Skip to content

Stallion Reviews

Coolmore Fees 2023- €20k or less sires- What do the fortune cookies foresee?

Since I published my initial review of Coolmore stallions, Gustav Klimt has been exiled. This leaves ten sires standing for €20k or less. It’s a mix of the young and old, proven and unproven, pretenders, contenders and wannabees. Luck is a huge factor in successful breeding. Building on this insight, I incorporated a fortune cookie generator to help with my sire reviews. Initial results are promising and it seems more credible than some of the ‘expert analysis’ available in the trade press who simply regurgitate press releases/puff pieces. The Gods have spoken and who are we to disagree?

1. Gleneagles €17,500 (€15,000) (2012 Galileo ex You’resothrilling by Storm Cat).
Fortune Cookie Advice: “It is now and in this world that we must live“

The days when he stood for €60,000 and he was the bright shiny new thing on the Coolmore roster are gone. He has not lived up to expectations or the opportunities afforded him- but he is not a complete flop either. He sired five Group winners this year including a Grade 1 winner in Highland Chief (Man of War Stakes). He also sired two Group 2 winners including Royal Scotsman who was a close second in the Dewhurst and two Group 3 winners. His progeny seem to improve with age and many stay middle distances. There is nothing wrong with those qualities but they are not perhaps what the market expected from his offspring. His yearling median stayed at €32,000 but that is for a crop conceived at €35,000 so many breeders will have been stung by their involvement with him. Gleneagles is finding his place in the world, he has regained credibility as a sire but it would have been better to leave his fee unchanged as his best days commercially are long behind him.

________________________________________________________________________________________________________________

2. Sioux Nation €17,500 (€10,000) (2015 Scat Daddy ex Dream the Blues by Oasis Dream)

Fortune Cookie Advice: “It’s better to be alone sometimes”

44 winners to date, saw him take a prominent position in the first season sires table. He topped the European listing by number of winners and was just behind Havana Grey by prizemoney. His results on the track saw his yearling median increase from €24k to €43k. He was advertised as a source of precocious speed and he delivered on that. In that regard, it is understandable that he got a price increase. He had three Stakes winners so there was some quality but overall he doesn’t strike me as a sire who is going to be a consistent source of high class winners. In contrast, I can envisage Havana Grey moving to the next level. Sioux Nation covered 158 mares in 2020, 61 in 2021 and a mammoth 255 in 2022 so he will have lots of representatives in the ring on and the track in the coming years. There will need to be more quality horses emerging to justify his elevated fee. That may happen but I’d be very wary of following the herd on this one.
________________________________________________________________________________________________________________

3. Ten Sovereigns €17,500 (€17,500) (2016 No Nay Never ex Seeking Solace by Exceed and Excel)

Fortune Cookie Advice: “If you feel you are right, stand firmly by your convictions“

He has benefitted from the good season enjoyed by No Nay Never. A Middle Park and July Cup winner, who failed to stay in the Guineas and was beaten in the Commonwealth Cup, Nunthorpe and in the Everest. He has an unremarkable female line but in relative terms he is better priced than Blackbeard. He will have plenty of representatives in the ring and on the track as he covered 173 mares in 2022, 152 in 2021 and 214 in 2020. He had 88 yearlings sell for a median of €43,500 this year so they are popular in the ring and that underpins his fee. With big numbers to represent him, he will be one of the favourites for first season sire honours. He will be quickly shunned if he doesn’t make a strong start with his first runners but given his numerical strength, he has every chance to make an impact.

________________________________________________________________________________________________________________

4. Magna Grecia €15,000 (17,500)- (2016 by Invincible Spirit ex Cabaret by Galileo)

Fortune Cookie Advice: “Let the Deeds Speak“

First runners this year so definitely in the high risk category. That said, he was a good Guineas winner, he is a half brother to St Mark’s Basilica and Invincible Spirit has a decent reputation as a sire of sires. Although he won a Vertem Futurity at two , I wouldn’t expect his runners to be especially precocious. His yearling median was €45k this year but commercially everything is dependent on how his first runners perform and anyone who tries to predict that is just sticking a finger in the air.

________________________________________________________________________________________________________________
5. Calyx €10,000 (12,500)- (2016 Kingman ex Helleborine by Observatory)

Fortune Cookie Advice: “A short stranger will soon enter your life with blessings to share”

Alternative Fortune Cookie Advice: “You learn from your mistakes, you will learn a lot today”

Another sire due to have his first runners 2023. His fee has steadily dropped each season from an opening €22,500. Since then, we have all cooled somewhat on Kingman. In the cold light of day, Calyx’s race record shows he was talented but fragile. He managed only 4 starts and never contested a Group 1. He covered 163 mares in 2020 which dropped to 105 in 2021. He is not the biggest at 15.3 but I liked his turn of foot. He is one for gamblers that could go either way.

________________________________________________________________________________________________________________
6. Circus Maximus €10,500 (12,500)- (2016 by Galileo ex Duntle by Danehill Dancer)

Fortune Cookie Advice: “You will travel to many exotic places in your lifetime”

Entering his third season at half his opening fee, but has been a hard sell to breeders. Circus Maximus was high class, sound and genuine but for me lacked a bit of star quality. He has received some high class mares from the Niarchos broodmare band which should help his prospects. Despite this, it would be no surprise if he followed in the path of the similarly bred The Gurkha, who ended up plying his trade elsewhere after initial runners failed to fire.

________________________________________________________________________________________________________________

7. Footstepsinthesand €10,000 (€12,500) (2002 Giant’s Causeway ex Glatisant by Rainbow Quest)

Fortune Cookie Advice: “Now is the time to try something new“

I never understood the attraction of Footstepsinthesand. He is now entering his 17th season at stud but he has sired just three Northern Hemisphere Group 1 winners . His progeny are overrated by trainers . This underpins his sales price (yearling median of c.€23k) but for me he is very limited and is one to avoid.

________________________________________________________________________________________________________________

8. Holy Roman Emperor €10,000 (€10,000) (2004 Danehill ex L’On Vite by Secretariat)

Fortune Cookie Advice: “Life consists not in holding good cards, but in playing those you hold well”

Had a decent year on the track with 5 Group winners in the Northern Hemisphere, headlined by dual Group 2 winner Jadoomi. At the sales, his yearling median increased to €26,783. At the money, I think he is a solid sire who is perhaps a better percentage choice for a young mare than some of the more fashionable but unproven sires.

