Tattersalls chairman Edmond Mahony outlined his concerns arising from the government's budget announcement when reflecting on what proved to be a memorable Autumn Horses-In-Training Sale that saw a record-high price paid for the 1.3 million gns Delius (GB) (Frankel {GB}) earlier in the week.
That Coolmore-owned three-year-old was sold on Wednesday to continue his career in Australia for trainers Gai Waterhouse and Adrian Bott and Mahony praised the large cohort of international buyers who made the trip to Tattersalls for what has been another successful sale at Park Paddocks.
Despite a smaller [86] offering of horses, turnover climbed 6% to 35,654,200gns. In fact, Tattersalls had already surpassed last year's turnover by close of play on Thursday. The average also climbed by 13% to 34,955gns, the median by 7% to 16,000gns while the clearance rate didn't budge at 88%.
The top price on the final day of the Tattersalls Autumn Horses in Training Sale was the three-year-old gelding Melon (Ger) (Adlerflug {Ger}), who will stay in training with Ollie Greenall and Josh Guerriero, but was bought by different owners within the yard at 68,000gns to go hurdling.
Reflecting on trade this week, Mahony said, “As ever this unique fixture, the largest and most popular of its type in the world, has attracted an extraordinarily diverse collection of buyers from all corners of the world. Australian buyers have enjoyed outstanding success purchasing at the Tattersalls Autumn Horses in Training Sale with graduates winning 48 Group/Listed races in the last three years, and they have again played a significant role, buying in excess of 30 lots for more than 6,000,000 guineas.
“They have been joined by the typically enthusiastic group of buyers from the Gulf region whose respective carnivals have buoyed the market in the Middle East for quality tried horses from Britain and Ireland. We have also welcomed a large contingent of European buyers, especially from Spain and Italy, who have made a significant contribution to the sale, and it was equally encouraging to see such strong domestic demand from both the Flat and National Hunt fraternities.
“A record price at the Tattersalls Autumn Horses in Training Sale for Delius and sale turnover that has only narrowly fallen short of the wide margin record set in 2022, have provided a fitting finale to what has been a remarkable month of sales at Tattersalls in October.”
Agricultural property has been passed on to heirs tax-free for decades, but the chancellor, Rachel Reeves, announced on Wednesday that from April 2026 farms and other business property will fall within inheritance tax. Inheritors will have to pay 20% of the value of the agricultural and business property above £1m. Reeves said this would raise £1.8bn by 2030 which can be used to improve public services.
On that announcement, Mahony continued, “However, against this backdrop of positivity we can only express concern regarding the government's budget announced on Wednesday. The implications of it will have far reaching effects not only on all businesses in the racing industry but more long term on breeders and trainers who could now be liable for inheritance tax on their assets. The effects of these changes are surely going to have a negative impact on the whole racing and breeding sector in this country.”
“We now look forward to the Tattersalls December Foal and Breeding Stock Sale, which annually showcases the very best of European bloodstock to a global audience.”
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