RALPH Fiennes is no stranger to wild and whacky storylines, having spent time in the worlds of Harry Potter, James Bond and Wes Anderson during his acclaimed career as an actor.
Of course, those stories are fictional, so I wonder what he made of the surreal theatre of Tattersalls this week, as he attended Park Paddocks in preparation for his depiction of Sir Henry Cecil in the feature Unbeaten, centring around the late trainer’s Frankel years.
Fiennes is likely to have a different view of wealth to many, thanks to his time in Hollywood, but surely even he questions the logic in spending six figures on four-legged animals who have yet to show any talent beyond the constraints of a lunge ring.
The surreality wasn’t lost on me either, as I watched the drama unfold from the press bench, where we generally ignored any horse selling for under 300,000gns.
When I ventured into the bidders during Book 2, trying and failing to find some value myself, I had many ‘what the hell’ experiences as yearlings made far more than their page would have suggested, the power of a smart physical only outdone by big spenders’ failure to take no for an answer.
It came as little surprise then that this year’s Book 2 Sale broke – no, smashed - records, bettering the previous high set 12 months ago by 8%. Over the course of three days, 655 yearlings generated turnover of 75,166,000gns, producing an average price 114,757gns, itself a record figure and 7% higher than last year.
The median price is generally considered the most reliable measure of a sale’s strength, so the fact that 85,000gns marked a 12% increase from last year – itself a previous best – spoke volumes.
The only figure to fall was the clearance rate, though 89% would still be considered very healthy and was only one point down on last year. Two hundred yearlings sold for 200,000gns or more, and a further 81 lots reached six figures.
Not all sunshine and roses
Seemingly insatiable demand from those with apparently bottomless pockets brought huge smiles to the faces of countless breeders, consignors and pinhookers, as prices exceeded their expectations.
That’s not to say everyone’s expectations were met – especially the hopes formed when they pinhooked certain horses or booked their stallion nominations.
As the yearling market has swelled over the last few years, so too have foal prices – last year’s December Foal Sale produced a record median – the best measure of prices paid by pinhookers, given that the average is inflated by the very top prices, generally paid by end users.
Record sales statistics, or even just strong returns, all influence stallion fees and Shadwell’s Angus Gold urged stallion farms not to get carried away by the positive news stories from the sales ring.
On the first day of Book 2, when asked about his experience at Book 1, Gold replied: “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.
“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 cognisant 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 10 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.”
Win some, lose some
Gold’s comments will have struck a chord with the many people walking a tightrope in recent years, struggling to remain upright when one good result counteracts another loss, the profit margins all the while narrowed by growing costs across the board, from veterinary to transport to feed bills.
David O’Callaghan of Yeomanstown Stud shared similar views after selling this year’s Book 2 top lot, a homebred Lope De Vega colt, for 650,000gns.
“We’ve actually done okay,” he said, when asked how the farm has fared over the last fortnight. “It’s been a little bit thinner in spots than I would have liked. It’s still happening, just perhaps not as good as it has been other years. I had a very good line-up of horses here and it felt tricky in spots.”
On the fact that the sales statistics have been largely positive, he said: “It doesn’t feel like that. The cost of production and getting them here is higher than ever; whether you bred them or bought them, to produce these animals costs a lot.
“You need really good animals here because the competition is fierce and if to get them is expensive. I’ve sold some really good horses here the last two days at a loss. That’s the game, I guess – you win some, you lose some.”
It would be wrong to focus solely on the plight of the producer in this report, as the end users are also dealing with rising costs, whilst prize money remains relatively stagnant.
The top of the market appears unaffected by such worries, but lower down the scale, many were struggling to justify this week’s prices to their potential owners – the phrase ‘It’s tough’ was used by as many buyers this week as vendors.
THE highest price of the week came on Tuesday, the highest-grossing session ever seen at Book 2, as Richard Brown stretched to 650,000gns for Yeomanstown Stud’s homebred Lope De Vega colt.
The March-born colt was chesnut, like his Ballylinch Stud sire, but plenty of credit has to go to his dam Silk Bow, who was bought for 50,000gns and has now produced five six-figure yearlings.
On the blacktype mare, O’Callaghan said: “She’s an absolute beauty. Built like a tank, great walk. If you’re going to produce good-looking yearlings, you need good-looking mares, and she keeps producing good-looking horses.”