________________________________________________________________________________________________________________

9. U S Navy Flag €10,000 (€12,500) (2015 War Front ex Misty For Me by Galileo)

Fortune Cookie Advice: “You already know the answer to the questions lingering inside your head”

Had his first runners in 2022 and started brightly before faltering. Perhaps bolstered by early season results he covered 144 mares a big jump on the 59 covered in 2021. To date he has an underwhelming 11 winners that included 2 Listed winners. His yearling median has declined from €53,500 in 2021 to €22,000 in 2022 so the market has lost faith. We sometimes bemoan the tendency to write off sires much too early but it’s hard to see him recovering and he may be used as another stick to knock sons of War Front. There are now big question marks surrounding him.

________________________________________________________________________________________________________________

10. Arizona €5,000 (€6,000)- (2017 No Nay Never ex Lady Ederle by English Channel)
Fortune Cookie Advice: “Fortune favors the brave”

Now entering his third season, he got a price reduction despite the good year for No Nay Never. Arizona has his plus points as a Coventry winner who was second to Pinatubo in the Dewhurst. He will suit breeders looking a commercial source of cheap speed/precocity and is probably reasonably priced overall who may get a return with him.

________________________________________________________________________________________________________________

Final Thoughts

Coolmore has lost ground to their rivals but they are still the biggest operator by far in the Irish market. The roster lacks diversity and is relatively unadventurous. Given their financial muscle, it would be refreshing to see them introduce some American and more Japanese bloodlines. Coolmore achieved their elevated status through years of shrewd decision making. In the words of the fortune cookie generator ” The man on the top of the mountain did not fall there”. Staying on top of the mountain will need them to adapt but they are more than capable of that.


Coolmore Fees 2023- Part One- The big guns reviewed

2022 was a disappointing year overall for Coolmore’s Irish sires. No Nay Never did well, but no other sire really enhanced his reputation. Coolmore lost their 30 year grip on the UK/Irish sires championship in 2021 and they seem unlikely to reclaim that championship anytime soon. Their best placings in the sires table were the irreplaceable Galileo in 4th and No Nay Never in 10th.

Ballydoyle was light on top three year old colts so the only addition to the roster was the temperamental two year old Bluebeard. The roster saw the departure of Highland Reel (to Japan) and Rock of Gibraltar (to horsey heaven) leaving a roster of 21 sires for next year. In terms of pricing, they were conservative with only minor tweaks. The best mares in Europe are now earmarked for Frankel/Dubawi/Sea the Stars/Siyouni rather than Coolmore sires, but Coolmore is still the destination of choice for a significant proportion of the Irish and UK broodmare band. .

Below is my assessment of their published fees for 2023, starting with the priciest sires.

Stallion 2023 fee (2022 fee)

1. No Nay Never €175,000 (€125,000) (2011 Scat Daddy ex Cat’s Eye Witness by Elusive Quality)

Verdict: Had a very good year but he is no Danzig

No Nay Never (NNN) was the real bright spot of the year for Coolmore. A stellar crop of two year olds conceived at €100k included three Group 1 winners in Little Big Bear, Blackbeard and Meditate and Group 2 winners in Aesop’s Fables and Trillium. The four year old Alcohol Free added the July Cup to her haul, so his offspring can also train on. MV Magnier was reported as saying his father was comparing NNN with Danzig. NNN is now 6% stakes winners to foals of racing age (45 stakes winners from 809 foals of racing age), a figure which will improve in time. In an era of much smaller books, Danzig sired 198 stakes winners from 1099 foals (18%) and almost 50 Grp 1 winners. No Nay Never has to date sired 7 Grp 1 winners so in truth the comparison is very much a case of wishful thinking. A closer comparison is probably Danzig’s son War Front (11% stakes winners) who also rose from a modest opening fee to the top ranks of sires.

I previously wrote that to justify his six figure fee he needed to produce 2-3 Group 1 winners each year. He succeeded admirably in that regard this year. He covered a book of 178 mares this year and 183 mares last year so he won’t be short of well bred representatives on the track in the coming years. Commercially he remains in the high risk category. Despite his results on the track, his yearling median this year was €153k- from a 2020 covering fee of €175k. Sprinters/two year olds are simply never going to attract the same blockbuster yearling prices as elite middle distance sires. Coolmore will be hoping that Little Big Bear will train on to become a Guineas winner as he will need to start producing classic milers to alter the perception of him as a two year old/sprinter sire. No Nay Never is going to be a big player for Coolmore/Balldoyle in the coming years but despite his qualities he is not attractively priced for outside breeders.

2. Wootton Bassett €150,000 (€150,000) (2008 Iffraaj ex Balladonia by Primo Dominie)

Verdict: Little upside at that price

Coolmore’s faith in No Nay Never was repaid on the track this season. Big money signing Wootton Bassett still has to deliver for them but he is being given huge support.

His first 8 crops led to 488 foals. In contrast, he has covered 249 mares in 2022 and 244 mares in 2021. It must have been a relief for Coolmore to see Al Riffa win the National Stakes as his dam is by Galileo and he has covered an abundance of Galileo mares in the past seasons. On the track, the supporting cast wasn’t that exciting with Group/Grade 2’s for Chindit and Speak of the Devil the best of them. His yearling median in 2022 was €150,000 which was a good out-turn for a crop conceived at €40,000. At €150,000 he will need to deliver 2-3 new Group 1 winners each year and produce classic contenders. He may well do so but I wouldn’t be rushing to invest at this stage as he is priced as if he has already delivered on the potential shown by his earlier crops.

3. St Mark’s Basilica €65,000 (65,000) (2018 Siyouni ex Cabaret by Galileo)

Verdict: a well credentialed but expensive gamble

Kept at the same fee for his second season after attracting 176 mares this year. He has lots to recommend him as a top class racehorse at two and three who won a Dewhurst, two French classics and a high quality renewal of the Irish Champion Stakes (albeit the stewards should have reversed the placings with Tarnawa in that race). He was a 1.3 million Guineas yearling and he is a half brother to Magna Grecia . With a strong book of mares he will be given every chance of succeeding but history tells us that most sires don’t live up to expectations. On the basis of historical probability rather than a reservation about his individual merits I would rate him as too risky at that price.

4. Camelot €60,000 (€75,000)- (2009 by Montjeu ex Tarfah by Kingmambo)

Verdict: Flatters to Deceive

There was a lot of expectation around Luxembourg this year but he had mixed year. He was 3rd in a Guineas, missed the Derby, won the Irish Champion Stakes and finished 7th in the Arc. He remains in training to embellish his record before presumably retiring to Coolmore for the 2024 season. In contrast Sammarco won the two German group 1’s with little fanfare. Waterville won a Ceaserwitch which wasn’t the plan early in the season when he was touted as a classic contender. That for me is the story of Camelot, he flatters to deceive a little- with horses like Sir Dragonet, Santa Barbara, Pink Dogwood and English King all disappointing in classics when fancied . His yearling median somehow reached €160,000 in 2021 before dropping back to €90,000 this year. I suspect the market may continue to cool on him in the coming years and he makes little commercial appeal at that price.

