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  • Coolmore’s 2025 Fees Reviewed.

    The return of mares data showed almost 2800 mares covered by Coolmore’s 21 flat stallions in 2024 ranging from 4 for Magna Grecia to 273 for Calyx. The average number of mares covered by a Coolmore flat sire was 133 so they are busy boys. Their Irish flat roster for 2025 comprises 20 stallions following 4 departures and 3 new arrivals. Dropping off the roster were Ten Sovereigns, Arizona and Magna Grecia who had failed to make an early impact and Sottsass who was sold to Japan despite it being too early to fairly assess his merit. The new arrivals are a pair of Derby winners in Auguste Rodin and City of Troy and a first son of Dubawi in Henry Longfellow. Wootton Bassett is now top dog but he lacks the dominance of some of his predecessors in that role.

    Below is my assessment of their published fees for 2024, starting with the priciest sires.

    Stallion €2025 fee (€2024 fee)

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    1. Wootton Bassett €300,000 (€200,000) (2008 Iffraaj ex Balladonia by Primo Dominie)

    Verdict: A good year but it didn’t warrant a €100,000 price increase

    Coolmore will be well satisfied with their investment in Wootton Bassett. I’m not convinced that he warranted the big fee hike but if people have €300,000 to spend on a covering fee they probably don’t tend to shop around for bargains. Four Group 1 winning two year olds (Camille Pissarro, Henri Matisse, Tennessee Stud and Twain) were backed up by six other Group winning two year olds. He ate the lunch of his stud mate No Nay Never and only the winner machine that is Mehmas challenged him for primacy in the European two year old rankings.

    His highest rated two year old, Henri Matisse is rated 113 by Timeform which is the joint 10th highest rated by Timeform. They were good horses but not memorable performers. Commercially his yearling median in 2024 was €250,000 which was less than his fee for next season. He finished 8th on the overall European prize money list but he can expect to improve upon that in the coming years with the offspring of big books due to emerge.

    In my elite sire rankings, I would have him behind Frankel, Dubawi and Sea the Stars. Lope de Vega, Night of Thunder and Kingman offer as much for lesser fees. Wootton Bassett was hard to pigeon hole as a sire after making his name with such diverse types as Almanzor, Audarya, Wooded and King of Steel. However, it’s as a two year old sire that he now seems to be thriving and he is pricey for a two year old sire so he will need to get more classic types to warrant that blockbuster fee.

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    2. No Nay Never €125,000 (€150,000) (2011 Scat Daddy ex Cat’s Eye Witness by Elusive Quality)

    Verdict: Still overpriced, Mehmas is €70,000

    There is a slow release of air from the No Nay Never bubble rather than a sudden popping. Whistlejacket (a full brother to Little Big Bear) won a Prix Morny but was beaten in three other Group 1’s. Bubbling and Truly Enchanting both won Group 2’s but his runners didn’t achieve enough to justify his fee. His yearling median was €128k so there was no profit for breeders who had paid €125k. His sire sons Arizona and Ten Sovereigns were dropped from the Coolmore roster as people cool on a sire who is a noted two year old sire but limited in his accomplishments with his older horses and whose progeny can be ‘hot’. His stud mate Wootton Bassett overshadowed him with two year olds and Mehmas looks better relative value.

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    3. City of Troy €75,000 (€na) (2011 Justify ex Together Forever by Galileo)

    Verdict: A bargain if you believe the hype, fully priced based on his actual achievements
    A cracking good two year old, he fluffed his lines in the Guineas. He was good in the Derby, woeful despite winning in the Eclipse, decent again in the Juddmonte and then nowhere near good enough for the dirt specialists. That would still be a lovely cv but he is not ‘Frankelesque’ and he generated hype and praise from Aidan O’Brien and connections that was substantially out of kilter with what he demonstrated on the track. He will be the first son of Justify to stand on these shores. Coincidentally, we also witnessed an extraordinary level of guff spoken about the merits of Justify as a sire in the past year including Aidan O’ Brien saying that as a sire Justify could be ‘the best ever’. Spoiler alert he wont be the best ever, but there will be a glut of offspring by Justify out of Galileo mares running in Europe in the coming seasons and presumably quite a lot of high class performers. Is €75,000 a fair price for City of Troy?Looking at my crystal ball (actually just highlighting what is the standard operating system), I think he will be popular at that fee, he will drop by degrees over the coming years before his first runners hit the track , there will be other competing sons of Justify on the market and then he will find his place in the world. His dam won the Fillies Mile and is a full sister to an Oaks winner. He is a well balanced horse, his size was a subject of some commentary with Aidan insisting that he was in fact a giant beast more akin to a shire horse (officially 16.1). He will generate plenty of stud fees over the coming years (presumably he will shuttle as well) , he will have big books of well credentialed mares and he will have every opportunity to succeed. With varying influences for speed and stamina and his own mixture of precocity and three year old performances its hard to predict where his progeny will excel but he should be a conduit for class and he is a welcome addition to the stud ranks but it is no penalty kick that he will succeed and his fee is no bargain.