Tuesday’s price exceeded expectations, he added. “I thought he’d sell very well but I didn’t think he’d hit those heights. He was an exceptional horse and the mare has done very well; she’s produced a number of highly-rated horses and the two-year-old looks very smart. Everyone liked him and for a Lope De Vega, he looked forward, mature. I won’t say precocious, but he looked a two-year-old.”
Next generation
Silk Bow’s record was an obvious draw, but the Book 2 top lot had the looks to match, according to Richard Brown, who said: “I thought he was an outstanding individual, walking around the outside ring,
“My 11-year-old son has just came from school, and when we leant on the rail I said, ‘That’s the one we’re going to try and buy,’ and he said to me, ‘That is an amazing horse!’. Hopefully he’s a good judge. But you love seeing them up here in the outside ring, and you see how they act and if they look like the complete professional up here.
“The mare has done it over and over again, year after year. He comes from a very good nursery at Yeomanstown and hopefully he is the sort of colt who will be running this time next year or a little bit earlier and then make into a smart three-year-old.”
Late drama
Trevor Stewart couldn’t hide his delight when his homebred Lope De Vega colt brought 525,000gns from Rabbah Bloodstock, who saw off the attentions of Amo Racing and Emmet Mullins.
The half-brother to Breeders’ Cup Juvenile Turf winner Victoria Road was offered by Ballyhimikin Stud close to 9pm, and the late time and dwindling bidders gave Stewart cause for concern.
“I was very nervous,” he admitted, now all smiles. “There were a few people I thought were on him but I couldn’t see them. That’s a wonderful price.”
When asked what went through his head as bidding exceeded expectations, he replied with a laugh: “Do I smile or do I not smile?”
Rabbah Bloodstock’s purchase is, out of the dual Group 3 winner Tickled Pink, herself out of Stewart’s homebred Royal Ascot heroine Cassandra Go. Another one of her daughters produced last week’s 1,300,000gns Blue Point filly.
On the never-ending success of the family, the breeder commented: “There are no words to describe it; it just goes on and on. Long may it live!”
Enthusiastic client
Lope De Vega was responsible for three of the top prices at Book 2, with yearlings bred when the son of Shamardal commanded €125,000 at Ballylinch Stud, his fee since rising to €200,000 in 2026.
He was chosen as the first cover for My Eyes Adore You after Hillwood Stud secured Fozzy Stack’s listed winner for 380,000gns in 2023. On Tuesday, her first foal – a filly – was knocked down to Anthony Stroud for 550,000gns, underbid by Amo Racing.
On her first yearling, Hillwood’s Charlie Vigors said: “She’s a lovely filly and she’s just shown beautifully the whole time she’s been up here. We are absolutely delighted. She’s a very good first foal; she is incredibly well-balanced and she’s always been very athletic.”
Stroud obviously shared Vigors’ opinion of the filly, saying: “She was a lovely filly, we all liked her. It was a little bit more than I thought she was going to cost. She will be owned by Peter Harris; I’m very grateful for his involvement, enthusiasm and direction.”
On one-time trainer and Butlins owner Harris, who bid in person at Book 1, the agent continued: “He’s fantastic, he’s just an amazing man. He’ll hate me saying it, but he’s just a complete legend.
“I bought him horses when I was 22 – I’m a heck of a lot older now – I used to buy his jumpers. We bought a lot of jumpers and it’s fantastic it goes on. Words don’t really express what a great man he is.”
More Amo for Mullins
Hillwood made a strong start to proceedings when selling a Frankel colt out of Group 3-winning sprinter Kurious for 475,000gns.
The sole Frankel in the Book 2 catalogue will join Emmet Mullins’ growing string, after the new master of Coolcullen signed alongside Amo Racing for the Fortescue Bloodstock-bred colt, who benefitted from a timely update when his full-sister Probing was beaten just a neck first time out at Newmarket on Saturday.
The colt’s speedy page – his dam is a half-sister to Group 1-winning sprinters Alpha Delphini and Tangerine Trees – was the reason for him selling at Book 2, rather than Book 1, Hillwood Stud’s Charlie Vigors later explained.