5. Starspangledbanner €50,000 (€35,000) (2006 Choisir ex Gold Anthem by Made of Gold

Verdict: Pricey given his black type percentages

His fee has risen steadily over the past five seasons from €15,000 in 2018 to a heady €50,000 next year. He has gone from being a value sire to an overpriced sire. He made his name as good sire of sprinters/two year olds but surprisingly his two Group 1 winners in 2022, Aristia and State of Rest both triumphed over 10 furlongs and he has just had a third group 1 winner in the Hong Kong Mile victor California Spangle. His fertility has improved markedly from his early days but his percentages have gone in reverse. He is now showing 25 Stakes winners from 722 foals of racing age, a rather modest 3%. His yearling median in 2022 was just over €60,000 which was a good return from a €22,500. However I’m not sure he will rise much further. He is a sire I liked and his recent Grp 1 winners are changing perceptions of him but the price increases were overdone.

6. Saxon Warrior €35,000 (€20,000) (2015 Deep Impact ex Maybe by Galileo)

Verdict: Interesting but overpriced

Victoria Road got up on the line to win the Breeders Cup Juvenile Turf by a nose. I suspect if the photo finish had gone the other way, Saxon Warrior would be listed at 25k for next year and that would be a more realistic fee for him. He had three stakes winners with Grp 3 winners Moon Ray and Lumiere Rock joining Victoria Road. He also sired Gan Teorainn who was runner up in the Prix Marcel Boussac and was later sold for a cool million. In total he had 22 first crop winners which was a decent outcome given that his progeny can be expected to do better at three. His yearling median was just over €40k so the market wasn’t entirely bowled over by his first crop. He was an admirable horse winning a Guineas and Racing Post Trophy and losing out narrowly to Roaring Lion over 10 furlongs. His pedigree is top notch being a son of Deep Impact and his dam was a Moyglare winner so there is plenty to like about him but the price increase was overdone.

7. Churchill €30,000 (€25,000)- (2014 by Galileo ex Meow by Storm Cat)

Verdict: A poor sire despite Vadeni

Vadeni showed that Churchill can sire a really top horse. His two year olds included Prix Marcel Boussac winner Blue Rose Cen and Royal Lodge winner The Foxes. Yet despite those successes Churchill is not a good sire. He has covered huge books throughout his career – 211 mares in 2018, 214 mares in 2019, 250 mares in 2020, 198 in 2021 and 108 in 2022. His yearling median dipped slightly to €50,000 so the market hasn’t abandoned him yet. However his overall record (8 stakes winners and 96 winners) is far from impressive and for me he is one to avoid.

8. Sottsass €25,000 (25,000) (2016 Siyouni ex Starlet’s Sister by Galileo)

Verdict: Fairly Priced

Sottsass race record of an Arc, Prix Ganay and French Derby is impressive. His pedigree is impressive with the dam also producing 7 time Gr. 1 winner Sistercharlie and Gr. 1 placed My Sister Nat. St Mark’s Basilica is the more high profile son of Siyouni but at their respective prices Sottsass is better value.

9. Australia €25,000 (€35,000)- (2011 by Galileo ex Ouija Board by Cape Cross)
Verdict: Slightly overpriced (should be €20,000)

Had a new Grp 1 winner in Ocean Road and Nachtrose won the Oaks D’Italia. However, overall it was an underwhelming year on the track. At this stage in his career we have a fair idea of the true merit of Australia. He is a decent sire of 5% stakes winners but he has his limitations. He has covered 173 mares in 2022 and 162 in 2021 with many of these reportedly foal shares. His yearling median dropped back to €33k this year and I suspect he will struggle to regain the love of the commercial market.

10. Blackbeard €25,000 (na)- (2020 by No Nay Never ex Muirin by Born to Sea)
Verdict: Overpriced– Ten Sovereigns is better relative value

Ran 8 times and won 6 times including a pair of Group 1’s in the Prix Morny and Middle Park. He was an early two year old, debuting in April, winning a Listed race in early May and a Group 3 later that month. His dam Muirin won at two and was 4th in the Moyglare but never won again in five later career starts. Blackbeard cost 270,000 guineas as foal and following his exploits his sister cost an eye popping €2.6 million as a yearling. Blackbeard was also notably quirky (see video of his antics below https://www.youtube.com/watch?v=JirvdmHzh84&t=9s) and it was hard to envision him improving his record at three. The fact that Little Big Bear was kept in training and Blackbeard retired is a good indicator of who they perceive as being the better horse/better prospect. Taking everything into account, I think he is well overpriced. If you really want to use a son of No Nay Never at Coolmore then Ten Sovereigns is standing at €17,500 and he was both a better horse than Blackbeard and he trained on at three.


Whitsbury Stud Fees 2023- After Due Diligence, what sires will be Showcased as havn’ a greyt price?

Whitsbury Stud were quick off the mark with their fees for 2023. The stud was founded by the bookmaker William Hill in the 1950’s and is now run by Ed Harper. Their website https://www.whitsburymanorstud.co.uk/index.html is surprisingly basic but they are fortunate that their stallions progeny are doing the business on the track and they don’t need flashy websites 🙂

Below is my assessment of their published fees for 2023..

Stallion 2023 fee (2022 fee)

  1. Showcasing £45,000 (£45,000)- (2007 Oasis Dream ex Arabesque by Zafonic)

Verdict: Slightly Overpriced

Showcasing retired for a fee of £5000 which was reduced to £4500 for the subsequent three seasons. As he now stands at ten times that price its fair to say he has greatly exceeded expectations. He is now well established in the top division of stallions on these islands.

He retired as the winner of the Gimcrack, he ran to a similar level when third in the Middle Park. As a three year old he was placed in Duke of York before flopping in his final two starts. He came with a typically strong Juddmonte pedigree and was a half brother to Camacho who has had his moments at stud from low fees.

His first crop included Cappella Sansevera and Prize Exhibit and his second gave him a Group 1 winner with Quiet Reflection and a Group 2 winner in Tasleet. There weren’t a lot of stars in his third and fourth crops but triple Group 1 winner Advertise led his 2016 crop and an even better horse in Mothaater followed in his 2017 crop along with Soldier’s Call. These sort of results saw his fee hit £55,000 in 2019 and 2020 before dipping back again to £45000.

In general he is a good sire of sprinters/milers, many of them precocious. For a relatively young sire who started at bargain basement fees, it’s surprising that he has five sons at stud (Capella Sansevera, Tasleet (who sired a Coventry winner in his first crop) and a trio yet to have runners in Advertise, Soldiers Call and Mothaater).

