being connected to a winner, whether in a syndicate or as a sole owner-breeder. That's the dream we should be selling, for no get-rich-quick scheme can equal that high.

The politics of racing can certainly detract from our enjoyment of the sport if we let it. So it's time to stop doom-scrolling. Put down your phone and get yourself out to a paddock or a racecourse to marvel at the beauty of the Thoroughbred. The start of the Flat turf season is now but two months away and the foaling barns are once again filling up with the stars of the future. 

If we get it right now and treat these wonderful creatures with the respect they deserve throughout their lives, then there is hope that in another 80 years the bloodstock journalists of the future will be writing about yet more sales records and why the Irish Derby should remain at a mile and a half. 

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New Irish Bloodstock Industry Survey Launched By ITM

A new Irish bloodstock industry survey was launched by Irish Thoroughbred Marketing (ITM) on Friday.

The aim of the survey is to hear the views of all those involved in Thoroughbred breeding and sales on subjects like selling in Ireland, the IRE Incentive, and Brexit. The survey is anonymous and should take less than 10 minutes to complete. The survey, which will remain open until early October 2023, is available here.

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Bloodstock Start-Up Aims To Modernise Sales Process

ThoroughBid is the new kid on the block in the bloodstock auction world, offering Britain's first online-only platform for buying and selling everything from horses in training and broodmares to shares in syndicates and stallion nominations. 

“It's evolution rather than revolution,” says the company's co-founder Ross Alberto, a racehorse owner who runs a commercial property and farming business in Gloucestershire. 

Alberto launched ThoroughBid last week in partnership with Will Kinsey, the former amateur rider and trainer whose many roles in the bloodstock business include breeder, syndicator, agent and sales consignor.

Alberto and Kinsey have already combined successfully through their Future Bloodstock banner in the purchase of Stormy Ireland (Fr) (Motivator {GB}), winner of the G1 Mares' Champion Hurdle at the Punchestown Festival in May for their FB Racing Club, which offers micro shares.

They spoke with Emma Berry about their plans for involvement in the digital bloodstock sales market, which has recently seen a new world record set for an online auction when Funstar (Aus) (Adelaide {Ire}) was sold by Inglis for A$2.7 million.

TDN: The pandemic has really opened up the digital Thoroughbred sales market, and the established sales companies have either revamped or launched online bidding platforms. Is that good or bad for you as a company which had been planning this sales format since before March 2020?

Ross Alberto: Pre-pandemic, I got involved in owning racehorses alongside Will and I just remember the early days of buying the syndicate horses and going up to Goffs in Doncaster and thinking it was wonderful. I found it fascinating having loads of horses in one place but I found it equally confusing trying to pick your way through the catalogues and then see all the horses and remember them.

So I asked, “Is this really the only opportunity to transact?” Will said, “Well, look, there is [an] online [option] but no one really seems to do it over here.” I thought that had to be the way forward.

Then when Covid came along, and hearing Will's frustration as a breeder and a buyer and seller of horses, that's when we thought it would be a good idea and that if we didn't do it, someone else would. And, yes, the other two sales houses, Tattersalls and Goffs UK, have a sort of duopoly, and they've ended up doing it but actually what it has done is sort of credentialised it. Many vendors and purchasers have actually enjoyed the process of buying and selling online. So we think it is definitely here to stay. Tattersalls and Goffs sort of did it out of necessity rather than desire and then as time has gone on, they've seen that it works. So actually all they've done is given us more conviction to carry on with what we're doing. And there are things that we've designed, that are going to be our USP, that are slightly different to what they will offer. 

[ThoroughBid] is not just a trading platform. Our terms and conditions are nigh on 50 pages long and we've spent a fortune with lawyers to make sure that both the vendor and the purchaser are protected in the process. We want to be seen as the next auction house, but purely online at this stage, which will allow us to control our costs and keep the costs that are incurred by vendors and purchasers to a relative minimum.

