First-Crop Value Sires: The Breeders Speak

After hearing from Chris McGrath in his 2024 Value Sires Part I, we thought we'd ask several breeders who they thought offered particularly good value this year. Here's what they said:

Jody Huckabay

The horses I have chosen are expensive, but I think they are good value.

GOLD: Elite Power (Curlin–Broadway's Alibi, by Vindication), Juddmonte Farms, $50,000. The first horse I like for his body of work, race record, and pedigree is Elite Power. To me, he's on top of the list, with everything being considered. I look at it as a pie, and how many pieces of that pie can I get. He's brings the most pieces. I love his speed. I love his longevity, his consistency. His pedigree is deep–a very deep family top and bottom–and the conformation was there as well.

SILVER: Gunite (Gun Runner–Simple Surprise, by Cowboy Cal), Ashford Stud, $40,000. Gunite would be number two for me, and it goes back to a lot of the same type of reasoning. He was a Grade I winner as a 2-year-old, a very attractive horse to me, the way he ties together, the way he moves, and his longevity. That's a big deal for me, and yes at $40,000 it's steep, but when you start looking at all the pieces he brings to the table, a lot of the things he moves for me.

BRONZE: Forte (Violence–Queen Caroline, by Blame), Spendthrift Farm, $50,000. I thought he was a really, really nice-looking horse, physically. A year from now, he's going to be a very imposing horse. He's still a little immature now but he will fill into an absolutely gorgeous horse. He was the 2-year-old champion. We raced Loggins, and the defeat we had at Keeneland to Forte was gut-wrenching. It was just unfortunate, because Loggins had some bad luck in spots, wasn't able to show his true colors, but he was a genuine racehorse. We're breeding several mares to him. He was as nice a yearling as we ever had. We have high hopes for him.

 

Tommy Wente

GOLD: Pappacap (Gun Runner–Pappascat, by Scat Daddy), Walmac Farm, $12,500. I think everybody is too high this year, and everybody is trying to get to the good horses and it's tough, but if anybody is good value, it's Pappacap at $12,500. He's a hard-knocking horse. He's very correct, a good size, and I think they could have stood him for a little more money, but they kept him at $12,500. For me, he's the best value there is among first-crop sires. He's a Gun Runner, who's very hot, and this horse could run. I booked three mares to him.

SILVER: Proxy (Tapit–Panty Raid, by Include), Darley, $25,000. He's by Tapit, he's well-bred, and he's at Darley, where they're not going to overbreed this horse. I like that. He might be $5,000 to $10,000 more than I wanted to spend, so at $25,000 he's a little high, but for his pedigree, and where he is standing, he's got a good shot at $25,000.

BRONZE: Two Phil's (Hard Spun–Mia Torri, by General Quarters), WinStar Farm, $12,500. I think Two Phil's is good value. He's a decent horse with good balance. He has a good front end, he's correct with a great body, has a great race record, and he's by Hard Spun. At $12,500, you've got a shot to make some money.

Honorable Mention: Taiba (Gun Runner–Needmore Flattery, by Flatter), Spendthrift Farm, $35,000. I thought he was a good value, and I'm glad I got one, but he booked up so fast I couldn't get more mares to him. He had 300 applications on the first day they announced he was going to go to stud. I think that makes him good value. He probably could have stood for $50,000 or $60,000 and still filled up. I don't know how many mares they took, but as soon as the word got out, it was crazy.

 

Sally Lockhart

GOLD: Elite Power! I bought four seasons for clients before the Breeders' Cup and am so excited. What a phenomenal racehorse and outstanding individual.

SILVER: Up to the Mark (Not This Time–Belle's Finale, by Ghostzapper), Lane's End Farm, $25,000. At $25,000 what's there not to like? Serious race record, son of Not This Time How can you go wrong?

BRONZE: Loggins (Ghostzapper–Beyond Blame, by Blame), Hill 'n' Dale Farm, $7,500. Great price for a great physical. I loved him when I saw him. Such a shame we didn't see his true potential on the track.

 

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Liberal Arts A Ferraro Family Adventure

His father had long since ceased training, but they still always stood at the same point by the Santa Anita paddock.

“There was a spot there, where the horses come out from the saddling enclosure and make a right,” Evan Ferraro recalls.

“From there you could look at them straight on, so you could see their conformation, their joints, and my dad would point stuff out to me.”

And there was one filly by In Excess (Ire) that just blew the veteran horseman away: a Harris Farms homebred, saddled by Carla Gaines to win on debut down the turf chute. This was 2005, soon after Evan had graduated USC as an English major.