In 2002, Showcasing had plenty of success with his two year olds. Belbek won the Grp 1 Prix Jean Luc Lagardere and he was backed up by the Group 2 winning fillies Swingalong (Lowther Stakes) and Dramatised (Queen Mary). He has 77 yearlings sold this year for an average of £74000 and a median of £52,500. Given their conception fee was £55,000 commercial breeders weren’t covering costs. It seems that the market appreciates the merits of Showcasing but isn’t willing to pay silly money for his progeny. It is for this reason I rated him as slightly overpriced but he is undoubtedly a very useful sire.

2. Havana Grey £18,500 (£6000)- (2015 Havana Gold ex Blanc de Chine by Dark Angel)

Verdict: Bargain

Ed Harper is quoted as saying they thought long and hard about what fee to set for Havana Grey. To be fair it’s a tricky decision. He set a blistering pace in the first season sires championship with a very impressive 50% winners to runners (40 winners from 80 runners) , 5 stakes winners and 3 Group horses. The only slight reservation was the lack of a real superstar with no winners above Group 3 level and his highest rated horse being the 108 rated Eddie’s Boy.

This crop of two year olds was conceived off an £8000 fee. His fee dipped to £6500 and then £6000 for his third and fourth season. Doubtless breeders who patronized him then are delighted now. His 2022 yearlings sold for an average of £59000 with a median of £43000, which is a great result off a £6000 fee.

Havana Grey was a tough two year old running eight times highlighted by a win in the Molecomb and a runner up spot in the Prix Morny to Unfortunately. He ran a similar number of times at three and added the Group 2 Sapphire Stakes and the Group 1 Flying Five both at the Curragh. In third place in that Flying Five was Sioux Nation, his closest rival for the first season title.

Havana Grey’s pedigree is unremarkable. His sire Havana Gold is doing well but is still available at £12500. Blanc de Chine, his dam by Dark Angel has produced little of note and you need to go well back in the pedigree to find any real quality via Chain Store (dam of Al Bahathri).

It’s interesting to watch the change in stamina through the generations. Sadler’s Wells progeny had an average winning distance of 11.4f, Galileo 11.2f, Teofilo 10.8f, and Havana Gold’s is 7.8 furlongs . Havana Grey was best at 5 but ran well in the Morny over 6. This is a good example of the figures quoted by Emmeline Hill of Plusvital who estimated that there is a 50% reduction in T:T horses (stamina) in the general population and a 70% increase in C:C (sprinters).

I believe his 2023 fee is a bargain as for me his runners are greatly exceeding expectations across all metrics. Having 80 runners is hugely impressive from a crop of 116 foals (103 quoted in some reports). Having 40 winners already is hugely impressive. Having 5 stakes winners is impressive. When those results come from a fee of £8000 he gets extra kudos. We obviously don’t know yet whether his runners will train on but it’s encouraging that he trained on well. His subsequent crops will have slightly lesser books of mares so he may dip in terms of profile. However, I think all the signs are that this is a breakthrough sire in the mould of a Dark Angel or Mehmas. I was expecting a £25000 fee and for me he represents a very attractive risk/reward profile. I expect his fee to be comparable with Showcasing in another few years.

3. Sergei Prokofiev £6,000 (£6000)- (2016 Scat Daddy ex Orchard Beach by Tapit)

Verdict: Your guess is as good as mine

Cost $1.1 million as a yearling. He had his moments on the track notably winning a Cornwallis Stakes (Grp 3) and two Listed races but he was short of being top class. UK Breeders must believe that being a son of Scat Daddy is enough to guarantee success as he has attracted bumper books of 150+ in his first two seasons. The rise of No Nay Never and good starts by Sioux Nation and Justify support that theory.

I would be cautious as even the best sires of sires have plenty of dud sons and Scat Daddy isn’t at that level. Those big books though give him every chance to succeed and he could easily make his mark despite his lack of top class racing ability.

4. Due Diligence £5,000 (£5,000)- (2011 War Front ex Bema by Pulpit)

Verdict: Overpriced

A better racehorse than Sergei Prokofiev, he ran a huge race to be runner up in the Golden Jubilee. Whereas Sergei Prokofiev benefits from the reflected halo effect of Scat Daddy , Due Diligence suffers from the distaste that now exists for sons of War Front. Market prejudices may be irrational but commercial breeders cannot be oblivious to them. Due Diligence had a yearling median of just £7875 in 2021 but this recovered to £16275 in 2022. This was somewhat surprising as he had nothing decent emerge on the track in the year. His overall record is reasonable with 54 winners from 120 starters and 164 foals of racing age as he has struggled for patronage compared to some of his stud mates. To date he has 3 stakes winners led by a pair of Group 3 winners but its difficult to imagine him rising too far up the ranks.

For me the most interesting thing about this sire is his record with Compton Place mares. He has a pair of Group 3 winners in Good Vibes and Streamline ex Compton Place mares and his highest rated horse on Racing Post Ratings, Diligent Harry is out of a Compton Place mare. In total there are only seven foals of racing age bred on this cross so for nicks fans despite the small sample size this has got to be a really interesting option.

The Irish National Stud Accounts: Notes to Note

The 2020 accounts of the Irish National Stud can be viewed at https://irishnationalstud.ie/wp-content/uploads/2021/07/INS-CONSOL-FY20-Financial-Statements.pdf .

The accounts themselves don’t contain too many surprises but there are a few interesting revelations contained within the notes to the accounts:

  1. The Directors of the Stud during that period included Jessica Harrington and Mark Weld. They were each paid €8,100 for attending 5 meetings- so it’s a nice gig. As the above note shows, Jessie Harrington and Dermot Weld were selected to train horses owned by the INS in 2020 or 2019. Jessie and Mark Weld may have excused themselves from the deliberations regarding the selection of trainers but it’s a situation that should be avoided. A new policy should be introduced that Board members or their families are precluded from training horses of the stud. It might also be worth asking what tendering process was undertaken before deciding that the best trainers happened to be those sitting at the Board table? The amounts involved are small in the overall context of the stud but the optics in terms of ‘insiders’ are not good…

The INS could go a step further and deliberately place horses with smaller trainers/regional trainers/younger trainers. The trainers used should be rotated every few years. The loss of a few horses isn’t going to impact on a Dermot Weld or Jessie Harrington but it would be a nice boost for someone at an earlier stage of their career.

2. The stud has received a derogation from the Dept of Agriculture to avoid listing the number of employees by salary bands, which is not good practice and should be reviewed. This is the same evasion as practiced by the IHRB and prevents proper scrutiny of the appropriateness of the management structure and payscales.

3. On a positive note, the salary of the Chief Executive Cathal Beale is fully disclosed as is a requirement under the Code of Practice for Commercial State Bodies. This salary amount might attract outrage on Liveline (an Irish chat show in which the callers complain about everything) but it doesn’t seem outlandish for the role and for someone who has brought some energy to the role.

