THERE are few instances where the most expensive horses of a sale appear to make financial sense, as least to those of us with measured expectations.

Look back to Book 1 at Tattersalls a few weeks ago - the odds are that very few of the 17 horses who sold for 1,000,000gns or more will be worth anywhere close to that in 12 or 24 months’ time, particularly the colts that fetched seven figures, for how many horses end up good enough to be stallions?

The same could be said for the much lower-priced horses - it takes a lot of talent to earn back their prices in prize money, at least it does in the UK and Ireland, which explains why so many British and Irish trainers were prepared to sell some of their most progressive horses at Tattersalls this week.

It’s difficult to justify turning down sizeable sums when you consider the prize money they’ll race for in the future, particularly if their ratings now rule them out of valuable handicaps, forcing them into stakes company, with very often smaller prize pools.

In much the way that selling makes sense for British and Irish owners and trainers, buying said horses-in-training looks money well-spent for buyers from Australia and the Middle East, in particular. Just consider the prices Najd Stud paid for two of the top three lots; 750,000gns for The Lost King and 450,000gns for Victoire Magique.

The pair were purchased with a view to running at the Saudi Cup Carnival, specifically in the Neom Turf Cup and Red Sea Turf, which boasted respective winning prizes of $1,800,000 (€1,614,996) and US$1,500,000 (€1,345,275) in 2026.

To put those figures into perspective, the Epsom and Irish Derby winners received less in 2026.

Train to resell

It was therefore unsurprising to hear Adrian Keatley report that his new business model is ultimately aimed at resale opportunities, speaking after selling Tyrrhenian Thunder for 600,000gns.

“This is my model going forward,” he said. “We’re going to buy young horses, produce them, race them on the track, and then bring them here in the autumn to sell as either two or three-year-olds.”

Other operations have done well reselling horses sourced at the Autumn HIT Sale, Ado McGuinness among them, and he enjoyed a terrific pay day when Pierre Royal, sourced with BBA’s Adam Potts for 48,000gns 12 months ago, resold for 375,000gns.

When speaking to McGuinness for this publication in July 2024, the trainer summed up why he and his counterparts are forced to sell due to inadequate prize money at home.

“I would love to keep all those good horses, but training horses in Ireland at this moment in time, if you have to rely on prize money alone, you’ll struggle to survive. You have to sell a few horses in between to really add up the books,” he said.

“If you win a hundred grand in prize money in Ireland, a trainer will end up getting less than 8% of that, and after he pays his taxes out of that and everything else, he’s not left with a whole pile of money. I wouldn’t think most of the smaller trainers would win two hundred grand a year. So, you have to be able to do something else to try to make it pay, and selling is what you have to do.”

’Healthy market

British National Hunt buyers made a significant impact at the top of the market 12 months ago, purchasing two of the three highest-priced lots totalling 1,180,000gns. They were absent this time round, maybe deterred by said horses’ lack of success since, but more likely due to unsuitable horses.

This can be the case with horses-in-training sales, whose offerings are less consistent year to year, and it’s worth mentioning that Saad bin Mishref of Najd Stud was complimentary of the standard of horses on offer, saying: “There are some good horses here; I think it’s better than last year.”

The sale statistics held up well, too, with both the clearance rate (87%) and the median matching last year’s figures. What’s more, the median price of 15,000gns is just 1,000gns below the record, which paints a picture of a healthy market, even if the average price dipped by 3% to 32,612gns.

These figures are even more heartening when considering what’s going on in the world, particularly in the Middle East, always such an important market for horses in training. This was recognised by Tattersalls Managing Director, Matthew Prior, in his post-sale statement, in which he commented: “It has also been encouraging to see continued demand from the Gulf region, despite wider geopolitical challenges, alongside strong participation from Britain, Ireland and across the countries of the EU.

“Whilst the international participation at this sale is a considerable success story, it comes against a very challenging domestic backdrop, with this week’s Budget adding to the pressures already facing small businesses. The increase in gambling duties added to the changes to Business Property Relief from the first Labour Budget pose a real threat to the continued success of the racing and bloodstock industry in this country.