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    4. Camelot €75,000 (€50,000)- (2009 by Montjeu ex Tarfah by Kingmambo)

    Verdict: A great result in the Arc, but that doesn’t make him a great sire

    An annus mirabilis saw a fee hike back to his 2022 level. The Prix de l’Arc saw him sire the winner (Bluestocking), 3rd Los Angeles, and 5th placed Sevenna’s Knight. Bluestocking really blossomed at four and Los Angeles lifted the Irish Derby and Luxembourg won a Coronation Cup to make it a good year for Camelot. . His yearling median increased to €125,227 and an Arc winner gives him the sort of kudos that should insulate him from any dips in the coming season. His operates at around 6% stakes winners to foals of racing age which are respectable but not exceptional stats. I think the 2024 Arc may prove to be the high water mark of his career but he has earned his place among Europe’s better middle distance sires, even if he is not entirely reliable.

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    5. Starspangledbanner €45,000 (€45,000) (2006 Choisir ex Gold Anthem by Made of Gold

    Verdict: Flagging
    In Europe, Puchkine caused an upset in winning the Prix Jean Prat. In Hong Kong both Beauty Eternal and California Spangle won Group 1’s. Overall though he didn’t really do enough to enhance his reputation. His yearling median was €48,818 off a €35,000 covering fee. He is operating at a modest 4% stakes winners ratio and he is more than fully priced.

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    6. St Mark’s Basilica €40,000 (50,000) (2018 Siyouni ex Cabaret by Galileo)

    Verdict: Prayers required

    Will have his first runners in 2025 so using him this season will be a leap of faith. Predictably his fee has been shaved. His half brother Magna Grecia made no impact and has been moved onwards. Sottsass, another son of Siyouni was sold to Japan from the roster. St Mark’s Basilica was top class on the track and he may prove equally adept as a sire but I’d rather wait and see than risk €40,000.

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    7. Sioux Nation €30,000 (€27,500) (2015 Scat Daddy ex Dream the Blues by Oasis Dream)

    Verdict: Big reservations
    His yearling median held up at €40,000 despite over 100 yearlings going through the ring. A pair of Group 2 winners in Europe (Ocean Jewel and Sioux Life) didn’t set my pulse racing. 246 mares covered in 2024 follows on from 289 in 2023 and 221 in 2022. If you wanted an argument for maximum book sizes then the number of mares covered by this ordinary sire would make a strong argument in favour of restrictions. He is in no way worthy of this level of support at that fee.

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    8. Auguste Rodin €30,000 (€na) (2020 Deep Impact ex Rhododendron by Galileo)

    Verdict: No masterpiece
    16 runs for 8 wins including 6 Group ones. A Group 1 winner at two in the Vertem( aka Racing Post/Futurity/Observer Gold Cup) and a dual Derby winner at three. Better still he finished his three year old campaign with a win in the Irish Champion Stakes and the Breeders Cup Turf. On the downside, his four year old campaign saw just a single victory in a substandard Prince of Wales from 6 starts. He was 13-8 for the Guineas when finishing 12th of 14 and he finished last in the King George at three and fifth as a four year old. Coolmore reportedly turned down big offers from Japan for this son of Deep Impact and the decision to keep him in training seemed a rare mis-step. His dam was top class but was known to bleed and some of her son’s performances were dire but he typically bounced back. Saxon Warrior is bred on a similar cross and hasn’t delivered as a sire but Study of Man has done in well in Lanwades. I wouldn’t be rushing to take a chance on him at the fee.
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    9. Paddington €25,000 (€55,000) (2020 Siyouni ex Modern Eagle by Montjeu)

    Verdict: A tough station
    A huge drop in fee after just one season tells you that things aren’t straightforward. He covered 145 mares in 2024 and it will be interesting to see how many foals result. He ran up a sequence of Group 1’s in the Irish Guineas, the St James Palace, the Eclipse Stakes and the Sussex Stakes and he was clearly tough and top class. If his fertility is ok, he would be attractively priced.

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

    Verdict: A Toothless bulldog
    Survie won a Group 2 and was runner up in the Prix de Diane but it was another very underwhelming year on the track for Churchill. The memory of the achievements of Vadeni is fading as he produces lots of dross. 192 mares visited him in 2024 and he doesn’t deserve such patronage. He has sired 25 stakes winners from his 597 foals now aged three or more, a very ordinary 4% stakes rate. He had a yearling median of €42,000 for a crop conceived at €25,000 which was better than I expected. However, he is a limited sire and for me he is best avoided as he doesn’t deliver enough stakes horses.