Casting an Expert Eye over the Juddmonte Sires…

If you’ve waited with Bated Breath, for me to cast my Expert Eye over Frankel to check if he is now the King-Man of European stallions, well you are in for treat. This is no mirage or Oasis Dream, this is my review of the Juddmonte sire fees for 2022… 🙂

1.Bated Breath £15,000 (£12,500) (2007 Dansili ex Tantina by Distant View)

Verdict: Overpriced

He was unraced at two, a progressive handicapper at three, before coming into his own at four and five. He won the Group 2 Temple Stakes and was four times a runner up in Group 1’s. Dansili’s progeny having an average winning distance of 9.7f and his dam produced 9 furlong Group 1 winner and underrated sire Cityscape, but this fellow was a pure sprinter equally adept at 5 and 6 furlongs.

His record to date isn’t particularly exciting. He stood at £8,000 for his first two seasons and has gradually crept upwards to reach a new peak of £15,000 for 2022. A lot of his success is in the US with Gift List and Viadera both notching Grade 2’s in 2021 and Space Traveller being Grade 1 placed. In Europe, Sacred Bridge looked like a potential superstar for Ger Lyons but she flopped when favourite for the Cheveley Park . To date, despite 6 crops having run and mostly 3 figure crops, he has a solitary Group/Grade 1 winner in Viadera. His tally of 20 stakes winners from 619 foals of racing age is a modest 3%. There are better value options on both sides of the Irish sea….

2.Expert Eye £10,000 (£12,500) (2015 Acclamation ex Exemplify by Dansili)

Verdict: Fairly Priced

Entering his fourth season at stud so he will have his first runners next year. He finished his career with a record that included wins in the Vintage Stakes at two, and a Jersey Stakes and a Breeders Cup mile at three. His final tally showed five wins and three places from 10 starts. His Breeders Cup mile wasn’t the best running of that contest and in truth, he was a little short of being a truly top miler (well beaten in the Guineas, 2nd in the Sussex to Lightning Spear and 3rd in the Moulin to Recoletos).

On the plus side, he comes from a typically deep Juddmonte family and Acclamation’s reputation as a sire of sires has grown again now that Mehmas has joined Dark Angel as a successful sire-son.

Using any fourth season sire is a risky strategy, but I think he is reasonably priced for the package on offer..

3.Frankel £200,000 (£175,000) (2008 Galileo ex Kind by Danehill)

Verdict: Good Value…

Had a stellar year in 2021, ending Galileo’s reign as champion sire in GB/Ireland and also topping the table in Europe. He was represented by Derby winners in Adayar and Hurricane Lane, top fillies in Alpinista and Snow Lantern, a classic prospect with Inspiral and enjoyed a season total of 8 Group 1 winners (2 of them in Australia). He now has 83 stakes winners from 791 foals of racing age. This equates to 10.4%, which is very impressive in the modern era.

The future looks even brighter for Frankel. Just as Galileo replaced Sadler’s Wells as the sire of choice for elite mares, Frankel is now poised to assume that role. Dubawi will be 20 next year and access to him is likely to be increasingly restricted. With longevity, Frankel looks well set to add a few more championships to his record. There are still many gaps in his cv (Guineas winners, top two year old colts etc ) but we can expect these to fill in over time. Noble Truth (by Kingman) finished 2nd in the Prix Jean Luc Lagardere to give rise to expectations that he will make his mark as a broodmare sire as well.

How to assess his fee? His yearling median was ‘only’ £241,500 (Dubawi’s was £446,250) but he is now entering a price point well beyond the typical commercial breeder. Given the year he enjoyed, I expected a bigger hike than £25k. He may only be an option for the super-rich for whom price is less of a consideration but he is a relative bargain at the price…

4.Kingman £150,000 (£150,000) (2011 Invincible Spirit ex Zenda by Zamindar)

Verdict: Fairly Priced…

Had a good year with 20 stakes winners. Palace Pier added 3 new UK Grp 1’s, Domestic Spending won two Grade 1’s in the US and Schnell Meister won a Grp 1 in Japan. In addition, he had 6 Grp 2 winners, 4 in the States, 1 in Japan and Kinross in the UK.

Kingman’s success to date has been based on his initial crops conceived at £55k. There will be 149 two year olds bred at £75k to run in 2022 and his £150k crops will follow. Despite being a young sire, he will have 5 sons at stud in Europe next year (Palace Pier, Persian King, Calyx, Roseman and Headman).

Commercially, his yearling median dropped to £178,500 from £236k in 2020. That however is still a good return off a £75k cover. His percentage of black type winners is currently running at 9% (43 from 474 foals) and those figures deservedly place him amidst the elite European sires.

With the retirement of Palace Pier, he could do with a new star emerging in Europe. Kingman is not cheap at his current price, but it’s reasonable to assume that he will capitalise on his better and bigger books of mares (116 of the 178 mares he covered in 2020 were elite mares) and on that basis he is probably reasonably priced.

5.Oasis Dream £20,000 (£20,000) (2000 Green Desert ex Hope by Dancing Brave)

Verdict: Good Value..

Now entering his 19th season at stud, the National Stakes & Dewhurst winner Native Trail showed he can still produce a top horse. The supporting cast was not as impressive but there were 3 other Group winners and a total of 8 stakes winners in the year.

He now has lifetime figures of 127 stakes winners from 1631 foals of racing age, which is a very respectable 8%. His yearling median was £69,300 off a covering fee of £30,000 which is also a healthy return.

He has also done respectably as a broodmare sire with 65 stakes winners produced by his daughters to date. He has a good sire son in Showcasing, along with his share of disappointments as well (Arcano, Morpheus, Naaqoos, Muharrar etc). He won’t be around forever and assuming his fertility remains strong, he represents very good value as a proven, reliable sire.

Final Word/Future of Juddmonte/What is it worth?

Khalid Abdullah died in January 2021 casting in doubt the future of the Juddmonte operation. In a statement, the family committed to continuing his legacy but there does not seem to be an obvious successor with the same interest as Prince Khalid. If there are any multi-billionaires looking to buy a seat at the very top table a lock, stock and barrel purchase of Juddmonte would be an excellent place to start. There are plenty of precedents for such moves. In 2008 Sheikh Mohammed paid $460 million for the Inghams operations in Australia and the Aga Khan purchased the Dupré, Boussac and Lagardére bloodstock interests. Juddmonte would be a step up again for any purchaser. It’s interesting to speculate on what it might cost. The broodmare band comprises some 200 mares including the likes of Enable. If we took an average mare value of £400k that would equate to £80 million (a snip). Valuing the stallions is obviously tricky but if we took 500 times their combined stud fees we get a figure of around £200 million with almost all of that accounted for by Frankel and Kingman. This will have to be reduced if there are substantial breeding rights held by third parties. Add in another £100 million or so for the land, yearlings and racing stock and there is a deal to be done for little more than the cost of a struggling Premier League club such as Newcastle… Someone should go for it…..

