THE FRENCH STALLION MARKET IS UNDERGOING A MAJOR TRANSFORMATION
For the past three seasons, between 20 and 25 new stallions have entered the French market each year. And this trend is expected to continue in 2025, according to our latest figures. Most of them are newcomers, with only a few (and fewer each year) having previously stood at stud abroad. The years of euphoria are clearly behind us.
By Adrien Cugnasse
For everyone – breeders, studs, and syndicates – it is not desirable to relive such extreme years as 2009 (40 new stallions) or 2018 (39 new stallions). In any case, the very best always manage to stand out (Zarak, for example, started in 2018). But in case of overpopulation among newcomers, the collateral damage and financial losses are significant for many actors in the industry. In other words, a lot of energy and investment is wasted when too many stallions start at the same time in a market, and there are many losers in this case.
Furthermore, it’s important to recognize that introducing twenty new stallions each year, considering the size of the French broodmare population, is proportionally much higher than in neighbouring Anglo-Irish countries. The French broodmare band represents only 44% of the combined total of Ireland and England. Yet, since 2018, roughly the same number of stallions have debuted in both areas. The difference lies in the fact that young Irish and English stallions cover on average twice as many mares (125) and at twice the stud fee (€15,893) compared to their French counterparts (74 mares and €8,661).
It’s challenging to definitively say whether there are too many or too few stallions in France, as they cannot all be categorized equally. However, it is undeniable that France lacks commercially attractive flat stallions. Although the situation has improved over the past 20 years, there is clearly still room for more top-class sires in France. In fact, we could even say that these stallions are lacking. In 2019, 34% of yearlings at the Arqana August Sale were sired by French stallions. By 2024, this figure had dropped to 30%
Consequences of Selectivity
The French breeding industry hasn’t become more selective overnight or by chance. The influence of the market is evident in this evolution. More and more French breeders are now attending sales – something that wasn’t always the case – and the results are immediate: they must meet market standards or risk returning home with their horse. This so-called selectivity takes many forms, and can sometimes be brutal.
In the flat racing European market, October 2024 saw a euphoric surge as Amo Racing spent 19.575 million guineas, boosting overall indicators. Three major players (Amo, Godolphin, and Blandford Bloodstock) accounted for 49% of Book 1 transactions! Breaking it down, the number of yearlings selling for 500,000 guineas jumped from 40 to 69 between 2023 and 2024. However, the number in the 100,000 to 299,000 Guinea range dropped from 176 to 128. Similarly, looking at the European market as a whole since August, only 56% of the 7,000 yearlings offered sold above the official stud fee (excluding additional costs and mare depreciation). That means 44% didn’t even cover the stud fee or were bought back. If you had those that didn’t reach their production cost (stud fee plus additional costs), and those not presented at the sales (due to veterinary issues, accidents, etc.), it’s clear that a majority of yearlings have resulted in financial losses for their breeders across Europe. This is despite the overall turnover for this age group increasing.
Consequently, at the other end of the chain, the stud fee market is constantly adjusting. But the same is true at the level of stud farms. The French TBA directory listed 62 stud farms standing stallions in 2020, 57 in 2023, and 51 in 2024. France has therefore lost 15% of its stallions farms in four years.
A Situation Benefiting France (Somewhat)
Across Europe, there’s a heightened focus on introducing stallions that align with the evolving commercial landscape. It’s striking to note that even the world’s largest racing operation, Godolphin, won’t be introducing any new stallions in 2025. Even major players, especially in England and Ireland, are exercising considerable caution. Consequently, two markets are experiencing opportunities that were previously unimaginable: France and National Hunt.
When you consider the quality of National Hunt newcomers in Ireland, from Hurricane Lane (Frankel) to Luxembourg (Camelot), it’s clear that these horses would undoubtedly have been top-class prospects for flat market in the 1980s or 1990s. Times have changed. For various reasons, French breeders have a more flexible cultural approach and are willing to give chances to stallions that may have a minor flaw – their sire, conformation, or maternal family – but whose overall profile is strong. As a result, a number of promising prospects have started their stud careers in France in recent years. History has repeatedly shown that French breeders have been vindicated when they’ve taken a more lenient approac
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