British, Irish Bloodstock Markets Introduce New Industry Code Of Practice

The Bloodstock Industry Forum (BIF) is pleased to announce the completion of the new Bloodstock Industry Code of Practice which will be formally incorporated into the rules of British Racing on Aug. 16 and replaces the previous Bloodstock Industry Code of Practice which has been in place since in 2009 and the ITBA Sales Code of Practice, operational since 2010.

The new Code of Practice has been drawn up in response to the central recommendation made in the BHA Review of the Buying and Selling of Bloodstock and Racehorses in British Racing which was released in December 2019.

Commenting on the new Bloodstock Industry Code of Practice, Tattersalls marketing director Jimmy George, who chairs the Bloodstock Industry Forum, said;

“It has been a long process, but in response to the BHA Review of the Buying and Selling of Racehorses and Bloodstock in Britain, the Bloodstock Industry Forum is delighted to have finalized a new, robust Bloodstock Industry Code of Practice which has been approved by all of the key British and Irish industry bodies as well as the British Horseracing Authority and the Irish Horseracing Regulatory Board.

“The new Code of Practice will be formally incorporated into the rules of British Racing and appear in all Tattersalls and Goffs sales catalogs, starting with the forthcoming Goffs UK Premier Yearling Sale. It will also be widely disseminated and available through all BIF member organizations as well as being subject to regular review. Importantly the new Code of Practice has introduced a complaints procedure independent of the industry bodies and individuals found to be in breach of the Code, either in criminal or civil proceedings or having been sanctioned by the BHA for breach of the code, will also be subject to exclusion from participating at Tattersalls and Goffs sales in Britain and Ireland.

“Second only to the formation of the Bloodstock Industry Forum, replacing the existing Code with a new Code has been the priority in terms of embracing the principal recommendations set out in the BHA Review and we would like to thank all the members of the Bloodstock Industry Forum, which comprises representatives of the BHA, the IHRB, the Federation of Bloodstock Agents, Goffs, The National Trainers Federation, the Racehorse Owners Association, the British and Irish Thoroughbred Breeders Associations, and the Breeze Up Consignors as well as Tattersalls and Goffs, for their commitment to the process from the outset.

“The Bloodstock Industry Forum has also developed an 'E-learning' integrity module which will be adopted as part of the trainer licensing process in Britain as well as being mandatory for members of the Federation of Bloodstock Agents, while both Tattersalls and Goffs have committed to making full ownership details readily available to registered potential buyers as recommended in the Review.”

BHA Chief Executive Julie Harrington said;

“The BHA welcomes the publication of the Code of Practice, and the collaborative industry approach that has been taken to achieve this milestone. The Code of Practice has been approved by the BHA's Board and will be incorporated into the Rules of Racing. It will represent a significant step forwards in terms of enhancing trust in the process of buying and selling bloodstock in Britain and Ireland, and was one of the core recommendations of the Review of buying and selling practices of bloodstock and racehorses within British racing which was commissioned by the Board of the BHA.

“It is essential if we are to attract and retain owners in the sport that anyone involved in the purchase of bloodstock can have confidence that they are being treated fairly, and the Code will help further enhance British racing's reputation on this front. My thanks go to Jimmy George and all members of the Bloodstock Integrity Forum for their efforts and determination to reach this point, and we will continue to work with members of the BIF to make further improvements in this area.”

Goffs Group Chief Executive Henry Beeby added;

“I am pleased that the British and Irish racing and bloodstock industries have come together to deliver one gold standard to enhance the buying and selling of bloodstock on these shores. From an auction house perspective we certainly insist on the same transparency and high standards of integrity at every sale we conduct regardless of location, and feel this new Code addresses all the issues raised in the BHA report.”

Horse Racing Ireland CEO Brian Kavanagh said;

“Horse Racing Ireland and the IHRB welcome the new Code of Practice. We acknowledge the work and collaboration by the Bloodstock Industry Forum in drafting this document, and look forward to continuing our work with all stakeholders.”

