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Goffs Yearlings: Falls Amid Economic Crisis

Friday, 3rd October 2008

Overall at the single session Sportsman's Sale, 198 yearlings sold for €2,377,300 (A$4.04m) at an average €12,007 (A$20,400) & and a median €7,500 (A$12,700). Goffs chief executive Henry Beeby commented: "Trade today followed a similar trend to that witnessed during the Million Sale (over the previous 3 days), although the scale of the slow down was happily less severe. We produced a quality catalogue of Sportsman's yearlings, but a number of external factors were at play that are simply out of our hands. Clearly the world-wide economic crisis has had a negative impact upon sales throughout this week, but even more specific to the Sportsman's Sale is the current problems within the Italian racing industry. Italian buyers are traditionally among the leading purchasers at this sale & while we were delighted to welcome several buyers from Italy to Goffs this week, the numbers present were significantly down on previous years which is disappointing. It has been a spectacular year for graduates of both the Million & Sportsman's Sales & while there have been some excellent results in the sales ring this week for vendors & purchasers, overall it has been a tough week which coincided with the world-wide financial crisis that caused such consternation as it seemed to lurch from one disaster to another. To sell a luxury like a racehorse in that climate is a challenge to say the least. The current recession in the Irish property market undoubtedly had a negative influence on sales with many Irish property developers, who have been such active purchasers in recent years, notably missing from the list of buyers this week. This is a problem unique to Ireland for while we have enjoyed their patronage in recent years, we have certainly felt their absence very keenly this week."

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