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Irish stallions

Coolmore’s 2024 fees (Part 1-stallions from €200k to €20k)

2023 was a good year on the track for Ballydoyle with 20 Group/Grade 1 winners. Results weren’t nearly as impressive for Coolmore’s stallion roster. Their best placed stallions on the GB/Ire sires table were Galileo in 5th and No Nay Never in 10th. Disappointment with their Irish sires, will have been tempered somewhat by the performance of the Ashford based Justify. He impressed with 4 Group/Grade 1 winning two year olds this year, in a second crop that was considerably better than his first crop. It would be intriguing to see him spend a few seasons in Tipperary but that doesn’t seem to be on the cards.

The Irish roster now comprises 21 stallions. During the year we saw two departures in US Navy Flag and Circus Maximus (even before he had runners) and three new arrivals in Little Big Bear, Paddington and The Antarctic . Coolmore may never reclaim its dominance of the past few decades but it is still a formidable roster that covers a large percentage of Irish broodmares. There are no bargains at the published fees but presumably bar the most popular stallions there is room for negotiation which may make them better value.

Below is my assessment of their published fees for 2024, starting with the priciest sires. As the Beatles are once again in the charts I have also included a Beatles lyric that seems apt for each sire.

Stallion €2024 fee (€2023 fee)

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1. Wootton Bassett €200,000 (€150,000) (2008 Iffraaj ex Balladonia by Primo Dominie)

Verdict: Repaying their investment but no upside at price
Beatles Lyric Verdict: I’m fixing a hole
Wootton Bassett had a good year on the track. The imposing King of Steel (ex Eldacar by Verglas) was runner up in the Derby and subsequently triumphed in the Champion Stakes. His 131 two year olds featured Group 1 winners Bucanero Fuerte (ex Frida la Blonde by Elusive City) and Unquestionable (ex Strawberry Lace by Sea the Stars) and Group 2 winner River Tiber (ex Transcendence by Arcano).

His current career tally is 40 stakes winners from 620 foals of racing age (6%). This is not an elite sire percentage but he has covered large books of better credentialed mares (particularly Galileo mares) since his move to Ireland. He has 205 two year olds of 2023 and 170 yearlings waiting in the wings. In 2023 he covered he covered a mammoth book for 221 mares, including 49 of Coolmore’s own mares. With these crops to come,we can expect him to improve significantly on his 11th position in the sires table this year. He is a difficult sire to pigeon hole as his runners vary across the precocity and distance spectrum and he has worked with all sorts of broodmare sires. A €200,000 fee is steep for a sire who had a median of €220,000 this year (95 sold) -albeit off a €100,000 covering fee. Galileo was irreplaceable. Wootton Bassett is a stopgap who is being given every support. However, he is not that attractive as a commercial proposition and his stakes winning progeny percentage is modest, making him overpriced at his new fee.

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2. No Nay Never €150,000 (€175,000) (2011 Scat Daddy ex Cat’s Eye Witness by Elusive Quality)

Verdict: Overpriced and definitely not Danzig
Beatles Lyric Verdict: I’m coming down fast, but don’t let me break you

No Nay Never (NNN) had a marvellous season in 2022 with 3 Group 1 winning two year olds. In 2023, he had no Group 1 winners but he had three Group 2 winners (Les Pavots, Lake Forest and Matrika) and two Group 3 winning two year olds. In 2022, he seemed set to dominate the two year old sire rankings for a number of years. This no longer seems likely as that space has become much more crowded. He now faces competition from his stud mate Wootton Bassett, breakthrough sires like Havana Grey (£55,000) and Mehmas (€60,000) and 2023 first season sires like Blue Point (€60,000) and Too Darn Hot (£65,000). His yearling median was €157k off a €125k cover fee so his risk/reward ratio for commercial breeders is not appealing. Six figure fees are typically the preserve of potential classic sires and despite Meditate placing in the Irish Guineas this year, he is still (correctly) perceived as a two year old/sprinter sire. His career record is now 57 stakes winners from 958 foals of racing age (6%). He was unwisely compared with Danzig last year (18% stakes winners) but there is no comparison. There is also a view that his progeny can be ‘hot’ and difficult to handle. He attracted 190 mares this year with 101 of them being black type mares so there will be plenty of well bred representatives over the coming years. Coolmore is approaching saturation point with four of NNN’s sons on the roster (Arizona, Blackbeard, Little Big Bear and Ten Sovereigns) and its hard to think we need any more. As a two year old/sprinter sire he is overpriced relative to his competitors and he should be closer to €100k.