Alongside the completion of the new Bloodstock Industry Code of Practice, Oliver St Lawrence on behalf of the Federation of Bloodstock Agents (FBA) confirmed more rigorous procedures for membership of the association, saying;

“Just like the other members of BIF, the FBA have embraced the principles of the BHA Bloodstock Review and have been heartened by the collaboration and willingness to address comprehensively the issues it highlighted. Together with a raft of other new measures, this upgraded Code should protect Principals with a significant tightening up of the definition of acceptable ethical behavior by all participants in the buying and selling of bloodstock and fully clarifies the law in the UK and Ireland. We at the FBA have tightened our membership requirements, which includes all members undertaking the new bloodstock education course, and are pleased to be endorsed by the BHA, and other BIF members, as an association which represents the highest standards of integrity and the recommended trade body that principals should look to use.”

On behalf of the Bloodstock Industry Forum, Jimmy George concluded;

“The commitment from each member of the Bloodstock Industry Forum to delivering a new Code of Practice has been unwavering and we are confident that we have produced a detailed, robust code, subject to regular review, which will stand the test of time. We share a collective responsibility to preserve and enhance the global reputation for integrity which has always been central to the success of the British and Irish bloodstock industries and the new Code sends out the very clear message that we will do everything in our power to maintain and increase confidence in an industry which is held in the highest esteem throughout the world.”

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Banishment Of Bribery, Bidding-Up Key In New Bloodstock Industry Code

The banishment from British and Irish sales of bribery-'luck money' or otherwise–of individuals acting for both sides on a sale without prior consent and of the practice of collusive bidding-up are the key themes of the updated Bloodstock Industry Code of Practice, which was released on Wednesday. The Code, which was drawn up in response to recommendations from the British Horseracing Authority's Review of the Buying and Selling of Bloodstock and Racehorses in British Racing released in December 2019, will be formally incorporated into the rules of British Racing on Aug. 16. As such, anyone found by the BHA to be in breach of the code, whether that individual is bound by the rules of racing or not, may be banned from British racecourses and other licensed premises as well as from doing business with licensed individuals. Tattersalls and Goffs have amended their terms and conditions of business to establish a right to ban any individual from their sales who has been found guilty-or anyone working on their behalf has been found guilty-of a criminal offence appearing to involve a breach of the code.

Breaches of the code may lead to civil and criminal liability; since the last code came into effect in 2009, bribery has been made a criminal offence in the UK, punishable with a maximum prison sentence of 10 years. The code applies to all British and Irish sales that take place after Aug. 16, and encompasses all participants whether they are on the sales grounds in Britain and Ireland or not.

The code states that bribery of agents-namely the paying by a vendor of 'luck money' as an incentive to purchase a particular horse, and thus resulting in the agent not necessarily acting in the best interest of their principal-“is a central concern to which the Code is directed.”

The code continues, “Participants should be clear that there can generally be no legitimate reason for an Agent of the purchaser to be rewarded in any way by the vendor and parties related to the vendor, and that the Agent of the purchaser should generally only be rewarded by their Principal, the purchaser.” In the case of bribery, both the individual receiving the bribe and the one giving it are at fault.

The code goes on to describe collusive bidding-up as “a serious abuse of the market.” Examples include a vendor coming to an agreement with one or more parties to bid on their horse without the intention to buy, thus driving up the price, and a vendor and purchaser entering into an agreement whereby the purchaser agrees to bid on the horse in exchange for a certain percent of the sale price if they buy the horse, giving them an unfair advantage over other bidders. Such practices are in breach of the code.

The Bloodstock Industry Code of Practice, which will be reviewed annually, was written and approved with the full support of the Bloodstock Industry Forum members: The British Horseracing Authority, the Irish Horseracing Regulatory Board, Horse Racing Ireland, the Irish Thoroughbred Breeders Association, the Breeze-Up Consignors Association, the Federation of Bloodstock Agents, the National Trainers Federation, the Racehorse Owners Association, the Thoroughbred Breeders Association, Goffs and Tattersalls.

The Bloodstock Industry Forum has likewise implemented a facility for participants with concerns that the code has been breached to obtain free initial legal advice from an independent lawyer, with initial legal fees to be paid by the Bloodstock Industry Forum.

