SOME of the top buyers of National Hunt store horses have described this week’s Tattersalls Ireland Derby Sale as the strongest they have ever seen in terms of quality and demand.

The two-day Part 1 Derby Sale generated turnover of €17.7 million, which was up 25% on last year and almost 50% on two years ago.

For the first time in the history of the sale, the average price exceeded €50,000 while the median price rose by 19% to €43,000. The clearance rate of 85% was marginally up.

Aiden Murphy, who spent over €750,000 on eight horses, said: “The quality of the horses on offer was as high as I have ever seen. That was very significant – there was quality right through the sale and far more of them.

“What has happened is that the middle-market has strengthened because of the point-to-point lads. They have had some good years and they need to restock but they are having to pay up to 50% more than they did three years ago. I would say that a horse which cost €30,000 in 2014 is now a €50,000 horse.”

Murphy said that consignors this week did not necessarily make big profits. “Bear in mind that a lot of the horses sold this week were bought as foals for between €25,000 and €40,000, so they were just turning money.”

He said he was optimistic that the demand from Britain for Irish stores would remain high. “A lot of owners are finding that the form horses are getting more expensive, so they have to buy stores.”

Tom Malone also bought eight horses for UK clients, spending close to €800,000. He said: “They were the best bunch of horses I have ever seen. My ‘second look’ list was massive – it was a job to cull horses from it.”

Malone agreed that the middle-market was very strong, fueled by the point-to-point sector, but suggested that there was value in the elite lots. Malone signed for the sale-topper, a €220,000 Kapgarde gelding, on behalf of Alan and Ann Potts.

“I know €220,000 is a big price but you had a job to know which one was going to top it. There was value in the middle too, as there were so many horses in that bracket. I had about 40 to follow in on day one, which is unheard of.”

Malone’s theory appeared to be backed up by the statistic showing that while the number of horses to break €50,000 grew from 110 to 141, there were 33 who made €100,000 or more – an increase of just one.

Michael Moore, whose Ballincurrig House Stud was again the runaway leading consignor, said: “What fascinated me was how much the point-to-point men were prepared to spend. There was value at the top end as there didn’t appear to be any new faces competing at that level.”

Part 2 of the Derby Sale on Friday returned an average price of €16,338 which was well ahead of the €12,300 corresponding figure for last year and also compared favourably with the 2015 average of €15,600.