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    11. Little Big Bear €20,000 (€27,500)- (2020 by No Nay Never ex Adventure Seeker by Bering)

    Verdict: Might be a Boo- Boo
    His brother Whistlejacket won the Prix Morny in 2024 but that wasn’t enough to prevent a decrease in stud fee. Two sons of No Nay Never (Ten Sovereigns and Arizona) were moved on from the Coolmore roster and there is a finite market for sons of NNN. Little Big Bear was very impressive in the Phoenix Stakes and trained on to an extent with a victory in the Sandy Lane Stakes and he was runner up in the Commonwealth Cup. He attracted 156 mares in 2024 and it will be interesting if he attracts a similar sized book in 2025. He wouldn’t be my cup of tea but he is aimed at commercial breeders and he is approaching a sensible price.

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    12. Gleneagles €20,000 (€17,500) (2012 Galileo ex You’resothrilling by Storm Cat).

    Verdict: Has escaped from the rough

    Highlighted his versatility by siring a July Cup winner in Mill Stream, a German Derby winner in Palladium and a top 10 furlong horse in Calandagan. He has managed to regain a degree of respectability in the marketplace and attracted a book of 162 mares in 2024. His yearling median climbed to €32,000 off a €15000 covering fee. His progeny stay better than would have been predicted and many need time to improve, but at the money he is a much better sire than Churchill. He has 40 stakes winners from 582 foals aged 3 or more which is a credible 6.8%. He is not particularly cheap but he does bring something to the table and is Coolmore’s best son of Galileo.

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    13. Blackbeard €17,500 (25,000)- (2020 by No Nay Never ex Muirin by Born to Sea)

    Verdict: No hidden treasure
    Notably quirky on the track his reputation won’t have been helped by the relative lack of success of Ten Sovereigns and Arizona. He attracted 171 mares in 2024 following 195 in 2023. To repeat what I said last year, as a temperamental sort from an unexceptional female line I wouldn’t be in a hurry to use him at his current fee.

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    14. Saxon Warrior €15,000 (€25,000) (2015 Deep Impact ex Maybe by Galileo)

    Verdict: A bloody disaster
    The only reason he is still on the roster is presumably that it would be a slap in the face to exile him with so many foals and yearlings still to face the marketplace. He attracted just 37 mares in 2024 and in truth he is dead commercially after failing to produce anything like enough top performers. He had an Italian Derby winner in Borna in 2024 but he is simply a poor sire who won’t be retained for much longer.

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    15. Henry Longfellow €15,000 (€na) (2020 Dubawi ex Minding by Galileo)

    Verdict: Was more prosaic than poetry
    It feels strange seeing a son of Dubawi on the Coolmore roster. However it makes perfect sense for Coolmore to fill a gap on their roster and market this Group 1 winning son of the great Minding. Dubawi is compiling an impressive record as a sire of sires with Night of Thunder, New Bay, Zarak and Too Darn Hot all standing for chunky fees. Henry Longfellow was best at two winning the Futurity and the National Stakes (when City of Troy was a late withdrawal). I would have thought with his pedigree that he would have improved at three but he failed to win in five starts. His best runs were a runner up spot in the St James Palace to Rosallion and a somewhat distant third in the Prix Moulin. As an aside, for all his genius, Aidan O’Brien has never seemed at his best training Dubawi’s. His opening fee is around where I expected it to be. He brings a lot of pedigree to the table and Dubawi is sexy as a sire of sires. He was short of being truly top class but he should prove popular.

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    16. Calyx €12,500 (12,500)- (2016 Kingman ex Helleborine by Observatory)

    Verdict: Overused
    I wrote last year that I thought he might have been a bit of value but it was still astonishing to read that he covered 273 mares in 2024. No sire is worthy of a book that size and this fellow certainly wasn’t either. He has a good winners/runners percentage and he has virtues as a sire but he has only sired 4 stakes winners to date. A yearling median of €26,250 off a €12,500 fee was fine but that was for 21 yearlings sold and the market may feel more saturated when a multiple of that amount are all vying for buyers attention. For commercial breeders, he may be a victim of his own popularity.

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    17. Australia €10,000 (€17,500)- (2011 by Galileo ex Ouija Board by Cape Cross)

    Verdict: Gone South

    A deep cut to his fee probably wont be enough to reverse the slide in popularity. Attracted just 60 mares in 2024 and whilst a yearling media of €36,000 seems impressive those were off a €35,000 covering fee. Port Fairy won a Ribblesdale and he had seven stakes winners but he has lost the love of the market. His career stats are actually respectable running at 43 stakes winners from 780 current three year olds + (5.5%). His detractors will say his progeny tend to need time and generally lack a potent turn of foot . He is not going to become commercially attractive any time soon but at his new revised fee he might not be a bad option for owner/breeders not worried about the sales ring.

