The middle market, for horses priced between £20,000 and £50,000, has really firmed up. Supply is still a bit behind demand so buyers are prepared to pay a bit more. Hopefully this trend will follow through to the upcoming store horse sales as vendors at these sales need a lift.

Some vendors will have paid up to €50,000 for a foal three years ago and even doubling their money this month would scarcely leave them in profit or justify the risks they have taken.