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3. Paddington €55,000 (na) (2020 Siyouni ex Modern Eagle by Montjeu)

Verdict: Would need to tick a few more boxes at that price
Beatles Lyric: “You say you got a real solution, Well, you know, We’d all love to see the plan”

This time last year he was just the winner of a back end Curragh maiden. He started 2023 in a handicap, before going on an unbeaten run that took in the Tetrarch Stakes, the Irish Guineas, the St James Palace, the Eclipse Stakes and the Sussex Stakes. At that stage he was inviting comparisons with Giant’s Causeway but his career finished tamely with defeats in the Juddmonte International and the QE2 Stakes.

Paddington cost €420,000 as a yearling. His dam was a Listed winner and granddam was runner up in the Prix De Diane (French Oaks) but its not a page that overly excites. He was undoubtedly high class and tough. On the other hand, his lack of precocity, the loss of prestige by his final two defeats and reservations about his pedigree mean that he is at a higher starting price than I expected. They are advertising him as being comparable on the track to Giant’s Causeway but he didn’t quite have that same toughness/constitution. St Mark’s Basilica offers a better package of performance and pedigree at a slightly cheaper price.

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4. St Mark’s Basilica €50,000 (65,000) (2018 Siyouni ex Cabaret by Galileo)

Verdict: a well credentialed but expensive gamble
Beatles Lyric: All I can tell you brother is you have to wait
A predictable dip in his fee for his third season and now facing internal competition from another son of Siyouni in Paddington for high end mares. Covered 173 mares this year and 160 in 2022 and his 10 foals sold had a median of c€94k so the market is still sanguine on his prospects. As I said in previous years he has a lot to recommend him on performance and pedigree and looks. I’d rate him as better relative value than Paddington but he is still a high risk and expensive gamble. Time will tell.

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5. Camelot €50,000 (€60,000)- (2009 by Montjeu ex Tarfah by Kingmambo)

Verdict: The quest for the holy grail continues
Beatles Lyric: Don’t You know that you can count me out
His fee has gone into reverse in the past few seasons after reaching €75,000 in 2022. Luxembourg added another Group 1 (Tattersalls Gold Cup) to his collection and Los Angeles picked up a late season Group one in the Criterium de Saint Cloud to give some respectability to his season. Blue Stocking went close in the Irish Oaks and overall there were 9 stakes winners this season. His yearling median increased to €98,451 albeit off a €60,000 fee so there was little room for error. His career stats are now 59 black type winners from 947 foals of racing age a ratio of 6%. He is undoubtedly a useful sire but as I said in previous years, I think his progeny flatter to deceive.

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6. Starspangledbanner €45,000 (€50,000) (2006 Choisir ex Gold Anthem by Made of Gold

Verdict: Pricey given his black type percentages
Beatles Lyric: Get back, Get Back to where you once belonged
I would have expected a greater reduction after a modest year on the track. Group 2 Rockfel winner, Carlas Way was the best of his European results and his career stats are now just 37 stakes winners from 869 foals of racing age (a very modest 4%). His yearling median in 2023 was almost unchanged at €60,000 which was a good return from a €22,500. However the value is now well gone for commercial breeders.

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7. Saxon Warrior €25,000 (€35,000) (2015 Deep Impact ex Maybe by Galileo)

Verdict: Disappointing and the battle seems lost
Beatles Lyric: Love has a nasty habit of disappearing overnight.

Breeders flocked to him after a strong end to 2022 by his first two year olds and he covered 264 mares. I can safely say he wont be attracting anything like those numbers this season after a very underwhelming year on the track. His best results were a Group 2 win for Lumiere Rock and a Group 3 for Greenland. His yearling average stayed respectable at €40,000 but he is a very hard sell at his current fee.