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    18. Footstepsinthesand €8,000 (€8,000) (2002 Giant’s Causeway ex Glatisant by Rainbow Quest)

    Verdict: Will leave no trace
    Thankfully coming to the end of his career. Covered 19 mares in 2024, his yearling median was €17,719 and that is too much for this very ordinary sire.

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

    Verdict: A decent sire at this level
    The Coventry winner Rashabar served as a reminder that he is still a useful sire. However his median dropped alarmingly to €9987 from 11 sold. Appoaching the end of his career but not a bad sire (5%) stakes winners for the money.

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    20. The Antarctic €5,000 (€6,000) (2020 Dark Angel ex Anna Law by Lawman)

    Verdict: Leaves me cold
    Dark Angel reached the top of the summit this year to be crowned Champion Sire in the UK and Ireland. To date he has yet to strike oil with a good sire son (Harry Angel probably the best to date). The Antarctic was no more than a Group 3 winner and the exploits of his brother Battash are probably the primary reason he found a slot at stud. He attracted 126 mares in 2024 but he is a long shot to make an impact.

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    Final thoughts: Horses are a herd animal and unfortunately for the good of the breed many Irish and UK breeders also seem to blindly follow the herd. The worst examples above are the book sizes of Calyx and Sioux Nation which are completely divorced from their respective merits as sires. Coolmore isn’t unique in having huge books and there is a wider industry problem. Alas there seems to be no official or regulatory will to tackle the issue or even push for voluntary caps on book numbers and we are losing stallion and genetic diversity due to mega-sized books for ordinary sires.

  • Coolmore’s 2024 fees (Part 2-stallions below €20k)

    I received a lot of feedback on my post previous post about Coolmore’s fees. For the avoidance of doubt:
    a) I don’t have a grudge against Coolmore.
    b) I try to be impartial and I apply the same standards to other studs.
    c) My comments are based on the published fee. Most breeders will get a better rate. A lower rate would lead to a more favourable assessment of the sires.

    If we return our focus to the Coolmore roster, they have 9 stallions standing for under €20k. This is a more competitive segment of the market, with nearly 50 Irish flat sires standing between €5k and €20k. The Coolmore roster is a mixture of the old and young, those dropping down having failed to make it a higher fee and younger unproven stallions. There is a spread of sprinters, milers and middle distance performers.
    As before, I will include some Beatles lyrics in my assessments.

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    1. Gleneagles €17,500 (€17,500) (2012 Galileo ex You’resothrilling by Storm Cat).
    Verdict: A decent sire at this level but the market is unforgiving
    Beatles Lyric Verdict: “That is, I think its not too bad“
    He was retired at a fee of €60,000 with great things expected of him. He has not lived up to expectations but he has found his place in the world. He had a respectable year on the track in 2023, with three Group 2 winners, 6 Group 3 winners and a Guineas placing for Royal Scotsman. This wasn’t sufficient to stop his yearling median decline to just €21,000. His overall record shows 31 stakes winners (5%) which is ok for this fee level (but is based on crops conceived at much higher fees). He has lacked a superstar to put his name in lights but he has an exciting prospect in One Look (ex Holy Salt by Holy Roman Emperor) who earned rave reviews when she won the Goffs Million on her debut. However he will only have just 18 two year olds in 2024 which may stymie his efforts at market rehabilitation. Commercially, he needs to get back some market love and there may be better value in buying his offspring rather than breeding them for now..

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    2. Australia €17,500 (€25,000)- (2011 by Galileo ex Ouija Board by Cape Cross)

    Verdict: Slightly overpriced
    Beatles Lyric Verdict: “But now these days are gone, I’m not so self assured”
    Had a decent tally of 6 Group winners in 2023 and some wondered if Adelaide River could have won the Irish Derby under a more forceful ride. Over his career, he has amassed a decent tally of 5% stakes winners, but like Gleneagles he lacks real stars. His book dropped to 110 in 2023 from 155 in 2022 and his yearling median was c.€33k from a €25k fee so a price reset was predictable. I suspect they will shave his fee a little more in the coming years. I used to be more of a fan but we know his limitations at this stage. That said, he is not without his good points and for the right mare he would be worth considering if you could get movement on the price.

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    3. Ten Sovereigns €17,500 (€17,500) (2016 No Nay Never ex Seeking Solace by Exceed and Excel)
    Verdict: Too risky
    Beatles Lyric Verdict: “With every mistake we must surely be learning”

    He looked to be in trouble after a slow start by his progeny, but things picked up later in the season with a Group winner in Inquisitively (ex Ballyalla by Mind Games), a pair of Listed winners and a final European tally of 25 winners and 9 black type horses (along 2 more in North America). Unlike some other No Nay Nevers, he trained on to win a July Cup so that gives hope that his progeny will follow suit. His yearling results stayed steady with a median of c. €40k so he did enough to reassure the market. Given the numbers at his disposal, I thought his two year olds might have done a little more. At an unchanged fee, I would be reluctant to take a punt that a) progeny will train on well sufficiently for a star to emerge b) his smaller second crop (87 compared to 150 last year) will improve his standing.

