Behind the Bid: How We Choose Horses at the Sales

Aug 30

5 min read

Oli Bell interviewing Owen Haly, Pompey Ventures partner about purchases at the Goffs Premier Yearling sale

440 Viewed. 30 Shortlisted. 3 Bids. 2 Purchases.

Buying horses at the sales is the easy bit. Deciding which horses we actually want to buy takes considerably longer.

At Goffs this week, we viewed more than 440 yearlings over two days. From those, around 30 made our initial shortlist. After second inspections, pedigree work and plenty of discussion, we ultimately bid on just three.

We came home with two — most importantly, the two horses right at the top of our list.

There is obviously no exact formula for buying a future racehorse. If there were, everyone would be doing it. But at Pompey Ventures there is a process behind every horse we consider, and a good bit more work goes on before the bidding starts than most people probably realise.

So, ahead of heading back to the sales again, we thought we would explain a little more about how we approach it.

The First Look

Yearlings being inspected at the Goffs Premier Yearling Sale in Doncaster, with the Pompey Ventures team watching from the sales ring.

The first inspection is fairly ruthless.

When there are hundreds of horses to see, the first job is simply to decide which ones warrant another look. We are initially looking for a horse with enough size and substance, a good walk and an overall physical that makes us want to see them again.

If we feel a horse is simply too small, lacks enough scope or doesn't move in the way we would like, they can be crossed off relatively quickly.

Every horse we like is scored as we go, generally from around 6/10 through to 10/10. It sounds simple, but when you have seen several hundred horses over a couple of days, having those scores and notes becomes incredibly useful.

It gives us a starting point from which to compare horses objectively rather than relying on who happened to make the strongest impression several hours earlier.

The Second Look

The second viewing is where things become much more serious.

By then, we have seen most or all of the catalogue and know which horses have stood out physically. We can go back to those horses, take more time and see whether that first impression still holds up.

We will look again at their walk, conformation, strength and overall athleticism, but we are also beginning to form an opinion about the type of racehorse they might become.

Are they a big, strong horse who may need a little time?

Do they look like an early, sharp two-year-old?

What sort of trip might suit them?

Do we think the physical matches what the pedigree is suggesting?

A horse can make a very good first impression and still drop down the list on second inspection. Equally, some horses grow on you the more you look at them.

Another telling sign is how well a horse shows. Remember, a yearling is essentially still a baby — never ridden and, for much of its life, used to being out in a field. Then suddenly it has travelled to a sale, there are people everywhere, and we are repeatedly pulling it out of its box and asking it to stand and walk on command.

Some get fed up. Some get a little antsy. Others handle the whole thing beautifully. Those are the ones we take notice of.

That is why we rarely make decisions from one quick walk around the sales ring.

The Pedigree Deep Dive

The pedigree is only one part of the decision, but there is always more to it than simply looking at the names printed on the page.

We look closely at the sire, the dam and the immediate family, but also at how those bloodlines have actually performed.

We also look at the ‘nick’ — how the sire’s bloodline has historically performed when crossed with mares carrying the same or similar bloodlines as the dam.

Is there a proven nick within the pedigree?

Has the dam already produced good racehorses?

Were any full or half-siblings talented?

Was the dam herself a good performer?

What distances and types of races has the family tended to excel over?

Sometimes there may also be an unraced sibling about whom we can learn a little more. Information like that can be invaluable because it may give us an insight that isn't reflected in the catalogue or the market.

For example, it can be very useful to know that a sibling was actually well thought of and progressing well before an injury brought an early end to their racing career. Crucially, we then want to know what caused the injury — was it simply an accident, or something that could potentially crop up again within the family?

This year, we have started adding a Pedigree Deep Dive to our new horse pages so owners can see some of the things that caught our attention when we were assessing the horse ourselves.

Putting a Value on an Unraced Horse

Pompey Ventures team watching from the sales ring at Goffs yearling sales

This is probably one of the hardest parts of the process.

There is no official price for an unraced yearling, and two very similar-looking horses can make completely different sums in the ring.

The popularity of the stallion obviously plays a part. So does the strength of the immediate family, the record of the dam and any talented close relatives.

We also have to take account of the market in front of us.

By the time we are bidding, we have usually watched plenty of horses sell and have a good feel for what particular sires, physical types and pedigrees are making at that sale. Markets can change quickly, so what represented value at one sale may look very different a few weeks later.

But ultimately, the physical carries the most weight for us.

How highly did we score the horse?

How strong is the individual in front of us?

Do we think they are likely to be precocious or need more time?

What trip do we expect them to want?

Does their physical justify paying a little more than the pedigree alone might suggest — or does the pedigree look stronger on paper than the horse standing in front of us?

We will also speak to the farm or consignor where possible. They have spent far more time with the horse than anybody at the sale and can sometimes provide useful context about temperament, development and how the horse has progressed.

All of that information is then brought together and we assign the horse a value before we enter the ring.

And that final part is important.

Then Comes the Bid

The bidding is the final strategic part of the puzzle and, poker face in place, it is finally time to get down to the exciting bit.

Once we have set a value, Zach — affectionately known as "the bean collector” — is always there to make sure we stick to it...

Pompey Ventures partner Dave Byrne bidding at sales auction

It is very easy to find another bid once the adrenaline kicks in and a horse is nearly yours. Another £5,000 suddenly doesn't seem very much when you have spent two days following the horse around the sales ground.

But value matters.

There will always be another horse and another sale, and walking away when the price goes beyond what we believe a horse is worth is every bit as important as knowing when to bid.

That doesn't mean we won't stretch for one we particularly love. It does mean there needs to be a reason for doing it.