AS prize money remains stagnant, a growing number of owners and trainers have turned their focus to trading horses, with significant sales key to keeping many operations afloat. It’s a definite factor in the increased interest in yearlings bred for middle distances.

That was the reason behind Aughamore Stud pinhooking a colt foal by Maxios – now a National Hunt sire – for €20,000 last winter. As Michael Gleeson explained to me after reselling the well-bred bay for 105,000gns at Tattersalls Book 1: “If you buy a middle-distance horse and get it to a rating of 70 plus, you can sell it to the National Hunt boys. If you get it rated above 90, you can sell it to Australia for 300,000 to 400,000.”