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

    Verdict: Nice first crop
    Beatles Lyric Verdict: “Don’t Let me down”

    Get a modest price increase which was warranted after a promising first crop. He had a pair of Group 2 winners in Classic Flower (ex Crown of Flowers by Garswood) and Persian Dreamer (ex Surprisingly by Galileo). These were supplemented by a US based Grade 3 winner in Zona Verde (ex Namibie by Dark Angel) and the Dewhurst third Eben Shaddad (ex Galileo’s Lady by Galileo) amongst 27 winners. Given he had a much smaller number of two year olds than Ten Sovereigns (103 vs 150) , his results were much the better of the two. He went somewhat under the radar but this was a decent start and he may be a bit of value.
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    5. Magna Grecia €10,000 (15,000)- (2016 by Invincible Spirit ex Cabaret by Galileo)

    Verdict: Disappointing first crop
    Beatles Lyric Verdict: “there’s a shadow hanging over me“

    As a Guineas winner and Vertem winner who was a half brother to St Marks Basilica, he seemed to have a reasonable chance of success. After a first crop that saw just 12 winners and a solitary Listed winner, his prospects are now a lot less rosy. His yearling median more than halved to under €20k and it’s difficult to see him turning things around. Incidentally, after a glut of ordinary sires I wonder how Invincible Spirit maintains his elevated reputation as a sire of sires?

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    6. Footstepsinthesand €8,000 (€10,500) (2002 Giant’s Causeway ex Glatisant by Rainbow Quest)

    Verdict: 16 disappointing crops 🙂
    Beatles Lyrics: “And you are the one that makes me sad”

    It’s difficult to find something new to write about Footstepsinthesand. Each year, I write that he is a very ordinary sire and should be avoided. In 2023 he had no Group winners and a solitary Listed winner. Despite that, his yearling median increased to €24k so (inexplicably) he remains popular despite his limitations.

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

    Verdict: A decent sire at this level
    Beatles Lyric Verdict: “And I say, it’s alright“

    A solid sire at the money and a much better sire than the similarly priced Footstepsinthesand. He had a relatively quiet year on the track with a pair of Group 3 winners his best result in Europe. However, his career stats are good and he is operating at 5% stakes winners to foals of racing age. I think he is good option at that price especially with a yearling median last year of over €31k.

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    8. The Antarctic €6,000 (na) (2020 Dark Angel ex Anna Law by Lawman)

    Verdict: Leaves me cold
    Beatles Lyric Verdict: “You can get it wrong but still you think that it’s alright”

    I was surprised that they found a slot for this guy on the roster. His main selling point seems to be that he is a brother to Battash rather than his own accomplishments. He was a relatively modest Group 3 winner by Dark Angel who has yet to hit to mark with his sire sons. He may be ok commercially with his initial crops ,before the racetrack reveals their true merit. He is just one of many possible sources of cheap speed and it’s difficult to get overly excited about his prospects.

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    9. Arizona €5,000 (€5,000)- (2017 No Nay Never ex Lady Ederle by English Channel)
    Verdict: Will need a quick start or will be surplus to requirements
    Beatles Lyric Verdict: “Nothin’ you can say, but you can learn how to play the game”
    First runners this season so he will need a strong start or he will likely be moved on from a roster that is top heavy with No Nay Never’s. He had a 2023 yearling median of €19000 and these are part of his 66 strong crop of two year olds. It’s pure guesswork whether he will succeed and he is one for the gamblers.

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  • 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.

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    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.
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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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’s Fees for 2022 (read, before you breed…)

    2021 was a challenging year for Coolmore. Galileo died, and for the first time since 1990, a stallion outside their roster became the champion sire in Ireland/UK. None of their younger stallions made a significant impact. It felt like watching Man Utd in the post Alex Ferguson era (of all people). The elite sires of Europe are no longer in Coolmore with that status now belonging to Frankel and Dubawi. Wootton Bassett is in the middle of a chasing pack that includes Sea the Stars, Kingman and Siyouni.

    There will be 22 stallions on their roster for 2022, a reduction on the 26 that stood in 2021. Aside from Galileo, they also lost Zoffany and Mastercraftsman. Fastnet Rock is remaining in Australia and The Gurkha was banished. The single addition is the well credentialed St Marks Basilica. The roster still includes seven 2000 Guineas winners and two Derby winners so it is still a very strong squad. Below is my assessment of their published fees for 2022..

    Stallion 2022 fee (2021 fee)

    1. Arizona €6,000 (7,000)- (2017 No Nay Never ex Lady Ederle by English Channel)

    Verdict: Same as last year- slightly overpriced (my fair price would be €5,000)

    No Nay Never hype has subsided and Arizona is now a second season sire so a reduction was inevitable. Arizona has his plus points as a Coventry winner who was second to Pinatubo in the Dewhurst. The negative is that he didn’t train on at three. He will suit breeders looking a commercial source of cheap speed/precocity.