Tattersalls Marketing Director Jimmy George, who chairs the Bloodstock Industry Forum, said, “It has been a long process, but in response to the BHA Review of the Buying and Selling of Racehorses and Bloodstock in Britain, the Bloodstock Industry Forum is delighted to have finalised a new, robust Bloodstock Industry Code of Practice which has been approved by all of the key British and Irish industry bodies as well as the British Horseracing Authority and the Irish Horseracing Regulatory Board. The new Code of Practice will be formally incorporated into the rules of British Racing and appear in all Tattersalls and Goffs sales catalogues, starting with the forthcoming Goffs UK Premier Yearling Sale. It will also be widely disseminated and available through all BIF member organisations as well as being subject to regular review. Importantly the new Code of Practice has introduced a complaints procedure independent of the industry bodies and individuals found to be in breach of the Code, either in criminal or civil proceedings or having been sanctioned by the BHA for breach of the code, will also be subject to exclusion from participating at Tattersalls and Goffs sales in Britain and Ireland.

“The Bloodstock Industry Forum has also developed an 'E – learning' integrity module which will be adopted as part of the trainer licensing process in Britain as well as being mandatory for members of the Federation of Bloodstock Agents, while both Tattersalls and Goffs have committed to making full ownership details readily available to registered potential buyers as recommended in the review.”

“The commitment from each member of the Bloodstock Industry Forum to delivering a new Code of Practice has been unwavering and we are confident that we have produced a detailed, robust code, subject to regular review, which will stand the test of time,” George added. “We share a collective responsibility to preserve and enhance the global reputation for integrity which has always been central to the success of the British and Irish bloodstock industries and the new Code sends out the very clear message that we will do everything in our power to maintain and increase confidence in an industry which is held in the highest esteem throughout the world.”

BHA chief executive Julie Harrington said, “The BHA welcomes the publication of the Code of Practice, and the collaborative industry approach that has been taken to achieve this milestone. The Code of Practice has been approved by the BHA's Board and will be incorporated into the Rules of Racing. It will represent a significant step forwards in terms of enhancing trust in the process of buying and selling bloodstock in Britain and Ireland, and was one of the core recommendations of the Review of buying and selling practices of bloodstock and racehorses within British racing which was commissioned by the Board of the BHA.

“It is essential if we are to attract and retain owners in the sport that anyone involved in the purchase of bloodstock can have confidence that they are being treated fairly, and the Code will help further enhance British racing's reputation on this front.”

Goffs Group Chief Executive Henry Beeby added, “I am pleased that the British and Irish racing and bloodstock industries have come together to deliver one gold standard to enhance the buying and selling of bloodstock on these shores. From an auction house perspective we certainly insist on the same transparency and high standards of integrity at every sale we conduct regardless of location, and feel this new Code addresses all the issues raised in the BHA report.”

Horse Racing Ireland CEO Brian Kavanagh said, “Horse Racing Ireland and the IHRB welcome the new Code of Practice. We acknowledge the work and collaboration by the Bloodstock Industry Forum in drafting this document, and look forward to continuing our work with all stakeholders.”

Oliver St Lawrence, Chairman of the Federation of Bloodstock Agents, said, “Just like the other members of BIF, the FBA have embraced the principles of the BHA Bloodstock Review and have been heartened by the collaboration and willingness to address comprehensively the issues it highlighted. Together with a raft of other new measures, this upgraded Code should protect principals with a significant tightening up of the definition of acceptable ethical behaviour by all participants in the buying and selling of bloodstock and fully clarifies the law in the UK and Ireland. We at the FBA have tightened our membership requirements, which includes all members undertaking the new Bloodstock Education course, and are pleased to be endorsed by the BHA, and other BIF members, as an association which represents the highest standards of integrity and the recommended trade body that principals should look to use.”

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December Sale Heralds Unusual End To An Unusual Year

For many people in the bloodstock industry, the December Sale at Tattersalls is not just serious business but also the chance for a little end-of-term socialising and early-season stallion viewing.

As with most things in the wretched year of 2020, the bloodstock sales have been widely disrupted, so it is with a quite a sigh of relief that this collection of yearlings, foals, mares, and even a Melbourne Cup winner is allowed to come under the hammer at all while England remains in lockdown. It will be far from the December Sale as we know and love it, but plenty of business will be done throughout the fortnight at the Tattersalls finale.

“To be able to stage the December sale on the originally advertised dates and at Park Paddocks is a mini triumph in itself,” said Tattersalls’ marketing director Jimmy George.

“We’ve been very fortunate that our entire autumn sales season has taken place as advertised in terms of date and location. The market has held up better than people would have predicted or expected and we fervently hope that that resilience and determination can run through to the end of the December sales.”