Since then, he has become a familiar face through 15 years at Fasig-Tipton, where he is now director of marketing. But at the time he was still wondering about emulating his father Stephen, who had for 20 years operated a small barn on the Southern California circuit before retiring in 1990 to join the family's vending-machine business.

Stephen Ferraro | Ralph Merlino

“He liked to have a 12-to-16 horse stable, and back then you could make a good living doing that,” Evan says. “It was a different time. But he was well respected and had some nice graded stakes horses.”

Evan was doubly blessed, then, not only to grow up in the immaculate climate of Sierra Madre-around the corner from Charlie Whittingham-but also to have many formative experiences on the backside.

“I just loved getting up early and hanging out at the track,” Evan says. “I'd sit in the tack room while Dad worked, walk out with him to watch training, or he'd put me on the outrider's pony, things like that. Santa Anita was still getting 30,000 people at the races during the week, and 50,000 on the weekends, as standard.”

To this day, Stephen retains a box at Santa Anita. But his attention over recent months has shifted to Kentucky-and all thanks to that In Excess filly. Her name was Never to Excess, and Stephen knew the family well. The dam had won the Torrey Pines S. at Del Mar and was a half-sister to elite winners Fabulous Notion (Somethingfabulous) and Cacoethes (Alydar).

Never to Excess only managed a couple more starts. “But my dad just loved her in the paddock, every time, and it was a family he'd always revered,” Evan says. “In fact the first broodmare he ever owned, in the '60s, was from this family. So eventually he inquired whether John Harris would consider selling her. Mr. Harris already had a lot of the family, so fortunately he agreed and let us into it.”

The Ferraros sent her to Tribal Rule, a son of Storm Cat who tore up the track a couple of times in a curtailed career for Pam and Martin Wygod. Here they had some extra encouragement from Evan's mom Richmond, who had brought her own Turf pedigree from the opposite coast. Her mother had managed several farms in northern Virginia, including a stint running a training barn for none other than Liz Tippett.

View from the Santa Anita Park grandstand | Horsephotos

“Oh yeah, we're a racing family,” Evan says. “That's how I got the bug, being around it so much. My paternal grandmother was a racing commissioner [in California] in the '80s. And my mother did stallion advertising for years, and worked for Barretts during that company's whole existence. Anyway she was doing advertising for the Wygods, so we knew how talented Tribal Rule had been. He never won a stake or anything, but in his few races he'd put up a couple of incredible, open-length romps in fast times. And that speed was what worked for us, raising Cal-breds.”

So they bred Never to Excess to Tribal Rule three times running. The first foal was stakes-placed on his second start, albeit didn't really build from there. But the Ferraros struck gold with the third, a 2009 filly they named Ismene. (She was Antigone's sister, never inclined to excess: Stephen, demonstrably, had also majored in literature!)

“She was raised by Russell Drake, Mr. Wygod's farm manager,” Evan says. “And all along he told my dad, 'This is a really nice filly you've got here.' Dad put her in training with Bill Spawr, an old buddy of his. Patrick Valenzuela rode her at Del Mar in her first race, and she 'whistled.' And then she came back and won two stakes: the Anoakia at Oak Tree, against open company, and then the Cal Breeders [Champion S.] on opening day at Santa Anita.”

That qualified Ismene as champion state-bred filly of her crop. Unfortunately she had to sit out her sophomore campaign with a knee chip, but she returned to finish runner-up three times in stakes company at four. She even took a swing at the GI Breeders Cup' Filly and Mare Sprint, but that proved a bridge too far and they retired her.

Never to Excess had shown speed, class and versatility, being effective on dirt, turf and synthetic. Throw in the looks that had captivated Stephen, and some elite blood close up, and Ismene appeared a very eligible proposition for her next career.

Clocker's Corner | Zoe Metz

Her first date was with Lucky Pulpit, freshly exalted by his son California Chrome. And there was a sentimental connection here, too, Evan having held Lucky Pulpit in the breeding shed during his first season at stud.

“I'd gone to Harris Farms to get some experience,” he explains. “I'd worked at TVG for my last semester of college, as a production assistant, but wanted to get closer to the horses. So I went to work there and did a little bit of everything: breeding shed, worked with mares and foals, yearling sales prep, sales consignments, just learning all the aspects of a horse farm.”

Then one morning at Clockers' Corner he was introduced to Walt Robertson, at the time president of Fasig-Tipton, and sent him a resumé. Evan was offered an internship, and has never looked back.

