'Recalibration' To The Market As £880,000 Mehmas Colt Headlines Goffs Breeze-Up Sale 

Trainer Michael O'Callaghan described the sliding figures at the Goffs Breeze-Up Sale on Wednesday as “refreshing” for buyers as Tally-Ho Stud once again dominated at the top end of a polarised market when selling a Mehmas colt to Anthony Stroud at £880,000.

Amo Racing and Richard Brown, who filled the role as underbidder, were involved in the running on the Mehmas colt who was out on his own as the most expensive horse sold at this year's sale. Still, he fell £120,000 short of the record-breaking Mehmas colt [Rapid Force] that Katie Walsh sold here 12 months ago to Stroud on behalf of Godolphin. 

The top bloodstock agent was not at liberty to disclose what superpower owner the Mehmas colt would race for but, quelle surprise, outlined hopes for the half-brother to two black-type horses to pitch up at Royal Ascot.

“He did a very good breeze, has a very good pedigree and we're all trying to buy an Ascot runner,” Stroud said. “He comes from Tally-Ho, who do a fantastic job. He just had the make and shape of what we're looking for in a breezer. Obviously, it's a great deal of money and is a lot more than one would have liked to have spent. But that's the competition of the sales ring. Everyone wants to win so you have to stretch.”

Asked whose colours the Mehmas colt would be carrying, Stroud responded, “I don't know. We just need to come up for some air. I anticipated that [price tag] and I am sure everyone else did, too, because Richard Brown was the underbidder and Kia [Joorabchian] was there – all the people you would expect to be bidding were there.”

The top lot was bred by Con Marnane, who sold the horse to Tally-Ho Stud after the colt failed to sell at 70,000gns at Book 2 of the Tattersalls October Yearling Sale.

Marnane commented, “Hats off to the O'Callaghans. They're unreal – incredible people to do business with. Would you believe, we were advised by the vets to put the mare down as a two-year-old but we didn't and she has bred nothing but top-class horses for us. She has a beautiful Kodiac yearling filly and is in foal to Starman. Over the moon.”

Turnover for the depleted sale dropped a massive 29% to £8,389,250 while the average fell by 32% to £57,070. The median fell by a further 5%. Of the 175 horses offered, 147 were sold at a clearance rate of 84%. The caveat being that a quarter of the 233 horses catalogued were withdrawn. 

Goffs UK Managing Director Tim Kent commented, “A top price of £880,000 is the obvious highlight of today's trade and is dwarfed only by last year's £1,000,000 record but there is no doubt that the global economic uncertainty has been a big factor in the challenges faced by many. That said, there is plenty to be positive about and we feel that we have delivered a good sale in the circumstances, albeit in a very different world to 12 months ago. 

“Yes, the figures have stepped back from last year's record highs but given the issues facing all of us driven by the events unfolding in the Middle East, a pullback was expected coming into this week – the question was how big. Turnover has obviously taken a hit, and the dizzying top prices we achieved last year have been largely absent with the notable exception of the top price, but trade was steady today, albeit settling at a lower level, and the good ones were still hard to buy. In all we managed to largely hold last year's median and finish with a very acceptable clearance rate of 84%.”

He added, “It is never easy selling in such an environment, the uncertainty can be very unnerving, and we would like to extend our genuine thanks and praise to our vendors who have been nothing but consummate professionals over the last few days. They have presented another great line-up of two-year-olds and have stepped up to meet the market without complaint.

“For our buyers, the current market is also very trying and we are extremely grateful for their support. This sale has produced so many wonderful horses, its Royal Ascot record speaks for itself, and that famous meeting is once again the target for many of the two-year-olds purchased today. We wish everyone every success and look forward to seeing our two-year-olds in Royal Ascot's winners enclosure in June.” 

'Horses Are Making What They're Worth – It's Refreshing'

Michael O'Callaghan: “I am being fair. Horses are making what they are worth.” | Sarah Farnsworth

Michael O'Callaghan was not in a rush to get the violin out for vendors. Instead, he pointed to the cooling off to the horses-in-training market as providing some context against what played out at the Craven and at Donny. He even went as far as saying that the recalibration was badly needed after paying £260,000 on the Ten Sovereigns colt from Tally-Ho Stud. 