The format remains in its traditional guise: one day of yearlings to get the sale underway on Monday, followed by a ‘dark day’ in the ring while foals are inspected. The foal sale, which runs from Wednesday to Saturday, is reduced in number this year to 934 lots compared to 1125 last year, while the mare sale, starting on Monday, Nov. 30, has 1108 lots catalogued for its four-day run.

George added, “People are now used to disruption to their normal life. We have had to introduce more stringent protocols in line with the fact that the country is in a tighter lockdown than it was during earlier sales this year. But the key element is that all the people that make a bloodstock sale function will still be able to participate.

“We’ve got a really good catalogue for yearlings, foals and mares to bring the year to a close. The feedback has been positive and I’m sure people will again try to explore every possible avenue in order to buy horses. The online internet bidding has been vital for the 2020 season and will continue to play a big part, in particular for the breeding stock. There is of course also telephone bidding through Tattersalls personnel. Agents have been fantastic in assisting overseas people who haven’t been able to attend sales because of travel restrictions.”

He continued, “Everybody has played their part and I think it has reflected very well on the business. Equally it has reflected the sustained appetite for horses in every sector. This sport is not a passing fancy for the majority of people who become involved. Come hell or high water, this is part of their lives, whether it’s a hobby or run more on a business footing. Even under the extraordinary circumstances in which we’ve all found ourselves enduring in 2020 people still wish to buy thoroughbreds.

“The sales experience will be different but, the same as throughout this extraordinary year, we will provide the best possible service we can whilst observing all the government regulations. The catering outlets will be doing their best to serve people. The law of the land means that it’s take-away only but there will be plenty of cover for everyone.”

Classic Page Promising Talent
With the bulk of the yearling sales having been completed, the one-day December Sale nevertheless always provides a highlight or two, featuring as it does some nicely-bred horses who have either been held back for this sale or may have encountered a minor setback which meant that they missed an earlier sale date.

Taking into account withdrawals, around 150 yearlings are set to pass through the ring and on catalogue inspection the eye is immediately drawn to Ashbrittle Stud’s son of Sea The Stars (Ire) out of the farm’s Oaks winner Talent (GB) (New Approach {Ire}). The pedigree of the April-born colt (lot 160) features 2×4 inbreeding to the influential Urban Sea and he is a half-brother to the G2 Prix Corrida winner Ambition (GB) (Dubawi {Ire}).

Another by Sea The Stars in the sale is Lanwades Stud’s half-sister to the G2 York S. winner Shine So Bright (GB) (Oasis Dream {GB}), out of the Group 3-winning mare Alla Speranza (GB) (Sir Percy {GB}). Catalogued as lot 7, the filly whose first four dams are all black-type winners and producers is being sold through The Castlebridge Consignment.

Champion first-season sire elect Mehmas (Ire) is closing in on a half-century of winners in 2020 and there are four chances to buy a yearling by him at Tattersalls as he has two colts and two fillies catalogued.

The sale starts with a colt (lot 1) from the first crop of Churchill (Ire) who is offered by Norman Court Stud and is a half-brother to G2 Ridgewood Pearl S. winner Opal Tiara (Ire) (Thousand Words {Ire}).

Skitter Scatter’s Brother Heads Foals
The Tattersalls Foal Sale usually follows the Goffs November Sale but, with that having been rescheduled to later in December, this is the first opportunity for foal buyers in Europe in 2021. Last year’s sale was down a little on the record returns witnessed in 2018, but that did correspond with a smaller offering of foals, and the number has reduced significantly again this year.

The top ten leaderboard last year was populated by the offspring of Frankel (GB), Invincible Spirit (Ire), Sea The Stars (Ire), Kingman (GB) and Oasis Dream (GB), and once again the catalogue has a decent helping of weanlings by Europe’s leading stallions.

“The foal sale is smaller than last year but that is pretty much in line with global trends, and 22 of the current top 25 stallions in Britain and Ireland are represented,” said Jimmy George.

One of three Dubawi weanlings in the catalogue (lot 939) is Airlie Stud’s half-brother to 2018 Irish champion 2-year-old filly Skitter Scatter (Scat Daddy). There’s a decent amount of top-level black type on the colt’s page as his dam Dane Street (Street Cry {Ire}) is herself a half-sister to G1 Dewhurst S. winner Intense Focus.

