RECORD PRICES CANNOT MASK THAT NOT ALL THAT GLITTERS IS GOLD IN BRITISH AND IRISH JUMPS MARKET
By James Thomas
There has been no shortage of highlights from the British and Irish National Hunt market in 2024.
The year began with a new record price for a jumps horse-in-training when Grade 1-winning hurdler Caldwell Potter sold to Anthony Bromley of Highflyer Bloodstock for €740,000 during the dispersal of stock that belonged to Andy and Gemma Brown. Legendary Manchester United manager Sir Alex Ferguson was among the ownership group involved in the purchase, which took place at Tattersalls Ireland in early February.
By the end of July that record had already fallen when the promising bumper scorer Regent’s Stroll was knocked down to Tom Malone and Paul Nicholls at £660,000 at the Goffs UK Summer Sale in Doncaster. The son of Walk in the Park was offered on account of another significant owner, Chris Giles, stepping away from the sport. Sir Alex was again involved in the group behind the latest record purchase.
And the record was smashed for a third time within the space of eight months when British-based owner Lady Bamford spent €1.4 million through Highflyer Bloodstock on Palladium at the Arqana Arc Sale. The German Derby winner has been sent into training with Nicky Henderson and is set to test his mettle over hurdles before potentially finding a place at stud once his racing days draw to a close.
Spending these sorts of colossal sums on jumps horses would have been almost unimaginable in the not too distant past. But the frequency with which the record has been broken in 2024 further highlights the shift that has taken place in the National Hunt marketplace.
Wealthy owners are increasingly prepared to take on greater financial risk when the perceived risk of their investment is lessened. That is to say, when a horse’s profile boasts pedigree, physique and, most importantly, a combination of proven form and racing potential, the sky’s the limit when it comes to what buyers are prepared to pay.
This market trend has also been witnessed in the point-to-point sphere in recent times, with significant six-figure sums now commonplace. The Tattersalls Cheltenham Festival Sale produced the biggest price in 2024, with Ballycahane maiden winner Echoing Silence bringing £410,000 from Rathmore Stud. The French bred seven-time Grade 1 winner Jonbon is very much the poster boy of the pricey point-to-point graduates, having cost J.P. McManus £570,000 back in 2020.
Some would argue that the growing appetite for these sort of readymade runners merely reflects the outlook of an instant gratification society. When almost anything can be bought at the click of a button and delivered straight to your door, why would owners want to invest in unbroken youngstock, only to learn their purchase has below average ability or is unsound after paying two years of costs in training and keep?
And with the costs associated with owning racehorses continuing to rise, it seems perfectly reasonable that owners want action sooner rather than later. And what’s the harm in that?
Well, the monster sums being spent on the brightest and best jumps prospects stand in stark contrast to the investment being seen further down the food chain. While the boutique form-horse sale has driven a boom in prices at the head of the jumps market, it has also seen the British and Irish National Hunt breeding industry become increasingly polarised.
It should not be forgotten that the brightest and best prospects only emerge through a long and tried and t
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