Antoinette Tamagni-Bodmer

DEAUVILLE, France—Another tranche of prospective buyers appeared on the sales grounds at Arqana on Tuesday. As second looks, third looks and vettings are being completed, there is now just the nervous wait for vendors until 2pm local time on Wednesday when the Arqana Select Sale finally gets underway and they begin the learn their fate. There is not one member of the bloodstock fraternity who believes that this sales season will be in any way easy. As one major breeder observed on Tuesday morning, "If we get through this year...