TDN: ThoroughBid has been announced as a sponsor of the Racing League, which starts next Thursday. How did you get involved in this new concept?

RA: We met the guys at the Racing League and we thought it was a disruptive young start-up, an enthusiastic business that works well on two folds. One, it fits with what we're trying to achieve. And two, we wanted to show our intent by becoming stakeholders in the industry and putting money directly into something along those lines. Ultimately our investment ends up rippling all the way through to prize-money and into people's pockets.

TDN: When can we expect the first ThoroughBid sale?

RA: We haven't defined a date yet, but it's going to be the end of summer. I would imagine it's going to be in September. It might be that it coincides with the end of the Racing League. We can hopefully speak to all the owners and trainers involved, and try to bring our first catalogue through sometime in early September.

We want to become known for being a company that trades regularly on a certain day. To start with we're hoping once a month, but there's no reason why it won't be every two weeks. Maybe even every week if the demand allows. That's one of our key USPs, flexibility for all, including ourselves and both vendors and purchasers.

Will Kinsey: There's nothing to stop us doing, say, a one-horse sale at the drop of a hat if that's what they wanted, but initially it's one step at a time. We'll hold our auctions on a Sunday. Everyone will know that and can get all their work done in advance. Sometimes the way a physical auction is run isn't the best for every horse in a sale, especially if you're first lot in a sale or last lot and people have not arrived, or they've left already. Obviously this format is much more flexible.

TDN: What's the entry fee for a ThoroughBid sale?

RA: It's £250 plus VAT to enter a horse. The vendor gets 100% of the sale price and there's a 5% charge to the purchaser. They can buy in almost any currency. One of the key things is the speed of the fiscal transaction, which is seven working days, unlike the others who pay 30 days after the end of the auction.

There's no credit. It's effectively taking private sales but making them public, but with the benefit of both effectively selling over the stable door and a public-facing auction. So purchasers are going to have to get used to coming up with the money a little bit quicker, but the point is that the liquidity is there to then hopefully help people get in and trade out of horses quicker.

TDN: What sort of feedback have you had so far?

RA: While people have been positive and optimistic about what we're going to be bringing forward, they say, “Well, how can I buy a horse if I haven't seen it?” The point is you've got the week or 10 days prior to assess them online, get down to your shortlist and then either go and see them yourselves or send your agent, trainer, or vet, because every horse will be available to you. That's part of our terms and conditions. But it's all done from the comfort of the stable. So trainers are not tying up staff too much, and hopefully there's an extra level of engagement there for trainers and studs to actually get people in through their doors and talk about not just that horse but other opportunities that may exist.

WK: Young trainers especially are really excited about it. I think this was coming, online selling was coming before Covid, but Covid has sped that process up. The two sales companies have proven that it works. And we wouldn't be here today if we didn't think it did.

Vendors are now really used to taking pictures and videos of their stock and I think that is going to become the norm. I have found that even at the physical sales it's great to see all that video footage beforehand because I can knock off the ones that I don't want to consider that perhaps before I would have gone to look at. So it really helps me streamline.

TDN: Do you feel there's space in the sales market for a new entity?

WK: There's not just a huge space for online selling, but for a third party. Not that Tattersalls and Goffs don't do a good job, but I think people want another option, and I think they're quite excited by a new company on the block that's offering different terms.

RA: For me as a relatively new entrant to the industry, having been involved in ownership for five or six years, I feel this has to be a fun, engaging process. And I think one part of the racing experience as an owner is the buying and even potentially the selling of the horse. As a company we want to look at that and try to make the user experience even more intuitive and immersive. And I think that we will hopefully connect owners, trainers, agents and vendors in a way that hasn't been done before.

WK: For me, racing has evolved so much even in the time I've been involved, let alone the last 50 years, but selling racehorses has never really evolved in the UK and Ireland. The store dates are still the same and the big sales are in May and June. Well, there's a lot of racing in May and June these days and the days of jump season finishing at Sandown at the end of the season and then National Hunt trainers basically having time off to go and do their business are gone. Time is probably more valuable than ever, so this is where it's a great fit for most trainers. 