Tally-Ho Stud- leading the chasing pack?…

Coolmore and Darley dominate the Irish flat stallion ranks and there is quite a gap back to the chasing pack. Tally- Ho stud has made significant progress in recent years and now has claims to be the ‘best of the rest’ in terms of their stallion roster. Their roster would be even more impressive if they hadn’t prematurely lost Red Clubs and Society Rock.

The stud was founded by Tony and Anne O’Callaghan (a sister of John Magnier). They are commercially astute and know how to maximise their assets. The covering figures for 2021 illustrate that point with Mehmas covering 292 mares, Kodiac 239, Inns of Court 184 and Cotai Glory 113…. A portion of these numbers can be accounted for by foal shares and their own band of mares but they are also clearly very good at sourcing, pricing and making stallions that the market desires.

Below is my review of the seven stallions on their roster for 2022.

1.Cotai Glory €8,500 (€5,000) (2012 Exceed and Excel ex Continua by Elusive Quality)

Verdict: Overpriced (slightly)

Stayed in training until he was five and retired with a record of 4 wins from 30 starts. He never won above Group 3 level although he did everything but win the Flying Childers (Grp2), as he swerved and unseated his jockey just before the line. He was also only beaten a neck by Profitable in the Kings Stand as a four year old. He cost 75,000 guineas as a yearling which was below the median for Exceed and Excel that year and indicates that he comes from a relatively ordinary distaff line.

He retired at €6,000 and had 126 foals in his first crop. At the time of writing he has had 84 runners and 34 winners headlined by Atomic Force who won the Grp 2 Prix Robert Papin. He also had an Italian Listed winner and Eldrickjones who was runner up in the Coventry. His good results on the track saw his yearling median jump from €10,894 to €29,216. There are quite a few sons of Exceed and Excel all at stud for under 10k including Bungleinthejungle, Buratino, Kuroshio, James Garfield and Burwaaz. The expectation with them is that they will produce speed and precocity and these are popular traits in the market. Cotai Glory has delivered so far and to be fair, his results warranted a price increase and his yearling median did likewise. My slight quibble is that although he got plenty of winners, I’d have liked to see a bit more quality. He has a smaller crop of two year olds for 2022 (69) and I’m not sure he will still be as in demand when selling yearlings in 2024.

2.Galileo Gold €7,000 (€5,000) (2013 Paco Boy ex Galiciux by Galileo)

Verdict: Good Value

I thought he had an excellent first crop that exceeded expectations. Ebro River won the Phoenix Stakes, Oscula who cost just €4,000 as a yearling won a Grp 3 and System won a Listed race. In addition, there were 3 other horse who picked up placed black type. At the time of writing his record stood at 24 winners from 61 runners from a total crop of 108 foals conceived off a €15,000 opening fee. He will have a smaller second crop of 62 two year olds in 2022 conceived at €10,000.

His sales returns rebounded after his first crop success with his yearling median increasing from €16,350 to €26,240.

Galileo Gold won the Vintage Stakes at 2 (Grp 2) but was better at three winning the Guineas on his reappearance and later adding a St James Palace. He was kept in training at four but he managed only one disappointing start in the Lockinge.

The big concern about Galileo Gold was his pedigree or more particularly his sire Paco Boy . Paco Boy was banished to Turkey and with only 3% stakes winners no tears were shed at his departure.

Galileo Gold’s female line is solid. He is out of a Galileo mare and Goldream is under his second dam. His fourth dam is Floripedes, the dam of Montjeu.

Paco Boy didn’t stop Galileo Gold being a top class horse and he doesn’t seem to be stopping him as sire. I think he is underrated and represents good value.

3.Inns of Court €5,000 (€5,000) (2014 Invincible Spirit ex Learned Friend by Seeking the Gold)

Verdict: Undecided

A useful sort from 5 furlongs to a mile, he won his only start and two, stood up to 4 seasons of training and compiled a decent looking record of 7 wins and 7 places for 18 starts. His best runs were probably when just touched off in the Prix Jacques le Marois (8f) as a three year old and in the Prix de la Foret (7f) as a four year old. He won the Prix du Gros-Chene (Grp 2) over 5 furlongs as a five year old so he was clearly versatile regarding trip. His female line is good, with his grand-dam Lune D’Or winning the Premio Lydia Tesio when it carried Grp 1 status and she in turn was dam of top class Japanese performer Fierment.

There are no shortage of sons of Invincible Spirit to choose from in Europe (19 listed on stallionguide.com). Invincible Spirit is described as a successful sire of sires based on Kingman and I Am Invincible in Australia but he has had his fair share of disappointments as well (Born to Sea, Charm Spirit, Shalaa) and others who were somewhere in between (Lawman, Mayson). Just as it would be a mistake to dismiss Galileo Gold because of Paco Boy, it would also be a mistake to assume a son of Invincible Spirit will succeed. I certainly don’t think as an unproven sire he warranted 184 mares this year but arguably such demand shows he is competitively priced.

 4. Kessaar €5,000 ( 5,000) (2016 Kodiac ex Querulous by Raven’s Pass size 15.3h

Verdict: Fairly Priced

Retired at the end of his two year old career. He ranks as one of the better sons of Kodiac on the track winning the  Grp 2 Mill Reef Stakes and the Grp 3 Sirenia Stakes. His overall record was three wins from 7 starts and he was 4th on his only run in a Grp 1 (the Criterium International).

Sons of Kodiac are very fashionable right now with Ardad, Kodi Bear and Coulsty all delivering good results and he does seem to have a better strike rate with his sons than many other sires (including the previously mentioned Invincible Spirit). This may account for Kessaaar’s yearlings selling well in 2021 with a median of €28,152 off an €8,000 initial fee. Kessaar will have his first runners in 2022 so there is added risk/potential reward to using him next year . He come from an unremarkable female line but so are many of the early sire sons of Kodiac. If you think he is going to be the next son of Kodiac to out-perform then the fee he probably represents a fair bet at the price.

5. Kodiac €65,000 ( €65,000) (2001 Danehill ex Rafha by Kris size 16. 0 1/2h

Verdict: Overpriced

The Kodiac story/fairytale is well known now. He never won a stakes race, raced until he was five and only got his chance at stud because of the first crop success of his half brother Invincible Spirit. He started at €5,000 and was available at €4,000 in his third and fourth seasons. Despite this, he has become the golden goose that has brought Tally-Ho stud to new heights. He is an ultra reliable sire of two year old winners and he is now acquiring a reputation as a sire of sires. He has attracted very large books at €65k since 2019 and €50k since 2017.

