DONCASTER, UK—Well, at least that ordeal is out of the way. It was never going to be fun, but it could have been worse. Horses were sold, some of them even sold well; and other vendors, with an 83% clearance rate, were evidently ready to cut losses. And soon everybody will at least be able to start figuring out how venturesome they can afford to be, once finally bidding good riddance to 2020. Embarking on the European yearling circuit was always going to be extremely challenging for an industry so...