Primarily, we've come to this stage from a users' point of view and it's something that, as someone that works in the industry, I feel we need. But as a consignor, I'm still going to be selling horses through Tattersalls and Goffs. I don't want people to think, “Oh, there's absolutely no reason for that.” But for syndicate shares, stallion shares, nominations, all those type of things, there's flexibility.

It's also a showcase for the horse's owner or trainer. If you're selling a horse online it's a good advert for you to sell your stud, your yard, your facilities. Every time somebody fresh comes into the yard it's a great opportunity. They might come in to look at the horse and they might say, “Tell you what, I will buy the horse and I'm going to keep it with you.” 

RA: We're a small business that's going to be effectively a start-up. And we hope to be still here in 10 years' time, hopefully dining at the top table with Goffs and Tattersalls and competing with them. If we can get the support of the industry behind us, then I think there are a lot of reasons to be optimistic. And look, we're trying to keep money in the game, not take it out. So I hope that people will see all the advantages of what we're bringing forward and they'll back us, because we can't do it without the horses.

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Keeneland September Yearling Sale: $210,000 Ghostzapper Filly Highest Price On Sunday

C.J. Thoroughbreds acquired a filly by Ghostzapper for $210,000 to top Sunday's seventh session of the Keeneland September Yearling Sale in Lexington, Ky.

Consigned by Woods Edge Farm, agent, the filly is out of stakes winner Saxet Heights, by Outflanker. She is a half-sister to stakes-placed winner Wolverette and from the family of Grade 3 winner Angelina County and stakes winners Holiday Ball and Ribbon Cane.

On Sunday, Keeneland sold 237 horses for $11,516,500, for an average of $48,593 and a median of $40,000. To date, 1,265 horses have grossed $212,267,200, for an average of $167,800 and a median of $100,000.

Two colts from the first crop of Unified and a son of Maclean's Music sold for $190,000 each.

Redwings purchased a son of Unified out of stakes winner Promise Me a Cat, by D'Wildcat. Consigned by Michael and Julia O'Quinn, agent, the colt is from the family of Grade 1 winner Private Persuasion and Grade 2 winner Sierra Sunset.

The second Unified colt to bring $190,000 is a half-brother to Canadian Grade 3 winner A. A. Azula's Arch and was purchased by Kenny McPeek, agent. The colt is out of the winning Unbridled's Song mare Song of Solomon, a full sister to multiple graded stakes winner Rockport Harbor. Legacy Bloodstock, agent for Two Hearts Farm II, consigned the colt.

Downstream Racing (Kirk Robinson) acquired the son of Maclean's Music, who was consigned by Summerfield, agent for Stonestreet Bred & Raised. Out of the stakes-placed Yes It's True mare Yes Liz, he is from the family of Grade 2 winner Chimes Band.

By spending $377,000 for four yearlings, Downstream was the session's leading buyer.

Two fillies sold for $170,000 apiece.

Walnut Stream Enterprises purchased the first, a daughter of Union Rags consigned by Runnymede Farm, agent. Out of Grade 2-placed winner Glory, by Tapit, she is from the family of such European highweights as Trusted Partner, Easy to Copy, Free Eagle, Search for a Song, Custom Cut and Sapphire.

John C. Oxley paid $170,000 for a filly from the first crop of Practical Joke consigned by Scott Mallory, agent. She is the first foal out of Tuvalu, by Smart Strike, and from the family of Grade 2 winner Sweet Vendetta.

Gainesway, agent, led consignors by selling 24 yearlings for $1.27 million.

The September Sale continues Monday and runs through Friday with all sessions beginning at 10 a.m.

The entire September Sale is being shown on the Watch TVG app, which is available on Amazon Fire, Roku and connected Apple TV devices. The Watch TVG App also features TVG, TVG2, Racebook, race track feeds and more.

The auction also is being is streamed live at Keeneland.com.

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