The downside is that his percentages are not great for a horse at his fee. He has now had 1586 foals of racing age and 77 Stakes winners, working out as a modest 5%. His tally of only 6 Group 1 winners is underwhelming and to me he has plateaued despite getting better mares. Commercially, if anyone is paying the list price and not on a foal share then there is not a lot of profit in him at his listed fee. His yearling median was €92,850 in 2021 but was only €54,766 in 2020. He will be 21 in the next covering season and I would have thought something around €50k would be more appropriate at this stage.

6. Mehmas €50,000 ( €25,000) (2014 Acclamation ex Lucina by Machiavellian size 16.0 h)

Verdict: Overpriced

He stood at €7,500 in 2020 so the hike to €50,000 tells you that he has made a very impressive start to his stud career. He has obvious parallels with Dark Angel, both being by Acclamation out of Machiavellian mares and retired at the end of their two year old career. Dark Angel won a Middle Park (Grp 1) and Mill Reef Stakes (Grp 2) , Mehmas won the Richmond and July Stakes (Grp 2) and was third in the Middle Park. Comparing stats and accounting for book sizes, Mehmas has made a more impressive start. He has two Grp 1 winners in his first crop (Supremacy and Going Global) and an impressive 12 Stakes winners from the 141 foals in that crop. He has continued the good work with his two year olds of 2021 which included three Grp 2 winners (Lusail, Malvath and Caturra) .His yearlings median in 2021 jumped to €65,242 a great return off a €10,000 fee.

He has a smaller crop of two year olds next year 57 foals so his star may dim a little . I thought he deserved a chunky hike but felt that €40k might have been better. Commercially the massive/excessive crops (292 mares covered this year ) are bound to have an impact at the sales and I don’t see huge upside at his €50k price. To move to the next level commercially he will have to start showing he can get classic prospects rather than just two year olds/sprinters and a wait and see approach might be more prudent at his new price.

7. Starman €17,500 ( na) (2017 Dutch Art ex Northern Star by Montjeu size 16.0 h)

Verdict: Overpriced

Unraced at two, ‘only’ and only a Listed winner at three he showed his best form at four. This year he won a Duke of York Stakes (Grp 2)before an impressive performance in the July Cup that earned him champion sprinter status. He failed to follow up that success though, finishing 3rd in the Prix Maurice De Gheest and a short head second to Emaraaty Ana in the Haydock Sprint Cup. His final career stats were 8 runs, 5 wins and two places.

His pedigree is reasonable with its share of black type but Starman is easily the best in the family. His dam was a modest winner over 10f at Bath who also produced a stakes performer by Kodiac. The second dam was unraced but produced two Stakes horses.

Dutch Art at times promised to be an important sire through the likes of Slade Power, Garswood and Mabs Cross but he proved unreliable both with his fertility and with his runners on the track. His sire son Garswood failed to make the grade as a sire and was sold for just 40,000 guineas this summer and previously a first crop son Caspar Netscher suffered fertility issues.

With doubts over his lack of precocity, his relatively modest page and his unproven sire line I think he is too risky at that price…

Final Word:

With Kodiac entering the twilight of his career, Tally-Ho are fortunate to have another money making machine emerge in Mehmas. One criticism of the stud is that they don’t participate in the ITM Irish Stallion Trail. It’s obviously an inconvenience to open the doors but it’s the right thing to do to help showcase the industry to racing and bloodstock fans. It’s disappointing that Tally-Ho have opted out as they could well afford it…..

Kildangan Stud’s 2022 fees (where is the value?)

Godolphin are enjoying a resurgence of success on the track. Their European trained tally of Group/Grade 1 wins (17 by Charlie Appleby) almost matched Ballydoyle’s total for the year (18). I’m not sure how those numbers make Charlie Appleby ‘the best trainer in the world’ but that’s another debate.. Success on the track, ensures a pipeline of new stallions for the Darley operation.

Darley will stand 10 stallions in Kildangan for 2022. Over the past two years they have dropped/lost Shamardal, Slade Power, The Last Lion, Buratino, Dawn Approach, Exceed and Excel, Fast Company, French Navy and Fulbright from their Irish roster. Only Shamardal and Exceed and Excel are significant losses. The Irish roster is slightly weaker than its sister stud in Dalham Hall which houses 13 stallions including Dubawi. Nonetheless, It is still a decent roster with a number of interesting prospects,

Kildangan Stud 2022 fee (2021 fee)

1.Belardo €9,000 (€10,000) (2012 Lope De Vega ex Danaskaya by Danehill)

Verdict: Overpriced

He had a very promising start with his first two year olds in 2020 with a trio of Group winners. This led to a big increase in demand for his services and he covered 182 mares in 2021. Those breeders will now be fretting as he had a quiet year on the track in 2021 and failed to build on that momentum with no new Group/Stakes winners. His own racing career was a bit inconsistent as after winning a Dewhurst, he failed to win in 7 outings at three before coming good again in the Lockinge at 4.

His yearling median increased slightly to €18,633 in 2021 from €14,141 but that is a poor enough return from a crop conceived at €10,000. After his poor season, there will be no queue to use him at €9,000 and he looks a bit overpriced for now.

2. Blue Point €40,000 (€40,000) (2014 Shamardal ex Scarlett Rose by Royal Applause)

Verdict: Overpriced

Blue Point was a superb racehorse, winning a Gimcrack at 2, two Group races at three and the Kings Stand at 4. At five he was unbeaten in five starts including 3 Group 1’s. He ran twenty times, winning eleven and placed 6 times, so he was durable as well as classy. Now entering his third season, he covered 196 mares in his first season and it was a very strong initial book.

The negatives are that he is from an unexceptional female line, he is an atypical Shamardal in terms of distance preference and he didn’t win his first Group 1 until he was four and was at his best at 5. He has every opportunity to succeed and may very well do but I thought they might have shaved some more of his fee given it’s his risky third season.

3. Earthlight €18,000 (€20,000) (2017 Shamardal ex Winters Moon by New Approach)

Verdict: Fairly Priced

Shamardal had his annus mirabilis in 2019 with three top class unbeaten two year old colts in Pinatubo, Earthlight and Victor Ludorum. Earthlight won his five starts at two including a Prix Morny and a Middle Park in which he beat Golden Horde. Covid interrupted the 2020 season and he reappeared in July 2020. He won two of his 4 races that year (a Listed race and Grp 3) but was beaten in the Prix de la Foret (2nd to One Master) and Prix Maurice de Gheest (4th to Space Blues), running creditably in defeat. His dam was placed in Fillies Mile, his granddam bred two Group 1 winners and his fourth dam produced Golden Fleece so its a good female page. Shamardal now has no less than 17 sons at stud due to stand in Europe in 2022 but only Lope De Vega is a proven sire son. I’m not sure what to think of Earthlight’s fee but in relative terms I think he is better value than Blue Point, being more precocious and from a stronger distaff line.

