National Yearling Sale: ‘Don’t stop chasing the dream’

People who have made fortunes in business check their brains in at the door of the horse sales.

We were reminded of this adage by veteran stallion manager John Freeman as he studied final returns from the National Yearling Sale last week. Freeman declared himself mystified at prices achieved by unproven sires.

“I won’t even try to make sense of it. Our market is so small and fashion takes hold so quickly. How does any new sire, with only one winner, or one with no runners, outsell properly proven sires?”

Despite this, Freeman does see benefits for people like him in moneyed people getting spendthrift at a racehorse auction: “Passion is what it’s all about. Chasing the dream. Don’t stop.”

Irrational spending or not, Bloodstock SA said its premier sale delivered a “remarkable result” with an aggregate of R171,975,000.

It was South Africa’s first thoroughbred sale in a while to record a decline in the average price per lot, year on year.

However, crucially, the sale was held with the country in unfavourable economic mood – with ructions in the government of national unity, Trump tariff terror peaking and the rand slumping.

‘Remarkable result’

The BSA press release read: “Despite a decrease in the horse population and the sale of just 305 lots – 35 fewer than last year – the sale rose to expectations, achieving … an exceptional average of R563,852 per lot sold. This remarkable result underscored the National Sale’s ongoing ability to attract serious investment.”

With 43 yearlings fetching over R1 million, the sale showed depth of quality and demand. From the first lot, which fetched R3.25-million, to the second-last lot at R1.1-million, the spread of million-rand sales from top to bottom, across two days, highlighted the NYS’s “continued strength and broad appeal”.

The top buyer at the sale, for the 10th year running, was Jehan Malherbe of Form Bloodstock. Form bought 15 lots for more than R27-million, including the three top-sellers Lot 179 (R4.25-million, Avontuur Stud), Lot 1 (R3.25-million, Hemel N Aarde Stud) and Lot 244 (R3-million, Lammerskraal Stud).

Malherbe said: “We were able to buy most of what we shortlisted, including the top colt, a beautiful specimen by Rafeef out of a very good broodmare. Rafeef is red-hot at the moment, and we specifically targeted his progeny.”

Ridgemont’s Rafeef was as the second-most in-demand sire at the sale, with 27 lots sold for R27,125,000 – averaging R1,004,630. He trailed only Maine Chance Farms’ prolific top-performing stallion Vercingetorix, whose 25 yearlings amassed in excess of R35-million at a standout average of R1,435,000.

On the vendors’ front, Mary Slack’s Wilgerbosdrift Stud topped the list for the third time in five years, recording a turnover of R20-million from 20 yearlings.

Bloodstock SA boss Michael Holmes remarked: “The NYS remains the cornerstone of South African thoroughbred breeding tradition. The road to the winner’s enclosure begins with a dream, and it often passes through this very ring.”