Conclusions From Deauville Downturn
Tuesday, 17 August 2010: Overall, the 2010 August yearling sale grossed 29.3 million, down 28% on 2009, for 289 yearlings sold (52 less than a year ago).
The average price dropped 17%, from 113,663 to 94,145, a figure close to that obtained in 2007.
The clearance rate settled at 68.8%, from 74%. However, 31 private sales were concluded outside of the ring, which brings the final percentage of horses sold to 76%.
Arqana president Eric Hoyeau commented on the results.
The top tier of the market has suffered the most, through the combined effects of a drop in the amounts that buyers are willing to spend on top class yearlings and reduced competition at the highest level resulting from the absence of several leading players, he said.
However, the core market has remained very solid, with genuine depth up to 400,000 as we saw on the second day of the sale.
The lower end of the market did OK but proved very selective, with buyers preferring to go home empty handed rather than purchase a horse that didn't tick all the boxes.
British agent Charles Gordon-Watson topped the buyers' standing over the four days, buying seven yearlings for a combined 2.4 million.
Long-time leader Haras d'Etreham once again dominated the vendors' ranks, selling 37 individuals for a total of 3,756,000.
However, the highest average was obtained by Ecurie des Monceaux, whose second year of offering yearlings in their own name yielded an average price of 152,333 for 15 horses sold.
The fourth and final day of the sale maintained the trend that had been observed during the previous session when the average held up at 42,796, down 7% from 2009, but the clearance rate suffered a significant drop from 77% to 68%.
On the final day four lots broke the 100,000 barrier, the same figure as last year. The day's top price was 190,000 for a filly by Elusive City.
She was purchased by Sir Robert Ogden, who bought eight yearlings over the four days of sale for a grand total of 1.8 million.
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