    2. Australia €35,000 (€25,000)- (2011 by Galileo ex Ouija Board by Cape Cross)
    Verdict: Overpriced 

    One of the few stallions to get a fee increase. He had a good season on the track with new group 1 winners in the five year old Broome and the four year old Mare Australis. In total he had a creditable 8 Group winners. His yearling median was a respectable €58,000 and that may have encouraged the fee increase. Things might have been even better if Beresford Stakes winner Point Lonsdale hadn’t been outpointed by Native Trail in the National Stakes. Australia suffers from a perception that his progeny need time and/or distance (Order of Australia and Point Lonsdale seem like outliers). I like Australia as a solid proven sire and the best son of Galileo on the Coolmore roster but thought the price rise was overdone. At their respective prices Teofilo at €30,000 is a better value son of Galileo and in the UK the wildly inconsistent New Approach is listed as private (so there may be other issues) but is presumably cheaper and has a stronger overall record. Australia would benefit from getting access to the speedier mares previously sent to Galileo (Point Lonsdale is out of an Acclamation mare) and it will be interesting to see how much Coolmore get behind him with their own top mares.

    3. Calyx €12,500 (16,000)- (2016 Kingman ex Helleborine by Observatory)

    Verdict: Undecided

    Reading back on previous years posts, I was clearly a bit impacted by Kingman mania and two years ago thought his first season fee of €22,500 was reasonable. If that was true then then €12,500 should seem a bargain -but it doesn’t. In the cold light of day, he is now a third season sire who managed only four career starts and never even contested a Group 1 race. Breeders now also have the choice of Group 1 winning sons of Kingman in Persian King and Palace Pier. Kingman hype has also quietened. That said, Calyx impressed me a great deal with his turn of foot and I’m inclined to keep the faith for now.

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

    Verdict: Poor Value– Overpriced:

    Camelot is now standing at three times his fee on retirement of €25,000. An excellent racehorse, he would have been the first Triple Crown winner since Nijinsky only for the presence of Encke (a horse who later tested positive for steroids). In 2021 he was the sire of impressive Futurity winner/ Derby favourite Luxembourg and the dual US Grade 1 winner Santa Barbara. He is doing his bit to keep the Montjeu sire line active on the flat. His yearling median rose from €55,000 in 2020 to €160,000 in 2021, so the market seems to have reassessed his merit.

    I want to believe but I’m still not convinced by Camelot. Luxembourg may become the second grandson of Montjeu (after Wings of Eagles) to triumph at Epsom but there have been plenty of offspring of Camelot who disappointed in classics when fancied- including Sir Dragonet (5th at Epsom), Santa Barbara (beaten favourite in the Guineas and Oaks), Pink Dogwood (placed in Epsom and Irish Oaks when fancied in both), and English King (5th at Epsom). Luxembourg may be the real deal and the market may continue to pay top dollar for his yearlings but I’m not sure they will. His percentages of black type horses are decent at 6.5% BTW to foals for Northern Hemisphere crops aged 3 or more. Camelot will now come on the radar for really high class mares and should build on his record but at his new fee there isn’t much margin for error.

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

    Verdict: Poor Value– Over Priced

    Churchill had his first runners this year. After a slow start things picked up a little and at the time of writing he had 24 winners from 73 runners and 3 Stakes winners (all Listed winners). There were 145 foals in that crop conceived at €35,000. He has some monster crops in the wings and I suspect those breeders who sent him 250 mares in 2020 will be getting a little nervy. His yearling median dropped back from €70,000 to €54,000. His progeny may well improve from two to three and it would be unfair to outright dismiss him at this stage. However, it was an underwhelming first season with runners and the risk/reward ratio at his advertised price is not favourable.

    6. Circus Maximus €12,500 (20,000)- (2016 by Galileo ex Duntle by Danehill Dancer)

    Verdict: Poor Value– Over Priced

    Has taken a big reduction in price but one that doesn’t go far enough. The similarly bred The Gurkha has been banished from the Coolmore roster after proving very disappointing. As I wrote last year, Circus Maximus was high class and genuine but for me he lacked a little star quality. There are no shortage of high class sons of Galileo at stud and I’m not sure why this one should succeed above any other.

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

    Verdict: Overpriced – should be 8k

    He has sired just one Group 1 winner in all of his crops since 2008. His yearling median last year was just over €22,000 which is high considering his limitations. His progeny are overrated by trainers which supports his sales price but I don’t know any good reason why you would use him at that price.