“So that's how I ended up not being a trainer,” he says with a smile. “The hours were better, and it was a lot of fun. I got to travel-and I saw that these Fasig-Tipton guys all eat pretty well!”

We'll come back to life at Fasig, but meanwhile let's not forget the mare we left with Lucky Pulpit. Their daughter made $90,000 as a yearling and won a stakes. Next came an Acclamation filly, who brought $160,000 and was placed in four stakes. “She was gorgeous, still is,” Evan says. “I think she was as high a priced filly as her sire ever had. So after those first two, because she was showing herself to be a good producer, we decided to bring Ismene to Kentucky.”

Her first couple of covers in the Bluegrass did not prove productive, but then they rolled the dice with an upgrade to Arrogate.

“He was a horse my dad saw coming up the ranks in California, and always loved,” Evan explains.  “And he believed strongly in a cross to Caro [grandsire of In Excess]. That's what he got with that first foal, with Lucky Pulpit [whose dam is by Caro's son Cozzene]. And then with Arrogate, you get it through Unbridled's Song [out of a Caro mare].”

Right from the outset, James Herbener Jr. was upbeat about the resulting colt.

“Jimmy was just as good a horseman as there was in Kentucky,” Evan says. “And though he usually never said a whole lot, he was pretty high on this foal the whole way.”

So was there a temptation to convert that promise into dollars and cents, at a certain auction house down the road on the Newtown Pike?

“Yeah, we hemmed and hawed about it,” admits Evan. “You had to, because that's how you keep the whole thing going. But this was such a cool horse. And finally my dad just said, 'I want to race him.' We thought that potentially he could be a bit special, certainly he was the best-bred we'd ever had, and at my dad's age [80] he'd rather just give the horse a shot.”

Liberal Arts | Coady Photography

As a pair of English majors, with a mare named from Greek myth, Stephen and Evan named the colt Liberal Arts. They put him into pre-training with Robbie Medina. Then at Blackwood, Medina subsequently decided to open a public stable based at the Thoroughbred Training Center in Lexington.

“And when Robbie went out on his own, we just kept it simple, kept the horse where he was doing well,” says Evan. “Robbie had broken the horse for us, he'd spoken highly of him and wanted to continue on with him. I'd met Robbie several years back, through a good friend and colleague at Fasig-Tipton, Max Hodge. They'd worked together for Shug [McGaughey] way back when, and remained very close friends. So I knew how good a horseman Robbie was.”

For these patrons, Medina had to meet high standards. For Stephen had learned much about their calling from his friend Willard Proctor, the Texas hardboot who had trained his first winner in 1933. Sure enough, Liberal Arts has been given a fairly throwback grounding as a 2-year-old.

“He's had an old school campaign, really,” Evan notes. “He ran five furlongs at Churchill in May, six furlongs a month later at Ellis, and then broke his maiden five or six weeks later, going seven furlongs. Then he had a one-turn mile race in the [GIII] Iroquois. He had a bit of trouble, almost clipped heels in the stretch. I don't know if he would have caught the winner, but I think that cost him second anyways.”

But that's the whole point: if a horse gets to learn its trade by racing, those little reverses can be worn as learning experiences. Okay, this year we had a GI Kentucky Derby winner unraced until late January; but runner-up Two Phil's (Hard Spun) showed that the time-honored “school of hard knocks” remains as valid as ever. In the big picture, then, the Iroquois could be counted a net gain.

“Absolutely,” agrees Evan. “That was the deal all along. He was just starting to mature, and we knew that he was going to like going two turns. Robbie was really excited to stretch him out in the [GIII] Street Sense S., and he relished it. I know there was the off-going, but I think he benefitted from the distance more than anything.”

Certainly it was a revelatory performance, Liberal Arts bursting through from the rear to take control in the stretch, hitting the wire in full cry. While you sometimes see odd scenarios in slop, this just looked like a horse for whom everything is falling into place.

“I watched every race that day, and nobody else made up that much ground,” Evan reflects. “He's really learned to relax and turn off a little bit. He's an unusual horse. Truthfully, we thought he'd be a fall 2-year-old. He's a good-sized horse by Arrogate. I think Arrogate's only had one other 2-year-old colt win a graded stakes, and that was Cave Rock.”

