By Niall O'Connor
In Global Views, Godolphin Flying Start trainees provide insight into practices experienced and observations taken on their worldwide travels. Second-year trainee Niall O'Connor discusses the importance of data transparency.
The delay to the breeze-up season has caused consignors and other industry participants to change their behaviour to make the best of an unfortunate situation. My Twitter feed has been filled with content from the likes of The Bloodstock Connection's John Hassett, who has been boundless in his pursuit of engaging and educating a wider audience about the intricacies of the breeze-up industry. Across John's vlogs, there has been recurring debate surrounding whether or not more information should be provided at breeze-up sales, including official times.
Elsewhere on Twitter, Jack Cantillon launched a novel initiative to educate a wider audience through a series of bloodstock webinars. This attracted more than 100 individuals to buy into three “Bargain Breezers”, the first of which they bought at the Tattersalls Craven Sale this week. The most pertinent point to me is that shares in this syndicate were sold on the basis that the buying would be based on “interactive data and value,” and for many of the members it is their first investment in a racehorse.
As an industry, we face a battle to attract new owners into the sport, yet there is general disregard towards changes that will aid this. There is a wealth of information that could be made available to purchasers at the breeze-up sales: official breeze times, weight, veterinary interventions pre- and post-breeze, stride length, etc. The world is not what is was 50 years ago. The current generation expects data to inform its decision-making. Jack Cantillon's excellent initiative illustrates this perfectly–the next generation of participants will be data-driven. Keeping the information hidden is not a sustainable model.
The argument against greater transparency rests on the perceived impact it will have on clearance rates, particularly, but not exclusively where the timings of breeze-up horses are concerned. As with any disruptive proposition, those who are doing well out of the current situation are likely to be the most entrenched in their views and most opposed to any new model. However, many disruptors actually increase rather than decrease the economic value of the sector which they seek to 'disrupt.' There are now more private cab rides in London since the inception of Uber, and Airbnb and other online hotel and holiday sites have contributed significantly to an overall growth in the tourism sector, albeit at the expense of the market share of the package holiday suppliers.
A common reference point to the negative impact of publishing official breeze times is the U.S. market, where clearance rates are significantly lower than in the UK. What is not generally considered is that the U.S. is a completely different market. It is more one-dimensional in its requirements, namely speed, whereas the European markets are driven by more multi-dimensional dynamics. Look at the breeze-up results in New Zealand, where official times are also provided. In the last three years, NZB's Ready to Run sale has had an average clearance rate of 70%, which compares to 74% at the Tattersalls Craven Sale. Noticeably, in New Zealand many of the more expensive horses breeze relatively 'slow' times. Certain European sales, such as the Craven breeze-ups, focus on potentially slow-burner types, where timings might be an indicator, but they are unlikely to be the be-all-and end-all for most purchasers.
In Australia, Vicky Leonard's Kick Sales Platform has worked with Bhima Thoroughbreds to improve transparency at the yearling sales. They provide information, be it positive or negative, that removes some detective work and makes the information readily available to potential buyers. Through their first year at the yearling sales, Bhima managed a clearance rate of 97% compared to the national average of 84%. Transparency in the sales arena should not be feared but embraced. Within the industry, those who can't or refuse to adapt to the growing demand for transparency will lose out. The industry as a whole cannot rely on lack of information or a patronising belief that more information will somehow confuse the customer in order to survive.
The current COVID-19 crisis has sparked innovation across many sectors. The breeze-up sector has also responded admirably. As with a lot of changes adopted by necessity, many will become the new normal, driving cultural and behavioural change in the long term. If greater transparency and more information to buyers are some of these, then that will be to the long-term benefit of the industry as a whole.
Not a subscriber? Click here to sign up for the daily PDF or alerts.
