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Goffs Yearlings Final Average Down 34%

Thursday, 2nd October 2008

Overall during the 3 sessions at the Goffs Million Sale, 444 yearlings sold (from 592 offered) for a cumulative €32,353,000 (A$55m) which was down 39% on last year's record €53,851,000 (A$91.5m). The cumulative average of €72,867 (A$123,000) was down 34% from last year's €110,350 (A$187,000). Goffs chief executive Henry Beeby summed up: "14 Goffs Gr1 wins, 4 Classics, 2 Derbys & 2 brand new Goffs Millionaires on Sunday. That was the backdrop to this week's Million Sale & we were hopeful of a trade that would come close to last year's solid renewal. However who could have predicted the scale of the world-wide financial meltdown that took place on Monday with the worst financial crisis since the 1920s? In those circumstances we have been pleasantly surprised at the measured calm & determination of our loyal vendors who have worked with us to produce another catalogue of potential winners. Goffs graduates' racetrack success this year has been extraordinary & any serious buyers who chose not to make their mark should look at the European Classic results of those winners who were sold at public auction & they will see Goffs Graduate with a regularity unmatched by any other. The Goffs Million rejuvenated this sale in 2005 & provided a leap of 183% over 3 years from a platform of a €40,226 (A$68,000) average. This week's results still compare very favourably with those statistics & represent an 81% advance over just 4 years. But we must concede disappointment with the scale of the slow down, although the general consensus appears to have been that we have hit the most difficult week in which to sell a luxury item in living memory. To record a top price of €1 million (A$1.7m) return a 75% clearance rate speaks for itself: down on last year, but still figures many would celebrate. Yes, it has been a tough week for vendors & auctioneers, but plenty of buyers have told us it has been hard to buy their selections."

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