“But Robbie broke this horse and then just went on with him, because he kept picking it up. He didn't want to stop on him, when he was going along so naturally. The horse has learned with each race, and hopefully he's only going to get better as he gets older. He's got a great foundation now, with five starts in him, and I think he's only just getting into what he wants to do. Hopefully, that bodes well for him as a 3-year-old.”

Liberal Arts under the Twin Spires | Coady Photography

The Ferraros know the game too well to be getting carried away. Its vagaries have already intruded poignantly, in that Ismene is no longer around. But for all the lows that must be weighed against its occasional highs, somehow the captivation of our sport never fades.

Certainly Evan adores the life. “I love going to farms, being on the road, working with the people breeding and raising these horses, and trying to direct them to the best place possible to get the best return they can,” he says. “I do advertising and marketing, but I'm also inspecting horses, recruiting for the November Sale, handling certain accounts. We all wear a lot of different hats at Fasig-Tipton. We have a tremendous team and a wonderful working environment.”

That team spirit at Fasig has certainly contributed to the enjoyment Evan and his father are deriving from Liberal Arts. Even the heartbreaking loss of Herbener, in September 2021, ended up widening the circle of engagement.

“We were all just rattled, it was such a sad deal,” Evan recalls. “And then when his family decided not to go on with a boarding operation, we had to find a spot for Liberal Arts to be raised. So then Bayne Welker, another colleague at Fasig-Tipton, steps in and says, 'I need one more colt on my farm to pair some stuff up. I'd be happy to take him.' So he and his wife Chris raise him as a yearling for us.”

Those extra layers have made the emergence of Liberal Arts feel extra special.

“I think about all that stuff,” Evan says. “We bred our only mare to this horse my dad always really liked; decided not to sell; he was raised by Jimmy; Jimmy passes away, a colleague and friend steps in; and then another one introduces us to the guy who trains him. Robbie goes out on his own, and Liberal Arts becomes his first graded stakes winner. And it's actually the first time I've been in partnership with my dad, the first time our names have ever been on the program together.

“So there's a lot of different pieces all fitting together. I can't say enough about the job Robbie has just done, developing this horse. He's a first-class horseman, with great staff. It's a long ways to get this horse to the big dance. If we get there, it's because he's going to take us there; we're not going to take him. But before the Breeders' Cup, he was the top-ranked horse by Derby points. That felt pretty wild. You've got to stay grounded, because so much can change or go wrong. But no, we're really excited.”

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Big Picture Shows Yearling Market Holding Firm

If a tree falls in the forest and there's nobody there to hear it, does it still make a sound? We'll leave their old teaser to the philosophers, to debate whether noise still qualifies as “sound” if it doesn't reach anyone's ear. But for a long time now our own industry has been puzzling over a still more perplexing version: if a tree falls in the forest, or indeed if a war breaks out in Europe, or a pandemic sweeps the planet, or central banks have to douse the fires of inflation…. How does anyone ever know, if they're all at a horse sale?

Our trade has in recent years appeared mysteriously impervious to many of the economic dramas afflicting the outside world. In 2023, however, many keynote auctions have experienced what felt like an inevitable and possibly overdue moderation of the tempo. Nothing too dramatic, in the main: the kind of thing that might be described as a “correction,” often measuring up more than respectably to what had seemed extremely robust figures in 2021, prior to a notably giddy spike at the elite auctions last year. But those trends are internal: they are measured, year to year, in the same ring and in the same currency. Now that we can more or less close out the data on the 2023 yearling market, however, we're in a position to take a step back and assess its overall performance in the kind of transnational terms that match the perspective of its principal investors.

And, with only a couple of minor European sales still to be entered on the ledger, it turns out that the aggregate value of the yearling market either side of the Atlantic in 2023 has almost precisely matched even the historic landmark of last year. Then, for the first time, we were able to acclaim “Billion Dollar Babies.” This time round, the headline figure has inched up 0.3 percent from $1,001,529,828 to $1,004,465,043.

region year catalogued Out % out to cat ring sold % sold to out  gross  average
All 2023 14649 1918 13.09 12731 10268 80.65  $1,004,465,043  $   97,825
All 2022 14499 1825 12.58 12674 10559 83.31  $ 1,001,529,828  $   94,851
All 2021 13546 1769 13.05 11777 9924 84.26  $     937,533,161  $   94,471
All 2020 13876 2336 16.83 11540 8876 76.91  $    687,432,621  $   77,448
All 2019 16055 2173 13.53 13882 10649 76.71  $   905,622,360  $  85,043

When you think of the huge spectrum of yearlings to come under the hammer from each crop, this virtual parity feels almost freakish, especially when so closely matched by the numbers entering the ring: 12,731 this year, compared with 12,674 in 2022. One of the few conspicuous wedges between the two years is a slippage in the clearance rate, from 83.3 percent to 80.7, translating into a 2.75 percent drop in overall sales to 10,268 from 10,559. Sure enough, then, the average cost of every yearling in the combined transatlantic market has actually advanced 3.1 percent to a new high of $97,825 from $94,851.