“He’s always been a nice colt,” he said. “He is probably slightly more precocious looking than a lot of Frankels and we wanted to hold him to this book because we felt he’d be a better fit. Last week, he would also have been stood up upsides the Frankel/ Get Ahead colt [sold for 1,800,000gns to Godolphin] in our own draft.”
Emmet Mullins was among the underbidders on a number of the Book 2 highlights, but ended the week with five new recruits, including a Starspangledbanner colt bought with Mark Dobbin for 200,000gns.
The trainer’s name appeared alongside four yearlings during Book 1 last week, with a Siyouni colt bought with Joey Logan for 280,000gns, while a Nathaniel colt bought with BBA Ireland cost 135,000gns. Emmet Mullins was the sole name down for a Blue Point filly and Mehmas colt, bought for 390,000gns and 300,000gns respectively.
Wildcard tops terrific week for Blue Point
BLUE Point ended the week as the leading sire of Book 2, with 22 yearlings totalling 4,964,000gns. Nineteen of those sold for six figures and commanded an average of 225,636gns – a figure only bettered by Frankel and Justify, each responsible for just one lot.
A colt and a filly by Kildangan Stud’s son of Shamardal each fetched the second-highest price of the week at 600,000gns, first brought by Ballyhimikin Stud’s wildcard entry. It was a case of ‘all’s well that ends well,’ as the half-brother to Cheveley Park Stakes second Flotus had missed his Book 1 appearance due to a bout of travel sickness.
“It was all for luck, really, I think,” Ballyhimikin’s Jack Hanly’s reflected after reselling the 215,000gns foal to Richard Brown. “There was a chance we could get him right for this sale and we took it. Book 2 is obviously a very good sale with a big market, so we took a chance doing it and Tattersalls were very good at promoting the horse. I thought they did an exceptional job.”
“He was obviously a very nice horse himself; I think he deserved to make what he made. The team at home did an absolutely super job with him and they’re the reason why we’re able to get these horses here and get them into the condition to sell.”
After signing the docket, Richard Brown commented: He is a beautiful colt and I think he would have stood out last week, he certainly stood out today. I am a big fan of the stallion and the mare’s obviously already produced a good one in Flotus. I am delighted to get him.”
On the price, the Blandford Bloodstock agent added: “I think that is his value – I think that whatever sale a horse is in, they tend to make their value. We’re the lucky ones as I think he is a really smashing colt to get our hands on.
“He showed brilliantly right from the start, but it shows how much we ask the horses to do and how small the margins can be. It was just great plan by all parties that his sale could be accommodated this week rather than waiting through to December.”
US comparisons
Blue Point’s popularity extends to the US, where Book 2’s highest-priced filly will be trained by Cherie DeVaux for Matt Dorman’s Determined Stud, who purchased the Croom House Stud homebred with David Ingordo.
“We love the stallion, we got a couple by him last year, and he just keeps performing, keeps delivering. She has a great physical too, so she really checked all the boxes,” Dorman reported.
Dorman and Ingordo bought five yearlings last week, with the busy owner making a trip back to the US before returning for Book 2, where he secured another three.
“The plan was always to stay on for Book 2,” Dorman explained. “It was actually my wedding anniversary on Friday so I flew back home for that, then came back here for this horse and a couple of others!
“This week has been very strong for the yearlings with good pages and good physicals, some of these might’ve been Book 1 horses. We were hoping to get a bit more value, but if you want a good-quality horse, you’ve got to step.”
While the European sales statistics have generally been positive, they’re nothing compared to the booming market in the US. When asked whether they’ve found it easier to buy in Tattersalls, Dorman replied: “I don’t know if it’s easy, but unfortunately you still have the split between the really good horses and the ones that don’t fit the bill.
“It doesn’t seem like the drop off here is as great. We were outbid on five or six already this week. You’ve got to be disciplined, and we were real happy with what we got last week.
“We’re big fans of turf racing in the US. We also have a farm and we’re commercial breeders too. Touch wood, these horses will run really well. But if they don’t, then they can join the broodmares on the farm, long term.”
As with Croom House Stud’s 3,800,000gns Wootton Bassett colt at Book 1, the Blue Point filly is out of a homebred mare who was retained at the yearling sales and went on to gain blacktype.
This mare, a daughter of So You Think named Shapes, finished third to Alpha Centauri at listed level but didn’t manage to break her maiden.