Plenty has been written in recent weeks about the good year enjoyed by Derek and Gay Veitch’s Ringfort Stud, which has bred three Group 2-winning juveniles in 2020, and Ringfort will offer a half-brother to the Gimcrack S. winner Minzaal (Ire) (Mehmas {Ire}). The son of Belardo (Ire) is catalogued as lot 919.

Another with a decent update this season is Whitsbury Manor Stud’s Frankel (GB) half-brother to recent G2 Mill Reef S. winner Alkumait (GB) (Showcasing {GB}). His dam Suelita (GB) (Dutch Art {GB}) has also produced listed winner The Broghie Man (GB) (Cityscape {GB}) and the listed-placed Gloves Lynch (GB) (Mukhadram {GB}). Born on May 10, the Frankel colt will sell as lot 955.

Of course a lot of the interest at foal sales surrounds the first offspring of young sires and a bumper crop of 26 have representation at Tattersalls this year. They include Frankel’s Group 1-winning son Cracksman (GB) and his fellow Darley stallion Harry Angel (Ire), as well as GI Breeders’ Cup Mile winner Expert Eye (GB) and, poignantly, seven from the sole crop of the late champion 3-year-old Roaring Lion. There are also 23 foals from the first northern hemisphere crop of the Tweenhills shutter Zoustar (Aus), including Kenilworth House Stud’s colt out of the G1 Keeneland Phoenix S. winner La Collina (Ire) (Strategic Prince {GB}), who is slated as lot 892.

Richard Kent’s Mickley Stud, which sold subsequent Group 1-winning sprinter Havana Grey (GB) at the 2015 foal sale for 42,000gns, has the largest draft of foals. The 32 weanlings in the consignment include eight by the stud’s first-season stallion Massaat (Ire), a son of Teofilo (Ire). Meanwhile Havana Grey, who stands at Whitsbury Manor Stud, has 33 foals catalogued.

Group 1 Producers For Super Tuesday
Perhaps one of the most missed elements of the December Sale will be the packed auditorium for the Tuesday evening of the mares’ week when some of the blockbuster lots are usually offered. Of course, social-distancing rules will mean that the theatrical feel to that particular session will be lost this year but that doesn’t mean there won’t be some highlights.

Two dams of Group 1 winners this season will go through the ring on Tuesday, led by Beach Frolic (GB) (Nayef), whose son Palace Pier (GB) Kingman {GB}) looks set to be crowned champion 3-year-old miler. The 9-year-old mare will be offered by Highclere Stud as lot 1731 and she is one of nine mares in the catalogue to be carrying a foal from the first crop of Blue Point (Ire).

Also in foal to Darley’s top-class sprinter is Daily Times (GB) (Gleneagles {Ire}). The 3-year-old (lot 1675) is a half-sister to Grade 1 winner Newspaperofrecord (Ire), whose sire Lope De Vega (Ire) is, like Blue Point, a son of Shamardal.

The 2-year-old filly Pretty Gorgeous (Fr) (Lawman {Fr}) landed the G1 Fillies’ Mile at Newmarket in October and her dam Lady Gorgeous (GB), an 11-year-old daughter of Compton Place (GB), is being offered as lot 1740 through Norelands Stud and is carrying to No Nay Never.

“As always there are some very eye-catching consignments from the likes of Godolphin, Juddmonte and Shadwell, and then there’s the poignant part-dispersal from Floors Stud and the last part of the Waddesdon Stud dispersal as well, so there’s a lot of quality out there from breeders throughout the world to focus on as ever,” said George.

Godolphin is indeed a big supporter of this sale and this year has a draft of

33 broodmares and 54 fillies in or out of training, including the unraced Queen’s Opal (GB), a 3-year-old Dubawi half-sister to Jack Hobbs (GB) (1955) who topped the 2017 foal sale when sold by breeder Willie Carson for 750,000gns. The 55-strong draft of fillies and mares from Juddmonte include Arabian Dream (GB) (Oasis Dream {GB}), a 3-year-old full-sister to popular stallion Showcasing (GB) (lot 2000).

We may refer to it as a mares’ sale but the front cover of the catalogue states ‘Mares, etc.’ and the et cetera in this case is in the form of two 6-year-old stallions and a 3-year-old colt: Rekindling (GB) (High Chaparral {Ire}) (1504) and his stable-mate Yucatan (Ire) (Galileo {Ire}) (1505), as well as wildcard entry Royal Lytham (Fr) (Gleneagles {Ire}) (1508A), the winner of last year’s G2 July S. The trio will sell at the end of next Monday’s session.

