RESULTS from this week’s three-day yearling sale at Goffs UK brought feelings of relief and anxiety in almost equal measure among a poll of bloodstock industry figures contacted by The Irish Field.

The two-day Premier Yearling Sale returned a clearance rate of 89% (slightly up on last year) but the total spent, and the average and median prices, all fell.

Early analysis of the figures also indicates that the majority of yearlings bought as foals did not make money for their vendors.

Unsurprisingly, the breeze-up specialists were quieter this week. Con Marnane, a leader in that area, said: “It was a good, solid sale. We bought one horse – a colt by The Wow Signal from the family of Santo Padre, who David [Marnane] trained. There was a good block of quality horses and it was hard to buy a nice colt.

“Breeze-up consignors, like myself, were quieter – all that area has to tighten up. There were plenty of trainers there but they don’t have much ammunition, possibly because of Brexit but more likely because prize money in England is so poor.

“I think the whole market will be back a bit this year. There’s just so many horses, I don’t know where they are all going to find homes. A lot of mares should be gone out of the system, and a fair few stallions too.

“A lot of the smaller countries that used to buy horses have gone very quiet. We’re all hoping China will open up one day.

“If I don’t sell a horse I put it in training myself. A lot of consignors are not prepared to do that and that is the biggest mistake they can make. They are just dealers.”

Paul Cashman of Rathbarry Stud commented: “There was plenty of money there for the right horse, but if you didn’t hit the board it was tough going. That’s the way it’s going to be this year. Maybe it’s the Brexit effect, but the biggest impact is going to be the drop in demand from breeze-up buyers.

“We had one filly led out unsold who, in other years, we would easily have sold privately afterwards to the breeze-up lads. It was tougher this year, especially with fillies. Buyers are being more selective in what they’ll take.”

Cashman agreed that overproduction has also played a part.

“It’s a buyer’s market, no doubt. They can pick and choose what they want. The market will sort it out. The results in the ring will make it very clear to a lot of breeders that some culling is needed.”

Overall he said he was “pleasantly surprised” how well the sale held up, a view backed up by Eddie O’Leary of Lynn Lodge Stud.

“Considering all the doom and gloom, it was not bad at all,” said O’Leary.

“We brought 12 and got everything sold. If you had a very good horse, you got a very good price. Goffs UK worked hard to get people there and we hope the same will happen at Fairyhouse.”

James Hanly of Ballyhimikin Stud brought over four yearlings and sold them all for an aggregate of almost £400,000.

“There is a good market for horses who fit the right criteria – the right stallion, conformation and pass the vet. If you don’t do all three you are in trouble. The team at Goffs put in a huge effort on behalf of all the vendors. Footfall was good, it’s up to us to do the rest.”

Richard Kent of Mickley Stud commented: “It was a good sale for a good horse. There were lots of new faces about and they weren’t afraid to spend money. It was an unforgiving market, but the nice horses sold well.”

He noted the impact made by first season stallion Gutaifan, who had 27 yearlings offered and all but three sold. “They looked racy with good attitudes.”

Gutaifan stands at Yeomanstown Stud, whose David O’Callaghan said: “The market was tougher than other years, in so far as busy horses with lots of shows and the vet work done didn’t always sell as well as expected. The second day was better than day one - maybe because they were better horses. It was tough overall.

“Maybe it’s down to the year that’s in it – a firm ground year. The sales could be coming a shade early for trainers when they have horses left to run. Considering the conditions the sale was good overall.”

Yeomanstown star Dark Angel has helped build the Premier Sale in recent years. He had 15 lots in this year’s catalogue but racing and bloodstock analyst John Lynam believes the stallion’s better-bred sons may now appear at other sales.

“This year’s Dark Angel yearlings were conceived at a €60,000 fee, so it is to be expected that fewer will be on the market and many of them will be aimed at bigger sales.”

Thursday’s Silver Yearling Sale saw a dip in the clearance rate to 82% and there were double-digit declines in both the average and median prices. Philip Hore of Mount Eaton Stud said: “It was tough for the middle market and the lower end was non-existent. Overall the standard of horses was good. Maybe numbers is the root of the problem and overproduction is starting to creep in.”