    8. Gleneagles €15,000 (25,000) (2012 Galileo ex You’resothrilling by Storm Cat).

    Verdict: Fairly priced

    Gleneagles was a hot property when he retired at €60,000. Reality has now intruded and his 2022 fee is a quarter of that. 2021 saw him sire his first Group 1 winner in Prix de Royallieu winner Loving Dream. She was backed up by four Group 2 winners in Baby Rider, Insineundo, Velocidad and Novemba. Despite these successes, his yearlings were shunned in the market with a median of only €23,571. There is value in some of his offspring at those prices . I think he is now reasonably priced but as Keynes once said ‘the market can stay irrational longer than you can stay solvent’.. It’s also interesting to note that his fillies seem to be outperforming his colts when it comes to Group and Stakes winner.

    9. Gustav Klimt €4,000 (€4,000) (2015 Galileo ex Massarra by Danehill)

    Verdict: Fairly Priced

    Has his first runners in 2022 so using him is obviously a gamble. I’m happy to repeat what I wrote last year namely that he was ‘only’ a Group 2 winner but placed in the Irish Guineas, St James Palace and Haydock Sprint Cup. His granddam is Rafha, the dam of Invincible Spirit and Kodiac. He may uphold the family tradition but those two tend to be influences for speed and precocity (unlike Galileo). His offspring are also supposedly small but so is the fee and I won’t quibble too much.

    10. Highland Reel €10,000 (€10,000) (2012 Galileo ex Hveger by Danehill)

    Verdict: Overpriced

    Despite winning 7 Group 1’s, I always assumed he was going to end up as National Hunt sire. He had 126 foals in his first crop who were two year olds in 2021 (numbers dropped to 52 in his second). He had 48 runners, 11 winners and one Stakes winner in Atamisque who won a Group 2 in Italy. His yearling median dropped to €11,786 so it’s fair to conclude that the market was underwhelmed. There remains the possibility that his offspring will improve markedly with age and show some of the same durability that he did. However I wouldn’t risk €10,000 sending a mare to him based on that hope…..

    11. Holy Roman Emperor €10,000 (€12,500) (2004 Danehill ex L’On Vite by Secretariat)

    Verdict: Fairly Priced:

    Had a quiet year on the track with only three stakes winners in the Northern Hemisphere and the highlight being the five year old Rockemperor winning a Grade 1 in the US. His yearling median dipped to €21,035. That said I think he is a solid proven sire and he is appropriately priced.


    12. Magna Grecia €17,500 (18,000)- (2016 by Invincible Spirit ex Cabaret by Galileo)
    Verdict: Fairly priced

    Normally I would have expected a bigger cut in fee for his third year at stud but in this instance there were other factors at play. The most notable being the exploits of his half brother St Mark’s Basilica who landed four Group 1’s during the season. A Guineas winner who also won the Vertem Trophy at two, he is by a fashionable sire of sires and his price seems about right for now.

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

    Verdict: Significantly Overpriced

    No Nay Never is significantly overpriced and has been for the past few few years. In 2021, he had success on the track with Alcohol Free who trained on to win a Coronation Stakes, Zain Claudette won a Lowther (Grp 2) and Armor won Molecomb (Grp 3). These are decent results for runners conceived at €17,500 and €25,000 but there is limited upside at his current fee. His yearling median was €150,000 last year which sounds impressive but that was based on a €100,000 fee. At that level, he was covering high class valuable mares who are bringing a lot to the table and who expect a chunky return over the covering fee.

    It’s worth looking at the figures for his black type winners to foals by crop.

    Year FoaledFoalsRnrsWnrsBTW% BTW to foals
    20169373531415%
    20171301056097%
    2018101794544%
    2019102602544%

    The figures above will improve considerably over the coming years especially for the 2019 crop as they get more opportunities to run. However, I don’t see them matching his exceptional first crop figures which are looking a bit of an aberration. At €125k, he will need to be producing 2 or 3 Grp 1 winners in each crop to keep people happy. He is a multiple of the fee for Dark Angel, Kodiac and Mehmas who all started from much lower fee levels to produce similar types of horses (quality two year olds/sprinters/milers) and at this stage I don’t think that differential is warranted…


    14. Rock Of Gibraltar €5,000 (€5,000) (1999 Danehill ex Offshore Boom by Be My Guest)

    Verdict: Should be Retired…

    It’s strange that they continue to list him on the roster. He will be 23 this year and there is almost no demand from breeders.

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

    Verdict: Fair Price

    Will have his first runners in 2022. His yearlings sold well in 2021 with a median of €61,900 off a €30,000 fee. I would have expected a price cut given this is such a risky year to use him but these good returns probably prompted them to hold firm on the price. He was as a good Guineas winner who also won a Racing Post Trophy and had some great battles with Roaring Lion over 10 furlongs. He is the only son of Deep Impact in Ireland his dam was a Moyglare winner so there is plenty to recommend him.

