Wise words on purchasing from Badger: possible foreword to a Bloodstock Sales Guide?

The same thoughts on being disconnected came to mind when mentally reviewing the past month of yearling and horses in training sales. I have come to the conclusion that many buyers at Park Paddocks conveniently leave their brains in the car park and studiously avoid the multitude of facts and statistics that abound to give guidance as to where to find value in the sales ring.

For some buyers, the problems start with their diary dates. While there are some breeders and pin-hookers who focus on the Tattersalls October Book 2 or 3 catalogues, there is absolutely no doubt that the large majority of the best stock is offered at Tattersalls Book 1. Admittedly, the 2019 average of 258,000gns and median of 150,000gns might frighten many potential investors, but it is our experience that this is the very best sale for getting a bargain. Highlighting this, consider that record-breaking trainer Mark Johnston bought 14 lots for an average of 85,000gns and only one of those purchases was for more than the sale average!

Apart from value there is also the chance of winning a £25,000 sale bonus if your yearling wins a qualifying race. Two of our own agency purchases were for less than 30,000gns, so a qualifying win would have the purchase price back straight away.

With training fees continuing to rise but prize-money remaining static, many buyers favour the idea of buying a precocious sort who could win in the early part of a two-year-old campaign. Yes, that may provide more immediate owner satisfaction, but it does not help the overall financial considerations.

Both training fees and capital expenditure have to be considered.

An exit strategy is essential for any venture into racing and this entails making a plan to maximise/minimise any possible capital revaluations at the end of the envisaged training period. I suspect that this is far from prospective owners’ thoughts when entering Tattersalls to buy a future champion. Good value was to be had in Book 1, but buyers must always bear in mind an “exit strategy” and not buy on a whim

but the jockey has kept busy since throwing all his efforts into helping others who face the same condition.

His outstanding fund-raising efforts have resulted in over €2.5 million raised for Cancer Trials Ireland and culminated at The Curragh in September with the Pat Smullen Champions Race For Cancer Trials Ireland. The race, part of a fabulous race day, saw stars from the past, including Sir A P McCoy and Ruby Walsh, return to the saddle.

The Cartier/Daily Telegraph Award Of Merit for 2019 went to Pat Smullen, seen here with Laurent Feniou, managing director of Cartier, and Marcus Armytage of the Daily Telegraph

However, a prior visit to the Tattersalls Horses in Training Sale highlights the indisputable fact that winning horses with proven stamina are more likely to make higher prices than the sprinting equivalent.

Markets such as Australia, Hong Kong, America and our own NH sphere are opened up for horses with proven ability to stay at least a mile. Achievable prices are accordingly much higher.

There has always been a magnetic fascination for trainers to want to buy first-season sires. With the accepted figure being that only one stallion in 20 becomes successful, why would you put so much faith in finding that stallion?

Yes, there is a small chance that you might buy a yearling from the next Galileo. However, is such a premium for first-season sires justifiable?

Why not do some solid research and focus on progeny of a proven stallion? There are several stallions who get a large number of winners, but fall just short of super-star status. Often their progeny are over-looked in the sale ring [This is where this issue of International Thoroughbred with all its stallion analysis provides vital reading! Editor] Being aware of any industry marketing strategy that might improve the earning capacity of any yearling purchase can be valuable.

Plus Ten is being phased out, but an even-more rewarding scheme for British-bred fillies has been mooted. Similarly, French-bred horses and NHMOPS qualifiers have added appeal. Sales bonuses and even stallion bonuses need researching, as well as qualification for various sales races. Every little helps.

Prior familiarisation with a yearling catalogue can provide hours of entertainment.

In-depth research into results of stallions, broodmares, close relations, pedigree nicks and (importantly) breeders/vendors records can greatly improve the chances of buying a decent racehorse.

The whole procedure of buying yearlings is a “sifting” process. There are no short-cuts.

Desk work is advisable. Legwork on seeing as many yearlings as possible is essential, with those who stay on the list being seen a few times more.

Vetting of selections can be an expensive luxury, but should not be discarded without careful consideration. Valuing a horse before he or she goes into the ring is essential, as is sticking to a pre-considered budget. The adrenalin-fuelled action of bidding for a horse has seen many a prospective purchaser bid far more than intended. Believe me, there is nothing worse than “buyer’s remorse” when awakening the day after the sale to consider in the cold light of day the damage that has been done to a bank balance in the sales ring!

Importantly, be aware before the sale of any additional costs that will add to that sick feeling when seeing the invoice for your new purchase.

Sales commission, VAT, vetting and perhaps an agent’s commission must always be built in to the budget. Most importantly, attending a yearling sale must not be considered in the same way as a day’s shooting when a blank result is considered disappointing.

There will be many more sales to find that purchase.

Patience and persistence are often well rewarded in the sales ring, while a “whim” purchase is likely to end up as an expensive memory. Stick with the plan. And get good advice!