“The sustained international demand throughout the week is a testament to the quality of horses presented by leading owners and trainers from across Europe, and the strength and depth of European racing. We are grateful to both vendors and purchasers for their continued support of this unique sale and look forward to welcoming buyers back to Park Paddocks for our forthcoming December Sales.”

THIS week’s top lot, The Lost King, will remain with Andrew Balding to target the King’s Cup (Two Holy Mosques Cup) in January and will continue his career in Saudi Arabia from then on.

That was the report from Saad bin Mishref after Najd Stud and Nico Archdale secured the Jamie Railton-consigned bay for 750,000gns. A useful juvenile and seen just twice as a three-year-old, King Power Racing’s homebred has gone from strength to strength as a four-year-old, winning four of his 11 starts, most notably landing a valuable handicap at York’s Ebor Festival. The Kingman gelding has finished second on his three starts at group level since and was offered with an official rating of 110.

Earlier this month, a Frankel filly bred by King Power fetched 1,400,000gns at Book 1 and the operation will be hopeful of another payday next month, when The Lost King’s Sea The Stars half-brother is offered at the December Foal Sale.

The Srivaddhanaprabha family has a net worth of $3.5billion according to Forbes, so the above sales may not even register, but the 450,000gns paid by Najd Stud and Archdale Bloodstock for Victoire Magique was ‘life-changing’ for the Solario Racing syndicate, according to trainer Amy Murphy.

Picked up at Book 3 for 40,000gns, the son of Victor Ludorum finished fourth in a Group 3 as a two-year-old and improved with time and distance this year, registering consecutive wins at listed and Group 3 level, before finishing fifth in the Group 2 Prix Chaudenay.

On her former stable star, Murphy commented: “I bought him on spec as I just loved him as a physical. He has given his owners Solario Racing some great days out. I hope he goes on to be very lucky for his new connections. The race that I suspect they bought him for is the Red Sea Turf Handicap in February. It is the race we were thinking of targeting if he didn’t sell today.”

On the colt’s previous owners, Murphy explained: “Solario Racing is an English-based syndicate that has always been with me. When I moved to France, they supported us, so it’s great to get this result, it’s life-changing money for the syndicate. We’ve already bought them a couple of yearlings this year, slightly in anticipation of this!”

LOW mileage and the potential for further improvement were key factors for Ciaron Maher’s team as they combined with Billy Jackson Stops to secure Adrian Keatley’s juvenile Tyrrhenian Thunder for 600,000gns.

Maher is no stranger to success when it comes to this sale, so it is perhaps unwise to question his judgement, but the above price must have raised a few eyebrows, given that the Consign Ltd offering had just two chances to prove his worth on the track. The Night Of Thunder colt won a novice stakes at Ayr by a head before finishing second, beaten two lengths, in the Listed Silver Tankard Stakes at Pontefract - not the most highly regarded of stakes races, judging by previous winners, and both runs came on heavy ground.

However, Maher obviously saw plenty in the two performances, and on his appeal, Maher’s head of bloodstock, Will Bourne, said: “He’s very lightly raced, but ran a huge figure the other day. It’s not everything, but it’s definitely a big part of it. He’s by Night Of Thunder, so we’re hoping he can progress over a mile once he gets down to Australia.”

On the price, Bourne continued: “I guess you have to pay when there’s low miles on the clock. Ciaron was on the phone, he’s amazingly across every single horse here, as well as all his own at home. He really liked this horse’s form.”

For Keatley, it was a brave plan executed to perfection, as he later explained. “We really put our necks on the line when we bought him,” he said, regarding the €300,000 paid by him and Dan Hussey at the Tattersalls Ireland Breeze-Up Sale, where the Night Of Thunder colt was offered by Joey Logan’s Grangeclare.

“He’s the type of horse we wanted to buy to get the ball rolling,” Keatley continued. “I’ve every reason to believe he’s a proper Group 1 horse. I’ve been lucky enough to have them before, and he looks like one at home.”

More for Maher

Ciaron Maher and Billy Jackson Stops’ JS Bloodstock signed for six horses through the week, with two bought in partnership with Australian Bloodstock, another two with Bennet Racing and one with SP Bloodstock.