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

    Verdict: Overpriced

    He was a Group 1 winner but his overall record was only 4 wins out of 15 and his female line is unremarkable. His first yearlings had a median of €26,000 off a covering fee of €12,500. The advertising highlights his similarities with No Nay Never (both good two year old sons of Scat Daddy). It’s possible that he will emulate NNN but I’m not convinced its worth taking a risk on him.

    17. Sottsass €25,000 (30,000) (2016 Siyouni ex Starlet’s Sister by Galileo)

    Verdict: Fairly Priced

    His fee has had a predictable reduction in his second season. St Mark’s Basilica boosted the reputation of Siyouni. Sottsass race record of an Arc, Prix Ganay and French Derby is impressive. St Mark’s Basilica is now the sexy son of Siyouni at Coolmore but Sottsass is fairly priced at €25,000.

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

    Verdict: Over Priced

    Had a flawless season in which he captured the French Guineas, French Derby, Eclipse and Irish Champion Stakes. For good measure he ended his two year old campaign by annexing the Dewhurst. He was a 1.3 million Guineas yearling so he had the looks to go with his pedigree (he is a half brother to Magna Grecia). He is the most expensive first season to retire to Coolmore that I can remember in recent years (Gleneagles was slightly less at €60,000 in 2016, the same price as George Washington in 2007, Giant’s Causeway was 100,000 guineas in 2001) and even if I have forgotten someone it does indicate that it is an exceptional opening fee. The question is whether this chunky opening fee is justified? I wouldn’t dispute his merit as a racehorse (albeit he was fortunate not to be demoted in the Irish Champion Stakes) . If you are to quibble about something then you could point out that Siyouni is yet to establish his merit as as sire of sires and until the arrival of Magna Grecia and SMB it was a good rather than great female line. Comparing his fee to his similarly bred and similarly talented studmate Sottsass, also indicates that his opening price is perhaps a little frothy.

    19. Starspangledbanner €35,000 (22,500)  (2006 Choisir ex Gold Anthem by Made of Gold

    Verdict: Over Priced

    Received a chunky hike after some good results on the track. State of Rest travelled to the States to win the Saratoga Derby and then travelled to Oz to win the Cox Plate. He had some nice two year olds with Castle Star and Flotus finishing runners up in the Middle Park and Cheveley Park respectively. His yearling median jumped to €60,000. He is a sire I like, but the increase was overdone.

    20. Ten Sovereigns €17,500 (20,000) (2016 No Nay Never ex Seeking Solace by Exceed and Excel)

    Verdict: Overpriced–

    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 and No Nay Never hype is on the wane. Predictable drop in price in his third season but to me he has been overpriced each season.

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

    Verdict: Over Priced (Slightly)

    Will have his first runners in 2022 so using him is more of a gamble. His yearlings sold well with a median of €55,000 with 41 sold, so not everyone has given up on sons of War Front. This median was a good return on his opening fee of €25000. To me he is better value than Ten Sovereigns, having a much stronger female line, winning three Group 1’s and staying well enough to be placed in an Irish Guineas. I thought however he would have been cut a little for this season.

    22. Wootton Bassett €150,000 (€100,000) (2008 Iffraaj ex Balladonia by Primo Dominie)

    Verdict: Overpriced

    Wootton Bassett sired two new Group 1 winners this year in Prix Marcel Boussac winner Zellie and Prix St Alary winner Incarville. I’m not sure that warranted a 50% increase in fee though. His yearling median reached €130,000 last year for a crop conceived at €40,000. It seems that Coolmore are looking to recoup their sizeable investment as quickly as possible and he is priced as the joint most expensive stallion in Ireland (Sea the Stars being the other) We know that he has bigger and better crops in the pipeline but I think the price increase is taking for granted that he will maximise that opportunity and prove himself to be an outstanding stallion. He may well do so but I think he is being priced a little too much on upside potential rather than actual achievement at this stage.

    Final Thoughts

    I think Coolmore pitch their advertised fees on the high side to create the psychological anchors that sales people use in negotiations. Deals should and will be available for many of the sires.

    Looking at their roster, it is top heavy with Galileo blood. It contains no less than 6 of his sons on the roster and there are another five stallions of which he is broodmare sire. That looks excessive and much more diversity would be welcome. Coolmore also have the option of bringing some American stallions over here to provide some alternative sire lines.

    Its also noticeable that neither Dubawi nor Kodiac are represented by any sons on the roster. These are the two sires who have done the most in recent years, to develop their reputations as sire of sires and it’s surprising Coolmore haven’t plugged these gaps in their roster.

    Coolmore have lost ground to their rivals and John Magnier is now 73 and suffered health issues in recent years. It will be up to the next generation of the family to restore the fortunes of the stud to previous heights as that won’t happen overnight. The task is made easier as they an exceptional broodmare band to support their stallions. They also have the financial firepower to get whatever they fancy at the yearling sales or to purchase promising stallions from smaller operations. Are they too big to fail? Interesting times ahead….