YEARLING SALES:CONSIDERING 500 jobs are being lost a week in this country, any angst felt ahead of the start of Ireland's premier yearling sale at Goffs needs a heavy coat of context.
But as the first instalment of the "Million Sale" got under way in Kill yesterday, the comparative irrelevance of buying year-old potential racehorses didn't stop a lot of people getting their corduroy knickers in a twist.
Of course, Coolmore supremo John Magnier was present, as were representatives for Dubai's Maktoum family, but there were enough financial nerves around on the back of the recession to have bloodstock agents day-dreaming of tame Russian billionaires.
Certainly last year's top price of €2.8 million seemed a relic of another monetary age on the back of some rather discouraging returns at other bloodstock sales held around the world.
The famous Keeneland Sales in Kentucky earlier this month had a turnover of $328 million, which was a 15 per cent drop on last year. The all-important median - the average price without the top lot in case a freak sale distorts the figures - was down 12 per cent. Doncaster in England was commonly referred to as a "struggle".
Suddenly the hopefully neutral phrase "correction in the market" is floating around, which for a luxury business like the selling of equine dreams is rather like shouting abandon ship on a yacht. A few people pointed to Deauville as an example of how the bloodstock game can be divorced from the general economy, but that Norman sale is apparently typically French in that it does exactly the opposite of what is expected.
There were no such surprises yesterday as the world's banks continue to resemble failed souffles. Almost a fifth of the first 80 lots were filed under the dreaded phrase "not sold" or "vendor". Apparently in the current climate an 80 per cent sell rate is pretty good. But that's a reflection of how allowances are already being made for a lack of buyers, and by the end the clearance rate had gone down to 76 per cent.
"Everyone's aware of the economics but things are holding up remarkably well," said auctioneer Robert Hall, who also presents RTÉ's racing coverage. "It's not like pulling teeth at all."
Others had a slightly different perspective, with one high-profile trainer opining: "This place is propped up by concrete and there are no builders here any more. Horses are getting sold, but there's very little money about. No one's getting rich!"
Except, that is, anyone connected with the Coolmore-based Galileo, who currently is bloodstock's dream-boat stallion.
The last horse of the evening, a chestnut colt by Galileo out of Sateen, entered the ring at 7.49 and four minutes later marched out again having been bought for half-a-million euro by Jim Bolger, who has done more than most to promote the sire.
"He was a standout," Bolger said.
Galileo had been quickly into his stride earlier in the day when a colt submitted by Garraun Stud made €330,000 to John Magnier's buyer, Demi O'Byrne.
"He's an outstanding individual, and what more can I say about the sire? He produces one good horse after another," said O'Byrne, who also bought a colt by Sadler's Wells who made €300,000.
Galileo's sire has now been retired from his role as the most important stallion to stand in Europe, and O'Byrne reported: "There are only so many Sadler's Wells' left. He is out of a Darshaan mare which is a link that has worked well - Septimus is out of a young Darshaan mare."
A less familiar stallion to Irish breeders is Encosta de Lago, whose bay son was also knocked down to O'Byrne for €280,000.
But at the end, the first day median had dropped to €50,000 from last year's €70,000, with over €10 million in turnover. To the rest of us it might sound impressive, but any illusions that the horse industry is immune to the general economy were well and truly shattered.
The TOP 10 Prices
Lot 220: from Ballymoney Park Stud colt by Galileo-Sateen: J Bolger €500,000.
L12: Garraun Stud c by Galileo-Laurel Delight: DL O'Byrne €330,000.
L142: Barronstown Stud c by Sadler's Wells-Pescia: DL O'Byrne €300,000.
L37: Ashtown House Stud c by Encosta de Lago-Mary McGlinchy: DL O'Byrne €280,000.
L167: Carriganog Stud c by Oratorio-Queen Titi: Hugo Merry €260,000.
L121: Clare Castle c by Montjeu-Onereuse: DL O'Byrne €240,000.
L187: Ashtown House Stud filly by Sadler's Wells-River Flow: P Biancone €220,000.
L93: Swordlestown Stud f by Indian Ridge-Nausicaa: Shadwell Estates €210,000.
L94: Meadowlands Stud c by Lion Heart-Navasha: P Biancone €200,000.
L77: Airlie Stud f by Tiznow-Moss: BBA Ireland €170,000.
L161: Camas Park c by Oratorio-Prealpina: BBA Ireland €170,000