4. Ghaiyyath €25,000 (€30,000) (2015 Dubawi ex Nighttime by Galileo)

Verdict: Fairly Priced

I was a big fan of Ghaiyyath on the track. His career stats are 9 wins and 3 places from 13 stats with his only unplaced run being on very soft ground in Waldgeist’s Arc. He was capable of some exceptional performances including winning the Grosser Preis Von Baden by 14 lengths, and he was very good in the Summer of 2020 winning the Coronation Cup, Eclipse and Juddmonte International. His pedigree is impressive, as you would expect from a colt who cost €1.1 million as a foal and is out of Galileo’s first classic winner Nighttime. Dubawi is starting to motor as a sire of sires with Night of Thunder and New Bay doing well and promising starts from Time Test and Zarak. The doubt about Ghaiyyath is that he was best at 5 but in his defence he won the Autumn Stakes at two and didn’t get to show his worth at three as he only had a solitary start in September in the Prix Prince D’Orange which he also won. Ghaiyyath is the highest rated son of Dubawi , he is bred on the same cross as Night of Thunder and all things considered I think he is fairly priced.

5. Night Of Thunder €75,000 (£75,000) (2011 Dubawi ex Forest Storm by Galileo)

Verdict: Fairly Priced

Got a belated first Group 1 winner in Europe this year with the Pretty Polly winner Thundering Nights. His yearling median this year was €81,757 a nice return on a crop conceived at £15,000. Night of Thunder had an exceptional first crop (17 stakes winners from a crop of 112) but he hasn’t maintained that blistering pace (3 stakes winners to date from his smaller second crop and none to date amongst his two year olds of 2021. His bigger and better crops are in the pipeline and its reasonable to assume he will benefit from the upturn in quality and quantity. The only quibble I would have is his lack of a real superstar, with his highest rated horse being the Group 2 winning sprinter Suesa. I did a detailed review on Night of Thunder back in 2019 when I said he seemed destined for the very top (see http://www.montjeu.com/night-of-thunders-lightning-start/) and I see no reason to change that view now.

6.Profitable €12,500 (€10,000) 2012 Invincible Spirit ex Dani Ridge by Indian Ridge)

Verdict: Overpriced (slightly)

Profitable won a Kings Stand Stakes at 4 and was runner up in the same race at 5 to Lady Aurelia. He had 129 foals in his first crop and a truly remarkable 85 of them ran this year. There were 25 winners and three stakes horses headlined by Queen Mary winner Quick Suzy. It was a solid start yet the market saw fit to drop his yearling median to €31,722 from €36,955 in 2020. I’m not sure he did enough to warrant a fee increase and thought they might have kept it steady but he did improve markedly with age so its possible his offspring could follow suit..

7. Raven’s Pass €7,500 (€7,500) (2005 Elusive Quality ex Ascutney by Lord at War)

Verdict: Overpriced

Had a new Group 1 winner this season in the five year old Romantic Proposal who won the Flying Five and Lemista was placed in the Beverley D. However his yearling median has been in steady decline for the past number of years and was only €12,370 in 2021 off a €10,000 covering fee. He has very good percentages for a stallion at this fee with 37 stakes winners from 555 foals (7%) but he has never attracted big books despite being an outcross pedigree for most mares. He is unlikely to recover the market’s affections at this stage and he is not an attractive commercial option for breeders (although his progeny are worth a second look at the sales for purchasers).

8. Ribchester €12,500 (€17,500) (2013 Iffraaj ex Mujarah by Marju)

Verdict: Overpriced

On the eve of Royal Ascot, Ribchester seemed likely to end up as one of the top first season sires. Ruthin from Wesley Ward’s yard was favourite for the Windsor Castle and Gisburn was strongly fancied for the Coventry. Neither figured in their respective races and the rest of the season was somewhat underwhelming for Ribchester with no real stars emerging. He now has 16 winners from 59 runners and Flaming Rib was his sole stakes winner. His yearling median dipped but was still pretty strong falling from €46k to €34k. The hope for his supporters is that his progeny will improve like he did with age. He won the Mill Reef at two, the Jacques Le Marois at three and the Lockinge, Queen Anne and Prix de Moulin at 4. He is the best son of Iffraaj (sire of Wootton Bassett) from a high class female family. He may well deliver on his potential and by the end of next year his 2022 fee could look an absolute bargain but for now there are safer bets out there.

9. Space Blues €17,500 (na) (2016 Dubawi ex Miss Lucifer by Noverre).

Verdict: Fairly Priced

Retires on a high after winning the Breeders Cup mile. Prior to his victory at Del Mar he had won the Prix de la Foret over 7f. In 2020 he won a high quality renewal of the Prix Maurice de Gheest defeating Hello Youmzain, Earthlight, Golden Horde, Wooded etc. His overall record was 11 wins and 4 places from 19 runs. In many ways, he was a typical Dubawi who improved each season. He won his only race at two, had group 1 placings at three, improved again at four and showed his best form at five.

His dam, Miss Lucifer was a quality performer who won a Challenge Stakes (Grp 2). His pedigree should also suit most of the mares around and he is free of Sadler’s Wells and Danzig. Darley are advertising him as Dubawi’s fastest son and he was seen as a specialist 7f horse for much of his career. His Breeders Cup mile victory was a big plus in increasing his attractiveness to breeders. Sons of Dubawi are doing well but Space Blues lack of precocity has held back his commercial appeal. His fee will probably be gradually reduced each year until he has runners but his opening fee seems quite reasonable for now.

10. Teofilo €30,000 (€30,000) (2004 Galileo ex Speirbhean by Danehill)

Verdict: Overpriced for commercial breeders

A good reliable sire who has joined the exclusive ranks of sires with 100 or more stakes winners. His current figures are 100 stakes winners (7%) from 1492 foals of racing age. He had a stellar year in 2020 with 6 Group 1 winners and added two more in 2021 (Gold Cup winner Subjectivist and Prix Royal Oak winner Scope. He has sired high quality milers and middle distance horses and even a Dewhurst winner but the perception is that he is a sire of stayers and horses who get better with age(reinforced this year). His yearling median was €53,500 last year an increase on the €29,596 median in 2020. Unfortunately for breeders these crops were conceived off €40,000 covering fees. He is overpriced for commercial breeders but as a sire of racehorses he is much better value than many other sires who won’t ever match his record.