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

Verdict: A two hit wonder but loads of dud tracks
Beatles Lyric: Oh dear, what can I do?
Blue Rose Cen added three Group 1’s to her tally this year but Vadeni failed to add to his stellar 2022 season. Churchill is not a good sire but these two top performers have glossed over an otherwise very modest stud career. His current statistics show 201 winners from 677 foals of racing age and a woeful 14 stakes winners (2%). He still has large books in the wings having covered 227 mares this season, 108 in 2022 and 198 in 2021 so there could be more good horses to come but for me his limitations are such that he is well overpriced.

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9. Sioux Nation €27,500 (€17,500) (2015 Scat Daddy ex Dream the Blues by Oasis Dream)

Verdict: Don’t follow the herd on this
Beatles Lyric: “Well you can celebrate anything you want”
He has somewhat outperformed expectations and had a good year on the track with 3 Grp 2 winners and 5 Group three winners. He lacks a real superstar with the classic placed and Challenge Stakes winners Matilda Picotte being his best runner to date. His sales results have been encouraging with a yearling average of over €45k in 2023 so you can see why Coolmore were tempted to increase his fee. However, he will have his smallest crop of two year olds next season, so he may go a little quiet next season. His stakes winning percentage is currently 4% (13 from 301 foals) which is nothing special. He started out marketed as a sire of cheap speed/precocity but at his new fee he will have to start throwing his share of Group 1 winners. There are big crops to come after he covered an insane 289 mares in 2023 and 221 in 2022 and I think he will struggle with these loftier expectations.

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

Verdict: Like Paddington, another overpriced bear
Beatles Lyric: “Roll up, for the mystery tour”

An impressive two year old who put up a top performance in winning the Phoenix Stakes by 7 lengths along with three other victories. Trained for the Guineas, he ran no sort of race before redeeming himself somewhat in the Grp 2 Sandy Lane Stakes. He was runner up in the Commonwealth Cup to Shaquille before ending his career with a flop in the July Cup. He has an interesting pedigree as his third dam is the great middle distance mare All Along. His dam is by Bering and was best over 10 furlongs but ran respectably over 12. None of these maternal influences seem to have had much bearing (or Bering :)) on Little Big Bears aptitudes which mirrored his sires profile linked to speed and precocity. Its impossible to say if he will succeed as a sire but we can predict big crops, a gradual reduction in fee over the next few years, early crops to sell better than later crop, limited support from Coolmore themselves and then the performances of his first runners determining if he has a future or not. The market likes speedy two year olds and he was very good in that capacity but he is more than fully priced.

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

Verdict: One for gamblers but a reasonable bet
Beatles Lyric: “Let it be”

Sottsass has his first runners in 2024 so anyone using him this season will quickly have a fair idea of their fate,albeit his progeny would be expected to improve at three. He was a top racehorse winning an Arc, Ganay and French Derby out of a Galileo mare who is proving to be a top producer. Her record includes 7 time Grp 1 winner Sistercharlie, Grp 1 placed My Sister Nat and now Sottsass’s full brother Shin Emperor emerged as one of the top two year olds in Japan. With three sons of Siyouni on their roster, Coolmore will be hoping that he makes a mark as a sire of sires. His fee hasn’t officially dropped for the 2024 season but anecdotally they are willing to negotiate more than with some other fees. I think he is the best value (in relative terms) of their sons of Siyouni.

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12. Blackbeard €20,000 (20,000)- (2020 by No Nay Never ex Muirin by Born to Sea)

Verdict: Doubt he is a source of treasure
Beatles Lyric: “Where do they all belong”

Ran 8 times and won 6 times including a pair of Group 1’s in the Prix Morny and Middle Park. Noticeably quirky, he was odds against improving his record at three and was dispatched to stud. His dam Muirin is by a disappointing sire in Born to Sea but she was 4th in the Moyglare. Despite these reservations, he attracted 195 mares in 2023. Coolmore have 4 sons of No Nay Never on their books and you have to wonder if Ireland is repeating the mistakes of Australia. In 2019, Plusvital published research that showed a halving in the number of horses with stamina markers (TT horses) and a 70% increase in horses with C:C speed indicators. With the huge numbers of mares being bred to these speed sires these worrying trends are gathering momentum. As a temperamental sort from an unexceptional female line I wouldn’t be in a hurry to use him at his current fee.

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.


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…..

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….