At 375,000gns, the most expensive of the remaining quintet was the four-year-old Ulysses gelding Organ, offered as a wildcard by Owen Burrows following his impressive stable debut at Kempton, which he won by seven and a half lengths.

Originally trained by Martyn Meade, the chesnut was bought for the same owners as Maher’s dual Group 3 winner Mr Monaco, who cost 410,000gns at the 2024 renewal, Will Bourne revealed.

“He has the perfect profile; he has a good turn of foot on firm ground and was flagged by our speed data. He’s just a nice, progressive horse who can step out at the distance,” he added.

SP Bloodstock’s name appeared alongside Emmet Mullins and Paul Byrne’s Prix Chaudenay third Winday, who fetched 325,000gns. The Galiway gelding was previously listed-placed over hurdles for Seror, while still owned by Byrne.

Also bound for Maher’s stable is Newtown Anner’s 97-rated homebred Mr Vettori, with Baroda Stud selling the Jessica Harrington-trained three-year-old for 130,000gns.

Joining him at a cost of 100,000gns is Vico Road, who was last seen winning a Leopardstown maiden at odds of 22/1 for John Murphy.

Closer to home

Five of the top 10 lots were wildcard entries and, of the 10, just one will remain in Britain. In fact, Alfred Wallace will return to the Ed Walker stable after Dermot Farrington purchased the beautifully-bred juvenile on behalf of Fitri and Jim Hay for 450,000gns.

The Rockcliffe Stud homebred is by Dubawi, out of Falmouth Stakes heroine Snow Lantern, herself by Frankel and out of the top-class Sky Lantern. A listed winner in July and successful in a Group 3 the following month, Walker’s charge was offered off the back of a fine fourth in the Group 1 Criterium International, in which he was beaten a length and three-quarters.

After signing for the chesnut, Farrington said: “He is one of the best-bred horses in the catalogue, by a brilliant stallion and has shown top-class form throughout the summer.”

Earlier in the week, Farrington secured listed-winning sprinter Dickensian from the Godolphin draft for 220,000gns. Plans for the 107-rated three-year-old were not revealed, so it is safe to presume that the only horse in the top 20 lots that will be trained in Ireland is Gostam, bought by Blandford Bloodstock’s Stuart Boman with Joseph O’Brien for 260,000gns.

The three-year-old son of Saxon Warrior won his first four starts for Andreas Wohler, landing back-to-back group races by a combined seven lengths last season and returned in May to take the Group 2 Bavarian Classic, before finishing mid-division in the Prix du Jockey Club.

Busy Boman

Boman was busy throughout the week, with Blandford Bloodstock finishing the week as the third-leading buyer, their nine purchases totalling 1,202,000gns. If you include horses bought in partnership, this figure rises to 2,245,000gns, which puts them clear of the official leading buyers, Najd Stud and Archdale Bloodstock, at 1,820,000gns.

At 360,000gns, the most expensive of these was Michael O’Callaghan’s talented three-year-old Bamako Beach, who was last seen striding four lengths clear of Big Gossey in a listed sprint at Naas - his first start since being gelded - in first-time visors.

Boman recognised the Sands Of Mali gelding’s quirks after signing the docket, saying: “He’s an extraordinarily talented horse. He’s had his wayward issues along the way, and it is a bit of a risk when you see horses do that, but I felt in France (hung badly), it was a bit exaggerated.

“He has since been gelded. They dropped him back to a sprinting trip last time out, and he really showed the level of ability that he’s got. He has a huge engine.”

Bamako Beach was bought to race in Dubai, as was Boman’s 230,000gns buy Fixation. New connections will be hoping to maintain the upward profile set by Johnny Murtagh, who brought the Tamayuz gelding from a rating of 70 to 100.

Boiling Point and Hand Of God have longer journeys ahead of them, having been bought by Boman with Annabel Neasham and Rob Archibald for 300,000gns and 200,000gns respectively.

On the more expensive of the two, Boman commented: “This is such a high-class horse, when the catalogue came out, he was the one horse I was really hoping was going to be here. He won the Cambridgeshire last year off top weight, which takes some doing, run very well all year and likes firm ground.

