These days, an average price of 64,478gns would sound like a nightmare scenario for Book 2 vendors, but back in 2014, it marked a massive jump from what had come before – a 36% increase on the previous year, to be precise.

The median price made an even greater leap from 37,000gns to 50,000gns, and much of it was thanks to the spend of Shadwell, who left with 36 yearlings totalling 5,055,000gns. Sheikh Hamdan Al Maktoum’s operation remained clear leaders in the buyers’ table over the next five years, accumulating 214 yearlings worth over 36,000,000gns.

For a brief moment in the early stages of this year’s Book 2 opener, it felt like a step back in time as Shadwell’s racing manager Angus Gold secured two of the early highlights for 320,000gns and 220,000gns, as well as bidding to around the 500,000gns mark on the 600,000gns colt that currently leads trade.

Gold’s presence and activity will have heartened many vendors, as it did during Book 1 last week, when Shadwell spent 1,655,000gns, compared to 625,000gns the previous year.

After Gold signed for his first purchase on Monday, I asked him whether the Shadwell operation have made a conscious decision to increase their spend, to which he replied: “I think it's very nice to see the family supporting the market.

“Thanks to Almeraq, we've had a decent year without being a great year. But it's just very nice to see them back in the market, and we're very grateful to them for doing so.

“I think they've had a tough time over the last few years, sort of since Sheikh Hamdan died (in 2021), as you know, we've reduced numbers. We tried to sort of tighten the whole thing up and it’s nice to see them coming out and buying a few more yearlings.”

Returning to the subject of Shadwell’s intent, he continued: “I can't answer that; it's not my business to ask those things. What I can do is put up what I think are nice yearlings and see what they want to buy. It’s very encouraging.”

‘The world is upside down, so why wouldn't we be?’

While Gold couldn’t comment on the inner workings of Shadwell’s decision making, he was forthcoming when quizzed on his experience of Book 1 last week.

“There's no point talking about the top because obviously, that's a rich and rare atmosphere. Everybody I've spoken to has said how tough it was.” he commented.

“I would say one thing, and I don't want to be controversial, but a very important American buyer said in my presence - he didn't say to me; he said it to a friend of mine - he said, ‘I don't know how European breeders survive, with stallion fees as high as they are.’

“I think when you look and see Into Mischief standing for $250,000 (€223,527/£188,861), and he’s as good a stallion as they have there.

“It's not for me to tell people what to do; it's their business, but I think we have to be very cognizant of this going forward when times are very tough, to be fair. It's great to see people getting two and three million but you and I know that's not reality. The reality is a lot of horses weren't sold and it's a very tough market we’re dealing with.

“I think we've all got to be terribly aware of that going forward because we want everyone to see as much as possible. I don't know if you’ve spoken to the pinhookers, or what views they’re taking, but it’s been a tough year on the whole for them. Last week was nothing like it looked - if you took out the top five or ten percent, it was really tough underneath it. The world is upside down, so why wouldn't we be?

“I think we – those of us with stallions - we've all got to be very careful how we price them. Of course, the Dubawi’s and Frankel’s of this world got there because they’re so good. I’m not knocking it; I’m just saying we've got to leave a little bit of room for everybody to survive.”