sibaya sales day one down 17 percent..why

following on the cape sale which was well down the first day at sibaya was down 17 percent,is it all due to the economy or have the tba been enforcing strict buyers card applications or have owners finally realised that stakes and the industry as a whole is not heading in the right direction ..

pirate

The cape sale was just too much too soon, and without the pull of the Met the sale sank into a puddle of blood. Apparently the TBA decided that the stats are so bad they won't be putting them out.

I can tell you there are some very poor legged beasts at Sibaya (dare I say there are 1 or 2 which should not be on a sale that has a selection committee of any sort, because clearly everything must have got on).

This Sibaya sale still HAS a 'middle' market whereas in CT you could by a yearling (colt nogal) at 50% of the sire's service fee for the year it was conceived, 2 months before it turns 2yo.

But buyers should be happy, obviously the supply is greater than the demand, whatever the reason.

It was pointed out before when the sale prices kept rising year after year that they were following the rise in the stock market. The markets now are struggling, along with the economy. Dow Jones down 20% from it's high. I'd say the economy is a big part of the fall in prices.

Catch a wakeup,everybody knows that the National had buybacks galore.
The general economy is battling,car dealers estate agents falling like flies.
Huge numbers of highly educated young people leaving for better opportunities
elsewhere.
Many horse not paid for as trainers who spec bought unable to put together.
I was underbidder on a horse taken by up "the buyer"the only other bidder an extra R40k.in R5k bids.Know the breeder well,phoned to ask if I was still interested at R5k less than the sale price.No thank you.

just seen prices on tba website ,plenty buybacks i notice so yet again the prices still artificially high..bullshit baffles brains

cat

if i'm not mistaken, you often comment on buy backs and reserves.
Why?

To stir a bit,
why would you have an opinion that horse auctions should be any different to any other auction, from bbc's Antique Roadshow, to repo cars or houses to Sotheby's auctioning of a Rembrandt or an ocean Liner?

.

blood river as predicted years ago!!

I have repeatedly made the following suggestion regarding horse auctions to improve the 'credibility' of the sales.

Make it a condition of the sale that all bidders are issued with 'paddles' ( as they use at many other auctions ) and that these are clearly visible to the auctioneer/spotters as well as other bidders. Then when legitimate buyers see they are bidding against breeders and other vested interests they came simply withdraw. At the very least this would eliminate much of the 'sold out back' nonsense - which often leaves the buyers with the uncomfortable feeling that they have been bidding against the vendor.

This does not mean to say that breeders might not get paddles issued to 'friendly' bidders. But these bidders would still have to identify themselves and prove their affordability before being accredited- which might well reduce this grubby little practise quite dramatically.

A couple of years ago a female Cape Town owner was bold enough to suggest that the auctions were less than 'transparent'. She was viciously attacked in racing publications by any number of racing 'professionals'. Who remained thunderously silent when the selfsame allegations were raised later and proven to have had more than a suggestion of truth to them............

Oh well. Please excuse me as I have to go and see a man about a horse.........

Garrick,
As above with Cat (11:44), I'm quite keen to debate buy backs etc

1. I'll be straight up and tell you that I do sell yearlings at some sales.
2. I prefer to put on a reserve, because it's easier to sell afterwards as interested parties can see 'not sold' and how much.
3. I have on one occation bought a horse back for a specific reason

I note that many have expressed a dislike (or stronger) for buy backs, but I can't see why.

Mr H Cats..weve predicted this many times over last few weeks on this site and others..this is the beginning of very difficult times for racing industry..there are gonna be some nice deals for buyers who have cash over next few months trust me..and unfortunately some nice breeders are gonna bear the brunt of the economic downturn.