“The progeny of Too Darn Hot do extraordinarily well in Australia. There’s so many things about this horse that you have to like - he runs to 110 every time, and like there’s not many horses do that.

“Zaaki was a five-year-old when we bought him here, too - Annabel and Rob are great at keeping these older horses sweet.”

BBA Ireland agents were busy across various price points and in different roles this week, with Adam Potts getting the agency off to a flyer at the opening session, when Pierre Royal sold for 375,000gns.

Potts didn’t sign the docket on Monday; rather, he signed it 12 months ago, when joining with Ado McGuinness to purchase Dermot Weld and Moyglare Stud Farm’s Gowran Park maiden winner for 48,000gns. On just his second start for the Twist Of Fate Syndicate, the Kingman gelding landed a premier handicap on Irish Derby weekend and went on to finish second and fourth in a pair of valuable handicaps at the Galway Festival.

However, it was his most recent performance, when winning the Cambridgeshire last month, that pushed the four-year-old’s rating to 107 and ultimately pushed Astute Bloodstock’s Louis Le Metayer to 375,000gns.

McGuinness believes there is more to come from Pierre Royal, who will go into training with Ciaron Maher.

Reflecting on the season gone by, McGuinness explained: “I don’t chase Listed or Group races with horses like him, I always go for the money. Best of luck to the boys who bought him. I can see him winning plenty of races in Australia, he’ll love the fast ground.

“It’s great for his owners. He has probably turned over €600,000 in one year. He would’ve been a real Royal Hunt Cup horse, if I’d have kept him. I’ll have to go find another one now!”

Donohoe hits target

Michael Donohoe also realised his main aim of the week at an early stage, as he saw off plenty of competition to secure Yordan from Consign Ltd. for 420,000gns.

“I am thrilled to get him; he was one we targeted coming into the sale,” he said of the Kevin Ryan-trained three-year-old, successful on three of his five career starts to date.

“He is extremely progressive. It’s rare for Timeform to give a horse a rating of 105p after his fifth start. Physically, he is a magnificent, big, strong horse, and he looks very much like a dirt horse. He has a lot of speed, but I’d say he’ll stay seven furlongs or even a mile in time.

“He will head to the Middle East for an existing client and will be targeted at the dirt in Saudi. I think the dirt surface there is the best in the world. A lot of grass horses transition well to the surface there, but I particularly think this horse will because he’s a big and imposing type.”

On whether he expected to pay such a price for the Starman gelding, Donohoe replied: “Yes I did, especially when I saw all the sharks coming in after him!”

Donohoe was acting on behalf of the same clients the following day when giving 425,000gns for Clive Cox’s 104-rated three-year-old Blue Courvoisier. The son of Sea The Stars achieved the rare feat of winning two valuable handicaps this season and made a promising stakes debut at Chantilly last time out, finish second, beaten three-parts of a length.

“This horse’s career has been well orchestrated by Clive, who is a genius,” Donohoe declared. “He really does right by his horses. He was great to buy from, very forthcoming with information and he highly recommended this horse. His last run was very impressive, and he hit the line well. He’s got plenty of speed, but he does seem to stay as well, as his pedigree would suggest.”

On the up

Will Douglass is also a fan of sourcing horses from Clive Cox, he revealed, after buying Arctic Tsar with David Eustace and Billy Jackson-Stops’ JS Bloodstock for 390,000gns. This result might have looked unlikely after the Kodiac colt’s first three starts, which earned him an introductory mark of 65, but that’s now a distant memory following a hat-trick of wins and a new rating of 89.

After being nominated as spokesperson for the buying partnership, Douglass commented: “Clive has been a good source of horses for us. We bought a nice horse off him a couple of years ago called Riding Together, and he’s done well in Hong Kong for David Eustace.

“This horse has won three on the spin and just looks very nice and straightforward. He should physically suit racing and training in Hong Kong, which is key.”

Arctic Tsar was bought by Alex Elliott as a yearling for €90,000, and the agent consigned the Valmont-owned colt under his Imperium Sales banner.