That headline positive duly contains a mild negative, in that the average achieved from essentially unchanged turnover goes up because there have been more RNAs. But the bottom line is that those that did change hands made more money than ever.

Nonetheless there are a couple of caveats to that statement. The most important is that the European element must always be assessed through the prism of fluctuating exchange rates. Last year, for instance, the dollar value of a soaring internal market in Europe actually weighed in 2.4 percent lighter than in 2021. This time round, European trade converted to $404,163,529, up 3.3 percent from $391,241,817, on the face of it a wholesome contrast with a marginal slip (1.6 percent) in the American gross from $610,288,011 to $600,301,513.

region year catalogued Out % out to cat ring sold % sold to out  gross  average
EU 2023 6019 547 9.08 5472 4556 83.26  $404,163,529  $   88,710
EU 2022 6295 589 9.35 5706 4845 84.91  $  391,241,817  $  80,752
EU 2021 5730 512 8.93 5218 4480 85.85  $400,981,400  $  89,505
EU 2020 6219 765 12.3 5454 4357 79.88  $ 328,852,326  $   75,477
EU 2019 6864 620 9.03 6244 4982 79.78  $  391,396,347  $   78,562

But much of that gain in European trade reflects the anaemic condition of sterling last year. During Book I at Tattersalls it traded at $1.13, and there had been little change by the time the global data was reported for a similar examination this time last year. By the start of the year, sterling had hauled its way up a few rungs to $1.21 and–following a mild midsummer swell–that's pretty well where it remains today. So while an American buying a Book I yearling this year might regard the extra cost of a “guinea” this time as no big deal, the difference was comfortably more than the increase in the dollar value of the European yearling market.

We're a still a long way from pre-Brexit values, however. In October 2015, sterling at $1.52 meant that the Book I average converted to almost exactly $355,000. This time round, when the local value of a Book I yearling was 9.7 percent higher than 2015, the dollar value remained 12.7 percent lower. Domestic vendors should not deceive themselves, then, that it is only the caliber of their stock that might have been tempting American investors since the great Brexit tantrum.

Of course, if you're trading within that market none of this will matter. A domestic pinhooker, or a breeder who pays a local stallion fee, will be paying electricity bills and wages in the same currency. Within that trading environment, in Europe, a few factors together conspired to take some of the heat out of the market compared with 2022: just one of the final crop of yearlings by Galileo (Ire) surfaced in Book I, for instance, even as his premier son Frankel (GB) becomes increasingly the resort of top breed-to-race programs. (And then there was the fact that one of the biggest contributors to turnover in 2023 never actually paid up!)

As for the American market, perhaps the key indicator is the decline in clearance to 78.7 percent sold, from those entering the ring, down from 82 percent last year and 83 percent in 2021. We've already noted the impact on the overall figures, the European rate having held up a good deal better at 83.3 percent, after registering frantic demand (84.9 and 85.9 percent) over the two previous years. As a result, at $105,095, the average North American yearling transaction in 2023 fell only just short of last year's breakthrough figure, when the six-figure barrier was breached for the first time at $106,808. In other words, people appear to have been a little “pickier” in their shopping while being prepared to go harder at their final shortlist. A little tougher to sell, then; but a little tougher to get that hammer to fall, too. But don't forget that a clearance rate touching 79 percent is still way better than 74 percent in the year before the pandemic.

region year catalogued Out % out to cat ring sold % sold to out  gross  average
NA 2023 8630 1371 15.88 7259 5712 78.68  $600,301,513  $ 105,095
NA 2022 8204 1236 15.06 6968 5714 82  $  610,288,011  $106,806
NA 2021 7816 1257 16.08 6559 5444 83  $  536,551,762  $   98,558
NA 2020 7657 1571 20.51 6086 4519 74.25  $ 358,580,295  $   79,349
NA 2019 9191 1553 16.89 7638 5667 74.19  $  514,226,013  $   90,740

One way or another, the market plainly remains robust. A mild loss of momentum in some indices feels somewhat overdue, if anything, a prolonged bull run having suggested bloodstock to be immune even to the most alarming economic and geopolitical tremors. But it may be that those whose affluence has been consolidated even through times of plague and war are not quite so indifferent to an altered fiscal landscape.

