Gains Across Board as Goffs November Concludes

Courtesy of Racing Post

Goffs' reformatted November breeding stock sale concluded Nov. 26, and with the week-long auction having recorded gains in all key market sectors, the changes were deemed a success.

Turnover for the seven days increased by three points year-on-year to €42,084,400 (US$50,175,125.90), aided by an improved clearance rate of 77%, up from 73% in 2016. The average price of €38,965 ($46,456.02) was up by nearly 5%, while the median of €18,000 ($21,460.50) saw the largest gain of the week, up 20% on last year's figure of €15,000 ($17,883.75).

"The feedback we have received all week has been overwhelmingly positive and the new format has been well received by purchasers in particular," remarked Henry Beeby, Goffs' group chief executive, who added that the company is looking at ways to improve on the changes initiated for future editions of the sale.

"The format next year will be very similar but there will be some tweaks. We had some teething issues, such as problems with double standing, and didn't get everything right but we are working to ensure that next year these will be eliminated," Beeby said. "There was a better, more positive feel around the sale both (Saturday) and (Sunday) with plenty of people looking at foals, particularly pinhookers. The feedback has been that the format worked for the sale and that means it worked for clients."

When looked at in its entirety, the decision to split the five days of foals into Parts 1 and 2 either side of the breeding stock sales seems a resoundingly successful one. The clearance rate for the whole foal sale jumped from 67% in 2016 to 77%, while there were gains across the board.

An average price of €37,175 ($44,321.89) was an improvement of 29% on last year's foal sale while the median increased by more, up one-third to €20,000 ($23,845) from the 2016 figure of €15,000 ($17,883.75). The turnover showed the biggest gain, increasing by 35% to €27,137,000 ($32,354,088.25) from the 2016 total of €20,048,350 ($23,902,645.29).

The sale-topping price of €1.1 million ($1.3 million) for Lot 541, the Galileo (IRE) full sister to group 1 winner and Emirates Melbourne Cup runner-up Johannes Vermeer (IRE), was much higher than the €775,000 ($923,916.25) paid for last year's sale-topper, A Nous La Liberte. That daughter of Siyouni sold as part of the Wildenstein Dispersal, which constituted an important element of the 2016 renewal of the November sale.

Beeby said that Goffs were particularly pleased with the performance of Part 1, which improved in all areas in comparison to the equivalent days in 2016.

"Statistically the Part 1 foals advanced in every area with a mighty 81% clearance, more than double the number breaking the €250,000 ($298,037.50) barrier and significantly more making over €100,000 ($119,215) whilst the average leapt by 22%," Beeby commented. "For the third time in four years the sale was topped by a millionaire foal, but the constant of the week has been the sustained demand at all levels as end users and pinhookers battled each other for lot after lot each day."

The median price for Part 1 of the foal sale also improved, up 8% from last year's figure of €25,000 ($29,803.75) to €27,000 ($32,188.05) earlier this week.

It was a different story for Part 2, which is directly comparable with the opening two days in 2016, save for one important respect, with the 66% clearance rate looking healthier than that recorded last year, which was just 55%.

However, the turnover for Part 2 decreased to €1,605,250 ($1,913,698.79) from the total sales for the equivalent days last year, where turnover was €2,238,850 ($2,669,045.03), and that represented a decline of 28%. Part 2 also recorded drops in the average and median for both days, while neither day could match the top prices of €42,000 ($50,070.30) and €85,000 ($101,332.75), respectively, from last year.

Beeby acknowledged the difficulties faced by breeders and vendors at the lower end of the market: "Trade has, of course, been at a lower level over the last two days of the Part 2 foals, but the number of buyers inspecting foals from Friday vindicated the decision to change the format and gave these foals greater exposure to potential purchasers.

"No one is denying that the going has been tougher but we would suggest that has been very much a reflection of the polarised yearling market that was so evident this autumn. The improved clearance rate over the two days, up 11 points to 66%, is a plus and we will continue to work hard to provide the best possible market for this category."