Another daughter of Blue Point became Cheveley Park Stud’s third purchase of the week after the Thompson family’s operation outbid Emmet Mullins at 375,000gns. It continues the upturn in fortune for the mare Tezzaray, herself a 16,000gns foal, 22,000gns yearling, Grade 3 winner and Grade 1 third.
International buyers
Michael Donohoe of BBA Ireland was acting on behalf of a new American client when buying Longview Stud’s Blue Point colt for 410,000gns on Wednesday. Despite the high price, it seems that the buyers think there might be more money left on the table, as there’s a chance the bay could be offered for resale.
“This horse might go into training, or he might be re-offered at the Craven Sale, the client is happy to trade,” Donohoe explained, adding that he will head to Conor Hoban’s Beechlea Bloodstock to be broken, before long-term plans are finalised.
“The colt is a fabulous physical, he is from a very good farm, is by Blue Point who does well in the US and is out of a Kingman mare.”
Tattersalls Managing Director Matthew Prior acknowledged American buyers in his post-sale statement, saying: “A notable feature of October Book 1 was the depth of American participation at Park Paddocks, with buyers from the United States purchasing more than 50 yearlings. That momentum has continued into Book 2, with new arrivals joining those who remained from Book 1 to account for a further 24 purchases totalling over four million guineas.
“We have made a concerted effort in recent years to attract buyers from North America, and it is particularly gratifying to see that commitment rewarded with such a strong presence at Tattersalls, drawn by the cream of the European yearling crop and the warm welcome and hospitality for which Tattersalls is renowned.
“The Americans were joined by a strong contingent of Australian buyers, led by John Foote, who made seven purchases in his fiftieth year of coming to Tattersalls. Buyers from across the Gulf also made their presence felt, whilst we welcomed purchasers from throughout Europe, Japan, Hong Kong, the Philippines and Turkey, alongside a competitive domestic buying bench.
“We must also recognise the tremendous support we continue to receive from so many Irish stud farms and consignors, alongside the very best of British breeders.
“Their enduring commitment to the October Yearling Sale remains a cornerstone of its success, and we are enormously grateful for their continued support.”
THE market’s unforgiving views on stallions were mentioned by several consignors regarding their stock which failed to cover their costs or sold for prices lower than hoped.
It’s nothing new, unfortunately, and buyers can be particularly hard on stallions that were once touted as ‘the next big thing,’ and almost disregard any future success, if it’s below what was once expected.
Perhaps that’s part of the reason that Showcasing’s sales averages have gradually cooled since peaking in 2018, averaging £51,655 at the 2025 yearling sales. That’s despite Whitsbury Manor’s solid, reliable stalwart siring five Group 1 winners to date, far more than many first crop sires who can prove so popular.
Shadwell have enjoyed plenty of luck with the sire, though, so it was perhaps unsurprising that it was Angus Gold who delivered the bid of 460,000gns that secured Ballyphilip Stud’s colt, the highest price paid on Wednesday.
Shadwell have done well buying from Paul and Marie McCartan – breeders of the brilliant Battash – and on their most expensive purchase of the week, Gold commented: “Of what I saw, he was the best horse here today. Paul McCartan has worked his magic again – he was born under a lucky star, that man.
“This is a lovely horse. We’ve had luck with Showcasing before with horses such as Mohaather and Tasleet, who were all smaller, neater horses as yearlings. This is a much scopier type; to my eye he didn’t look anything like most Showcasings. He has a lot of class and moved beautifully for a big horse.”
Like old times
Ballyphilip’s colt became Shadwell’s seventh purchase at Book 2, where they spent 1,815,000gns – more than double the 2025 figure. Gold’s presence and activity heartened many vendors, as it did during Book 1 last week, when Shadwell spent 1,655,000gns, compared to 625,000gns the previous year.
When asked him whether the Shadwell operation have made a conscious decision to increase their spend, Gold 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.”
Cheveley Park Stud also made their presence felt at Book 2, securing four fillies totalling 1,370,000gns. The trade for fillies was particularly strong throughout the week, helped by the fact that colts dominated the catalogue.
Fillies accounted for just over a third of lots sold, achieving an average price of 126,071gns and median of 95,000gns, compared to the colts’ respective figures of 108,837gns and 81,000gns.