“Lovely colt, he was my pick of the sale physically,” O'Callaghan said shortly after the hammer fell his way. “He did a very good time and a good breeze. He came very highly recommended from a hotel we have been very lucky with, especially at this sale. We bought Twilight Jet, Now Or Never and others [from Tally-Ho Stud] at this sale. Good horses. We're just very happy to get him and it was probably a little more than what we expected we'd have to pay.”

On the market, he commented, “Even though we only got three last week and one today, I have found it refreshing from a purchaser's point of view because it is what horses are worth. It's their value. In the grand scheme of things, lads have got well paid for horses over the past few years and they will still get paid for good horses. But we buy a lot of horses to re-trade if they are good enough and that market has been cool over the past few years. It's just a bit of a recalibration to the whole thing and everything will be fine. It's part of the process, I think.”

Asked if it was needed, he replied, “I think so. Just to steady things. I'm speaking against vendors, but I am being fair. Horses are making what they are worth.”

Roger O'Callaghan didn't disagree. In fact, he rushed to the defence of Goffs, stating that nobody was to blame for the dip in the market. Moreover, he said that what has played out at the Craven and at Donny is more of a reflection of the global political landscape and was “irrelevant” compared to the war in the Middle East.

He commented, “There are trainers who have had winners and nobody has rang up looking to buy them. We've had a good time of it at the breeze-ups, but we earned it. Maybe last year we didn't earn it but the main reason that there is a recalibration is because the whole world is recalibrating. But there's nobody to blame. It's a reflection of the world. How could anyone blame Goffs? They [people] can't.”

The O'Callaghans have seen good times and bad times at Tally-Ho Stud. There's no doubt that, with Mehmas and Starman at the helm, they are experiencing a very good time at present. It's fair to say the modus operandi of the outfit seems to be to drive on regardless.

Asked if he would take stock or even refine that 'bull on' approach in light of the market, O'Callaghan added, “How can we? We've made our bed for the year. No? I think a lot of people have been bracing themselves. And that's fair given the world we are living in. I watch the news every morning and the Strait Of Hormuz is open, it's closed, it's open, it's closed, and then there's a ceasefire and then there's not. When that sort of thing is going on, what we're doing is immaterial. It's irrelevant.”

Coolmore Supports Golden Pal To The Tune Of £250,000

Golden Pal got off to an electric start at stud in America when the Wesley Ward-trained Skara Brae bolted up on debut at Keeneland and, keen to support their own, Coolmore went to £250,000 to secure a filly by the sire who is based at Ashford Stud in Kentucky.

Consigned by Michael Fitzpatrick of Kilminfoyle House Stud, the Golden Pal filly was knocked down to Charles Shanahan and MV Magnier. She had been sourced for $90,000 at the September Yearling Sale in Keeneland.

Shanahan said, “We only came across her through the recommendation of Michael, who has done a great job with her. Obviously Golden Pal has got off to the perfect start in America and we had been hearing great rumours from Wesley Ward that he has numerous Golden Pals coming along that are meant to be different and showing all the signs of being very good horses. We haven't decided where she is going yet. She was bought in partnership with MV Magnier and it's very exciting.”

Macauley and Dwyer Team Up For Well-Bred St Mark's Basilica Filly

Bloodstock agent Hamish Macauley and Australian trainer Henry Dwyer, teamed up to secure lot 74, a St Mark's Basilica filly from the family of Kalpana (Study Of Man), for £205,000. The sale represented a good piece of pinhooking for Innishannon Valley Stud's Darragh Lordan, who sourced the filly at the Goffs Orby Sale for just €45,000.

Lordan said, “She showed very well the past couple of days and hopefully she will go on and do good things. I bought her for €45,000 at the Orby Sale last year and she has been a pleasure to have around the place. I'm a big fan of St Mark's Basilica.”

Meanwhile, Macauley was left dreaming about Royal Ascot with his first purchase on behalf of the trainer of crack sprinter Asfoora. 

He commented, “She has been bought on behalf of Henry Dwyer and hopefully there is a chance that she can make Royal Ascot. She is a filly with a good pedigree and she did a very good breeze. She came highly recommended and obviously plenty of people were in for her. But she is from a champion's family and we are delighted to have bought her.”