It was always contentious that the cash doping of panicked economies persisted so long after the banking crisis, but for a while now we've found ourselves back in a forgotten world of high interest rates. And central banks still aren't getting enough patches of blue sky to put away the umbrella. Meanwhile the S&P 500 is heading towards its third negative month in a row, which hasn't happened since the start of the pandemic in 2020. There's new instability in the Middle East, compounding the ongoing crisis in Ukraine, and a turbulent election year ahead. Those are some of the trees falling in the forest.

Our own world persists in its insularity, albeit without a great deal of coherence. Demand for racehorses can only be described as healthy, if the transatlantic yearling market can maintain the $1 billion breakthrough of last year. But supply continues to diminish, with a declining foal crop ever less eligible to service the betting windows and so, ultimately, purses. In the meantime, we have slot boomtowns even as storied venues are closing; extremes that make our sport's very survival bitterly contentious, including within our own community. Above all, we persist in placing the cart of commercial breeding in front of the horse itself. (We've just come within a couple of shifts of a totally unproven sire covering 300 mares!)

There remain many things we can be positive about, as we hope to be reminded at our principal showcase this weekend. But we can't take this resilience of investment, remarkable as it is, for granted. As and when it dries up, we need to be ready with a resilience of our own: with a breed, and a sport, equipped to last.

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Bonne Chance Team Making Their Own Luck

Playing chess with nature. That's what Jean-Luc Lagardère called it, and the analogy has always resonated with Alberto Figueiredo.

How, for instance, do we account for the sheer size of King Of Steel (Wootton Bassett {GB}), who sealed his place among the elite sophomores of Europe with his Group 1 success at Ascot last Saturday? You don't particularly see that bulk in the sire; and, tragically, it wasn't in the dam either. In her case, the disparity proved fatal.

“She was a good, medium-sized mare but he was so big it caused her to hemorrhage when foaling,” explains Figueiredo, CEO of Bonne Chance Farm. “That's how we lost her. We understand, that's part of the game. We deal with live animals and, unfortunately, something like will happen from time to time. He was well raised by a foster mare. But when you look at him, and then look at his parents–well, the gene is not obvious, it's not right there. You might have to go back to the fourth, fifth generation. And that's the chess.”

Figueiredo is duly impatient with any attempt to reduce breeding to a simple formula, as though everything comes down to slapping this bloodline over that one. He remembers how one of the best judges of horseflesh he ever saw, in his native Brazil, never even brought a catalogue to the sales. Long experience in different hemispheres tells Figueiredo that such horsemanship transcends cultures, languages, racing environments. We should all be able to learn something, then, from an astounding year for this small but most cosmopolitan of farms.

King of Steel | Megan Ridgwell

Figueiredo modestly protests that there's nothing so extraordinary about the program he operates for Brazilian entrepreneur Gilberto Sayão Da Silva.

“I don't think we have a very unusual program,” he says amiably. “I would not put that way. I think we do the same kind of thing that you normally have to do with horses.”

But nor can we merely say that it's all in the name: French for “good luck”. Something, surely, merits attention when a crop of just 14 Bonne Chance graduates, in the sophomore class of 2023, should include not just King Of Steel but also GI Woody Stephens S. winner Arabian Lion (Justify). On the one hand, a colt that briefly burst clear in the ultimate test of the Classic Thoroughbred, over 12 furlongs at Epsom, until collared late on his first run of the season, and just the third of his life; and, on the other, a top-class dirt sprinter.

The fact is that Bonne Chance, for a boutique operation, has quite exceptional geographical reach: both in blood and schools of horsemanship. King Of Steel himself–conceived in France, foaled in Kentucky, trained in Newmarket–is an apt symbol of internationalism. For Bonne Chance has evolved as an offshoot of the leading South American program Stud RDI, which was launched in 2008 by Sayão in partnership with Paulo Fernando de Oliveira. In 2013, after a tentative experiment at Tattersalls the previous year, Figueiredo (along with colleagues Philippe Jousset and Fernando Garcia) picked out three yearling fillies at Arqana and sent them to Mikel Delzangles. Each has since become a black-type producer.

At €95,000, the least expensive was Eldacar (GB) (Verglas {Ire}), who proved a modest but sound staying handicapper. “She had a good pedigree,” Figueiredo recalls. “Not a fashionable one, perhaps, but she was a beautiful mare and at that time our program was all breed-to-race.”