Rekindling, who appeared during the foal section of this sale in 2014 when sold by his breeder Stringston Farm for 60,000gns to Camas Park Stud, gave Joseph O’Brien his first of two victories in the Melbourne Cup in 2017. His grandam Souk (Ire) (Ahonoora {GB}) was the foundation mare for the Cumani family’s Fittocks Stud and has played a significant role in the success story of Ecurie des Monceaux as she is also the grandam of one of the cornerstones of that operation, Platonic (GB) (Zafonic).

“He’s a horse with a great race record and he has a great pedigree as well, so he’s another interesting addition to the catalogue,” said Jimmy George.

Unlike normal, the December Mare Sale does not signal the end of business in Newmarket for 2020. On Thursday, Dec. 10, Park Paddocks will for the first time host the Tattersalls Cheltenham December Sale. The select group of point-to-pointers and National Hunt horses in training, which would usually be offered at a post-racing sale at Cheltenham racecourse, will bring the curtain down on Tattersalls’ season in a most unusual way, in what has been a most unusual year.

 

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Son Of Showcasing Leads Tattersalls July Sale’s Closing Session

Trade on the second and final session of the two-day Tattersalls July Sale continued in robust fashion with the clearance rate of 96 percent matching yesterday's remarkable figure.

The Tattersalls July Sale always attracts a broad cross-section of buyers from throughout the world and this year was no exception with purchasers from Australia, Bahrain, Hong Kong, Japan, Libya, Morocco, Pakistan, Turkey, the UAE and the U.S. all represented on the buyers sheets.

The top lot on the second day was last time out winner Pawpaw from Clive Cox's Beechdown Stables. The 3-year-old son of Showcasing was knocked down to Tattersalls marketing director Jimmy George for 62,000 guineas (US$82,192) on behalf of dual-purpose trainer Paul Webber.

“Paul has been up here all week doing the hard yards, I have just stood here and waved!” smiled George. “He should be a fun dual-purpose type for Paul.”

Pawpaw, who is out of a half-sister to the Group 1 winner Lend a Hand, won over 1 1/4 miles in June at Lingfield on his fifth career start.

Trainer Karl Burke's Wonderwork, who was owned by his wife Elaine, is bound for Dubai after being knocked down to Dubai-based assistant trainer Alessandro Marconi for 60,000 guineas (US$79,548).

“The horse has some very good form and Night Of Thunder is on fire,” said Marconi, adding: “But he comes from a very good trainer so it will be difficult to match! The horse will stay here for a couple of months and then head to Dubai.”

The 3-year-old gelding won on his debut as a 2-year-old. He has run three times this year and has won or placed on all three starts, and was offered with a 'Timeform' rating of 93.

It was an eventful few minutes for Burke whose star filly Dandalla won the Group 2 Duchess of Cambridge Stakes at Newmarket five minutes earlier.

At the conclusion of the 2020 Tattersalls July Sale, Tattersalls Chairman Edmond Mahony commented;

“For a bloodstock sale conducted under normal circumstances to register a clearance rate in excess of 95 percent is quite an achievement. To do so in the current climate and with the prevailing government travel regulations preventing so many regular buyers from attending this week's sales is little short of phenomenal.

“There have been four COVID-affected sales which have taken place at Tattersalls in the past three weeks and the clearance rate at every one of them has exceeded 80 percent. Not for a moment are we pretending that it has been plain sailing at all these sales, but they have all exceeded expectations and have all demonstrated an extraordinary resilience in the face of unprecedented challenges and an enduring appetite for British and Irish bloodstock at all levels of the market.

“Over the two days of the Tattersalls July Sale we have sold horses to buyers from nearly 20 different countries, most of whom have had to explore unconventional ways in which to participate at the sale. Our recently introduced live internet bidding platform has added a new dimension and has been consistently used by international buyers, with many others using the telephone bidding service provided by our team on the ground. While the catalog may understandably have lacked a little of the usual quality and quantity, demand for horses in training and in particular well-bred fillies and mares has given some cause for encouragement in uncertain times. We must thank vendors and purchasers alike, all of whom have shown a determination to keep the wheels of the industry turning in the face of considerable adversity.”

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