Roger O'Callaghan | Sarah Farnsworth

Subplots

• Amo In Action: A high-profile absentee at the Tattersalls Craven Sale, Kia Joorabchian made the trip to Goffs on Wednesday. However, instead of causing tidal waves on the market like he usually does, the Amo Racing boss created only a ripple when spending £375,000 on three lots through Alex Elliott. The agent commented, “It was good news for me to read that he was going to be here. He was missed at the Craven and it's good to have him here. We didn't really shop this sale last year but it produces Royal Ascot horses and, with Royal Ascot around the corner, that's what we need.” Amo's spend was headed by a £155,000 Starman filly from Gary Bloodstock who will join trainer George Scott. He also picked up a filly and a colt by Persian Force that will go into training at Freemason Lodge with Kevin Philippart de Foy.
• First-Season Sires: It's fair to say that none of the first-season sires have made a massive impact just yet, granted we are only in April. Although not off the mark in Ireland and England yet, Persian Force had his first winner in France on Wednesday. Buyers seem keen, as he was well-received by the market with nine selling for an average of £55,611.
• What about Ten Sovereigns? Now based in Turkey, the former Coolmore Ireland resident enjoyed another whopper of a sale, highlighted by Tally-Ho's £260,000 Ten Sovereigns colt that sold to Michael O'Callaghan. Incidentally, that horse was reported to have been sourced by Tony O'Callaghan at Tattersalls Ireland for €65,000, and he was reported to have gotten “a massive kick” from the trade. All told, Ten Sovereigns averaged £102,500 on four lots sold. That comes off the back of a filly by the sire selling for 200,000gns at the Craven Sale.
• Eddie and Biscuit Billy's: Fair play to Eddie O'Leary, he called it early on his Blackbeard colt, who sold to Middleham Park Racing for £78,000 after posting one of the fastest times. When asked for a line on the first-season sires over the winter, O'Leary told TDN Europe that, “I only have one Blackbeard but this fella is a legend. He's the type of lad you'd want to go for a pint with!” Rumour has it the Lynn Lodge man was seen celebrating with his Blackbeard colt in Biscuit Billy's after the sale.
• Blandford Go Big: There should be no underestimating the role that Blandford Bloodstock played on Wednesday with nine horses bought for a total sum of £903,000.
• Leading Consignor: Tally-Ho Stud was the dominant consignor. As well as supplying two of the most expensive horses in the sale, the operation sold 14 horses for a massive £1,789,000. Nobody else came close to that figure.
• Belated birthday wishes: Rather than buy her father a card on her birthday, Amy Marnane gifted Con a £1,000 Ardad colt at Book 3 of the October Yearling Sale at Tattersalls. Well, that colt sold on Wednesday to Eamon O'Loughlin for £20,000 to provide Marnane with a belated birthday bonanza. The Bansha boss said, “It's great and we wish Eamon O'Loughlin all the best. It's his first horse in training and he has sent it to Clive Cox.” Asked if the birthday present was split down the middle with his daughter Amy, Con replied, “It's not her birthday yet!”
• Withdrawal Trend Continues: Similarly to the Craven, where there was a high level of late withdrawals, this sale became rather depleted when 30 horses were taken out on Wednesday alone. All told, there were 58 withdrawals, which equates to a quarter of the entire catalogue. That illustrates just how bleak it was for many vendors who experienced next to no footfall. Furthermore, the majority of those withdrawn lots had been pinhooked by their respective connections for a combined sum of just over £2 million. Ouch.

Buy of the day

In another year, Mick Murphy's Sioux Nation colt might well have made double the £115,000 he was knocked down for to Blandford Bloodstock. Bought for €55,000 at the Tattersalls Ireland September Yearling Sale, he still left plenty of profit on the table for Murphy, one of the best and most respected handlers in the business. But, given how eye-catching his breeze was, and that he stood up a smashing horse with obvious resale value, it was slightly surprising that he didn't rock into £150,000 or more. The fact that he was up early [29] in the day probably didn't help matters in what was already a shaky market. Regardless, he is definitely a horse to take note of when he hits the track. It's understood that he will be racing in the colours of Wathnan Racing, who got a bit of value. 

Thought for the day

Anyone for a RNA party? The number of horses who failed to find buyers or were withdrawn at the Craven and now at Donny is already reaching a big number. The Tattersalls Ireland Breeze-Up Sale has 15 wildcards listed at present. How many more can it cater for? A lot of consignors will be facing a quandary over the coming weeks.