Eldacar started her breeding career in Normandy, but was soon transferred to the 300-odd acres previously known as Regis Farms on the Pisgah Pike, acquired in 2015. “There was no reason to have 10 mares here, and five over there,” Figueiredo explains. “Having bought this land, we said we'd concentrate them all in one place.”

Bonne Chance had started out with yearling fillies, rather than broodmare prospects, so that the team could get to know them inside out. That way, a complementary influence might be sought from matings.

“People can choose nicks because that's what they think the market wants,” Figueiredo says. “I'm not opposing them, that's okay as a way to conduct their business. Maybe I'm just not smart enough to believe in those scientific equations. But I'm more like, 'Okay, this is a nice filly. She has talent but Mikel has brought us the information that she's more of a galloper, so she needs a little more speed.' And we were lucky enough, at that time, to be part of the Wootton Bassett syndicate. So we could bring in some speed that way.

“Maybe doing something like that won't work immediately. Maybe you need another generation. You can never say we will definitely get this, or that. But that's the same as when we mix blood from South America in the United States or Europe. You might not be able to say why a combination has worked. But when it does, you know that you have only achieved those results from having an open mind.”

Arabian Lion at Spendthrift | Sara Gordon

A perfect example is Ivar (Brz) (Agnes Gold {Jpn}, the program's breakout success in the United States. A domestic Group 1 winner in Argentina as a juvenile, he was sent to Paulo Lobo and won the GI Shadwell Turf Mile before being involved in three consecutive finishes of the GI Breeders' Cup Mile.

“His second dam came to United States from Chile,” says Figueiredo. “She had a Smart Strike filly we sent to Brazil, where she was very smart, a Group 2 winner. And then we brought her to a Japanese stallion, Agnes Gold by Sunday Silence. And then came Ivar. So, you could see how it can work.”

King Of Steel did not have such an exotic background. Nonetheless the market remained too insular to prevent agent Alex Elliott having to pay more than $200,000 on behalf of Amo Racing at the Keeneland September Sale of 2021. A Wootton Basset was challenging enough. One that size, however, was a bridge too far for most.

“We had high expectations,” Figueiredo recalls. “Don't get me wrong, he brought good money. But people kept saying he was too big. What's the problem in being big? If big means slow, well, he's never been that. He was always a straightforward horse, never had any problems. But his size did scare a lot of people.”

Because of his build, and also because his dam improved with maturity, Figueiredo is confident that King Of Steel will keep thriving if kept in training. But first he is set to return to his native soil for the Breeders' Cup.

Happily, despite the loss of his dam, Bonne Chance now finds itself with a valuable breeding prospect in King Of Steel's full sister Macadamia (Fr). Though not to be confused with her GI Gamely S.-winning namesake (as it happens, a Brazilian-bred), the 4-year-old has won a maiden and allowance race at Horseshoe Indianapolis from 13 starts.

“She's likely to be bred in Europe,” Figueiredo says. “She's much smaller than her brother. If you put them together, she'll look like a weanling. They're both gray, so if you stood her behind him you will lose her. That's the chess again!”

There are, of course, ways of securing your queen on the genetic chessboard. One is to borrow the depth offered by Unbound (Distorted Humor) when acquired for $310,000 at the Keeneland November Sale of 2015, her granddam being none other than Personal Ensign.

“I strongly believe in the foundation of family,” Figueiredo says. “Being a 20-mare operation, we don't have the numbers, money or time to try a different way. I have to reduce the probability of mistakes. So I like to go to a farm, a family that you know produces. Of course, you still have to take your chance, even then, but you know that the substance is there.”

Ivar | Coady Photography

Unbound was one that paid off, and quickly: her 2017 foal, a Giant's Causeway colt, made $450,000.

“And a couple of years later we sent Unbound to Justify for a little bit of size, because she is a compact, Distorted Humor type,” Figueiredo explains. “Again, chess! It did not work as we expected. She had a small, late foal. So I said, 'Okay, let's not put him in the yearling sales, he's not ready.' So we gave him time and sent him to the 2-year-old sales. And that worked perfectly.”

Prepared and sold by Hidden Brook, where Figueiredo's cousin Sergio de Sousa is a managing partner, the colt made $600,000 from Zedan Racing Stables at OBS April. As Arabian Lion, he briefly threatened to give Bonne Chance prospects of a double Derby bid, at both Churchill and Epsom, but ultimately confirmed a single turn to be his métier.

