Business plunges at JRHA sale

Sober realism erased euphoria at the Japan Racing Horse Association select

sale on Tuesday as results from the first session of foals plunged, with gross

falling 31.2 percent from the comparable 2008 session to $32,354,736. Statistics

in every major category -- average price of $274,193 was down 27.8 percent, the

median of $210,526 declined 31 percent and the buyback rate jumped from 24.8

percent in 2008 to 32.2 percent -- were so deflating that JRHA Vice Chairman

Teruya Yoshida skipped his traditional news conference after the gavel fell for

the last time.

"This is a market we must accept under the current economy," said JRHA

spokesman Naohiro Goda, suggesting that consignors may have become too

optimistic following a 15 percent leap upward in gross during Monday's yearling

session. "Some consignors set high reserves for the first foal session, which

resulted in the high buy-back rate," Goda said, explaining that some viewed the

trend of increasing strength in Japan's yearling market as an incentive to hold

on to their foals for sale in 2010 unless they received outstanding prices.

Traditionally, Japanese buyers have preferred to purchase foals, but market

predilections are following international standards and shifting toward

yearlings.

One buyer proved he was undaunted by the economy, the reserves set by

consignors or the challenges of selecting future racehorses from foals still at

their dams' sides. Takaya Shimakawa, who owns more than 100 horses in training

and employs 10 trainers, launched a bold spending spree, pushing aside some

spirited challenges to halter all three colts that sold for more than $1

million, as well as five other foals. The top three colts were all consigned by

Katsumi Yoshida's Northern Farm, which also consigned the three yearlings that

brought more than $1 million on Monday.

Soft-spoken yet impishly amiable, Shimakawa clearly was relishing this

buyers' market. He glanced at the $1,736,842 receipt he was presented for a

robust Daiwa Major colt, who is a half brother to two-time Japanese Horse of the

Year and Triple Crown winner Deep Impact, and exclaimed with a sharp intake of

breath accentuated by dramatically arched eyebrows.

"What a big price!" he declared as if surprised, and indeed it was the

highest of the day. But the natural foods entrepreneur, whose business is based

in Sendai, couldn't contain the smile that was twitching at the corners of his

mouth and soon was chuckling, even though he professed to be worried about his

bank account.

Shimakawa had to fend off spirited competition from Makoto Kaneko, who

campaigned Deep Impact, and Riichi Kondo to obtain the colt.

"The Deep Impact colt is a very racy type -- he was my pick of the day. I

visited Northern Farm and I fell in love with him. Normally, I go to inspect

horses once, but I went three times to see this one," Shimakawa said. "His face

is a mirror of Deep Impact's."

Yasuo Ikee, who trained Deep Impact, agreed, describing the bay as a copy of

his sire. Ikee's son, Yasutoshi Ikee, was immediately tapped by Shimakawa to

eventually train his favorite purchase who, as a March 23 foal, is only about

four months old.

Shimakawa revealed he felt some hesitation about pursuing the session topper,

saying he "is like a small wrestler, carrying a lot of muscle. Some of my

advisors recommended that I buy him and others weren't sure. I came to the sale

today and saw him again and was impressed."

Shimakawa confided in a more serious moment that his second most expensive

purchase, a stylish colt by Deep Impact out of the Northern Taste mare Every

Whisper that cost $1,631,578, was his personal favorite among his Tuesday

purchases. The colt is a half-brother to stakes winners Tosen Jordan (Jungle

Pocket), who is owned by Shimakawa, and Dark Message (Dance in the Dark). 

Shimakawa's encore following the two top acquisitions was to obtain an

elegant son of Symboli Kris S. who is a half-brother to 2007 Japanese Horse of

the Year Admire Moon for $1,315,789.

"I didn't think I could buy him at this price," he said of the brown colt out

of My Katies (Sunday Silence), who also produced the Rock of Gibraltar (Ire)

colt that topped Monday's yearling session on a bid of $1,526,315 from Shigeyuki

Okada of Big Red Farm.

The sale concludes Wednesday.