Tattersalls ends with across-the-board declines

Tattersalls' December Sale finished last night with a quiet breeding stock

session. A three-year-old colt sold as a jumping prospect to top the trade at

65,000 guineas. Champion jockey Ryan Moore outbid agent Geoffrey Howson for

three-year-old FIRST AVENUE (Montjeu [Ire]), a Flat handicap winner for Michael Tabor and trainer Michael

Jarvis.

"Dad (trainer Gary Moore) had other things to do today, so asked me to come

up and bid for this horse," Moore explained. "I think he'll be going hurdling,

and he's shown a liking for soft ground. I'm not sure if Dad has an owner for

him."

Thursday's session was representative of a sale which suffered major

across-the-board declines. The December Sale turnover of 49,901,250gns was 51

percent down on last year, while the 11,000gns median, 45 percent down on 2007,

was the lowest since 1998. The 39,138gns average dropped by 35 percent.

There were bright spots, however. Well-bred, accomplished mares were, as

ever, in demand, as witnessed by John Ferguson's sale-topping

1.95 million guineas bid for SAOIRSE ABU (Mr. Greeley) during Monday's opening

session. Other highlights included the 1.8 million guineas LADY MARIAN (Nayef)

and the 1.7 million guineas PRINCESSE DANSANTE (King's Best). All three

were session toppers and all three purchased by Ferguson on behalf of Darley's

Sheikh Mohammed.

"This has been a year of stark contrasts," Tattersalls Chairman Edmond Mahony

commented. "The Tattersalls year began with record-breaking sales in February and

at both the Craven and Guineas Breeze-Up sales, despite a sense of disquiet

surrounding the economic outlook. The July Sale, although solid, did not match

the levels of recent years, and as the sheer scale of the economic upheavals

became apparent, the autumn sales season was approached with a degree of

apprehension. Fortunately, throughout the 2008 sales season, the contribution

from our overseas buyers has been outstanding, but the implications of a

mismanaged domestic economy have been very evident. Book 1 of the Tattersalls

October Yearling Sale displayed remarkable resilience, as did the Autumn Horses

in Training Sale, but it has been clear over the last two months that the

bloodstock industry is anything but immune from the impact of a global economy

painfully short of confidence."

Mahoney continued, "The industry has experienced a prolonged period of

unprecedented growth since the last downturn in the early 1990s, with sales

turnover at Tattersalls growing by almost six times between 1992 and 2007. The

key now is to adjust as quickly as possible to the prevailing market conditions.

The combined British and Irish foal crops are at an all-time high, driven by the

sustained growth of recent years, and the 2008 sales season has illustrated

graphically that the market is unable to absorb the numbers. This is an

observation which we made last year, and that was after a record-breaking

December Sale. The need for adjustment is now rather more pressing, with the

impact of the downturn being felt in all sectors of the industry.

"Even in a period of sharp declines it is, however, important to accentuate

the positives. It would be fair to say that the 2008 December catalogue lacked

the extraordinary strength and depth of 2006 and 2007, but buyers have

consistently remarked that quality individuals were still very hard to buy.

"Our vendors have responded swiftly and positively to a challenging time as

the market finds a new level, and the weaker currency looks set to benefit our

multitude of overseas buyers for a while to come. The December Sale has, as

ever, acted as a magnet for bloodstock professionals from all corners of the

world, and we are enormously grateful for the support. We will, as ever, work

tirelessly to ensure that the industry's confidence in us is repaid, and that

Tattersalls continues to remain the focal point of the European bloodstock

industry for both buyers and vendors alike."