Arabian Lion has now retired to Spendthrift as Justify's first Grade I winner. Of course, his sire has also made an immediate and spectacular impact in Europe. And, if weathervane is finally turning back towards genetic transfusion between hemispheres, then no farm of its size can have trimmed its sails better than Bonne Chance.

That's a gratifying state of affairs for a man whose international Turf education began virtually in boyhood. “I started to work in a sales company when I was 14, researching for catalogues,” Figueiredo says. “So, yes, it's been a lifetime's work. One of the partners in the company was a very successful farm vet, Dr. Jose Luiz Pinto Moreira. And he was the best horseman I've ever been with. Just from the way he talked, the way he looks. I've had so many positive as influences on my life but, strictly on horses, this guy was amazing.”

Figueiredo was also fortunate to work with Moreira during around 20 years working for Linneo de Paula Machado at Haras São José & Expedictus from the early 1990s. That post opened up many new horizons, not least through the export of horses like Siphon (Brz) to California.

“That was best life experience ever,” he says gratefully. “To work with such nice people who gave me such good opportunities in life. Because we can all learn from each other. Richard Mandella was able to go to South America and look at how things work there, and the same for me the other way. When we bought the farm in Kentucky, each year I took one of our team there to Brazil. That meant I could say, 'Look, if I ever I say something that seems stupid in Kentucky, please forgive me–because this is how we do things over here, here's how I learned.' So the same thing that we do with the blood, we also do with people.”

But while the whole premise is that horse skills are transferable, there's no denying that a harder road in South America–for horse and horseman alike–fortifies those who travel it far enough to compete on the global stage.

“How can I explain to you?” muses Figueiredo. “I love my country, and I love living there. But you learn a little bit differently. Say you want to buy a mare. In the United States, you go to the bank, you present your business plan, and you get a very good rate. In South America, you would find that impossible. To buy a horse, you have to sell your house. But I think that when you have those challenges, it makes you more aware. If one way doesn't work, you're going to find another way. Because you need to do this. If things happen a little more easily, more predictably, maybe you get into a comfort zone.”

Auguste Rodin | HRI

One way or another, between the horsemanship and the bloodlines, here is a farm exuding the dynamism urgently required in what has become a rather stagnant gene pool either side of the Atlantic. But you can think big and still stay humble. Because it's about resisting complacency, about being receptive to other cultures and methods.

“I guess that all of us, in this way of life, end up meeting and working with many different people, in many different places,” Figueiredo reflects. “And every time someone will say, 'Hey, the other day, I was wondering about this…' And this exchange of experience, added together, can become very important.

“What works in Kentucky isn't necessarily going to work in Europe or South America, and equally the other way round. But you're getting information every day, and it adds up to a wider perspective.”

He returns to the trainer he used to watch going round the sales in Brazil, with no catalogue. “His success was amazing, and it was just his instinct, just feeling,” he says. “He was unbelievable, the way he and horses could 'speak' together. And that, to me, is the fascination. That feeling he had. Because I'm fascinated by people who succeed. What he had, you can't put into words, but it also showed why Michael Jordan is like this, or Roger Federer, or Pele, Maradona, so on–even the good politicos!”

Figueiredo remembers the cycles of regeneration achieved by breeders of the past: the Classic sires imported to South America from Britain at the turn of the last century; similar traffic from Britain to America in mid-century; then the revolution achieved by sons of Northern Dancer in Europe. And let's not forget that the only horse to run down King Of Steel at Epsom, Auguste Rodin (Ire) (Deep Impact {Jpn}), was out of Galileo (Ire) mare outcrossed to the principal heir of Sunday Silence's speed-carrying dirt genes.

Maybe we can't leap to definitive conclusions, even when a farm like Bonne Chance produces two of the best sophomores in the global crop. But it would surely be foolish not to emulate something of the sense of adventure that animates its program.

“It's been a remarkable year,” Figueiredo acknowledges. “And first of all that's about a very good job by our team on the farm. That's for sure. But I really believe that this mix of blood helps a lot. Japan has been showing the world how to conduct things. There are a lot of good things in every country. Go to Argentina, you're going to see nice horses. Brazil, the same. Their best horses can compete around the world. Just look at Book 1 at Keeneland, and see how many trace to good Argentinian mares. So we always start with an open mind, we're always willing to try things. Sometimes, it works. Sometimes, it doesn't. But even then it's a good experience. Because you're not just focused on one thing, and you forget that the world is so big.”

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