For a few dollars more - the lopsided exchange rates fuelling the American dream

American buyers operating at European sales is not a new phenomenon, but it is a growing one.

The expansion of the turf racing programme in the United States, along with the excellent prize-money and the success of yearlings and horses in training exported from Europe, are motivating factors, and they have now been joined by another significant driver - the strength of the dollar against the weak pound and euro.

The dollar was trading at around 91p and €1.02 on Thursday, and with the outlook for European economies gloomy, that sort of exchange rate won’t be shifting away from the dollar’s benefit anytime soon. Certainly not before Tattersalls’ big yearling sale which starts next week.

Americans effectively being able to buy horses for 20 per cent cheaper than last year was a key factor at Ireland’s biggest yearling sale too, Goffs Orby, which finished on Wednesday evening with the dockets for the 415 horses sold across the two days pockmarked by US-based agents’ signatures.

Putting a figure on the number of yearlings bought for American owners and trainers is not straightforward, given some use European-based agents, but around 50 Orby yearlings were sold to purchasers from the US, who had been flown in by Goffs.

Ramiro Restrepo of Marquee Bloodstock was quickest off the mark, buying just the second lot through the ring, a Too Darn Hot filly from Deerpark Farm for €95,000.

He said: “You can come over here, buy a yearling and put it through your programme and try to have that success. The Irish know how to raise an amazing horse and to be able to touch those pedigrees and physicals and bring them back home, it's a no-brainer.

Ramiro Restrepo: 'The dollar has been that strong and it helps with everything'Credit: Fasig-Tipton Photos

“For the first time, the dollar has been that strong and it helps with everything - the insurance, shipping as well, so it evens things out. It's nice to take advantage of that.

“Turf racing in America is on the rise, horseplayers love it because there are big fields, which gives them a lot of combinations and options to play. Turf careers tend to be longer and the horses more durable, and the prize-money that places like Kentucky Downs offer, or options like the New York Triple Crown Turf Series, mean you’re being rewarded for having turf horses.

“Lots of the big players are joining together to buy the big dirt pedigrees and it's getting harder to buy into that market in America, so there are more coming over here to try to find value and take advantage of a programme that’s on the up.”

Torie Gladwell of Top Line Sales purchased a Cable Bay filly from Kildaragh Stud for €100,000 and a Calyx filly from Glenvale Stud for €85,000 at the Orby, and was also in action on Thursday at the Sportsman’s Sale, with the aim of taking the yearlings to Florida for the breeze-ups.

"I came to Goffs to find the more sporty, early type of horses that will suit the breeze-ups next spring,” said Gladwell. “The strength of the dollar against the euro definitely provided more of an incentive to travel to Ireland and buy horses.

“It's my first time at Goffs, everyone has taken very good care of me and it’s been a great experience. If this experiment proves successful then I will be back next year to buy more."

Jason Taylor bought three Orby lots, a Magna Grecia filly from Glenvale Stud at €200,000 and two sons of No Nay Never, from Castlehyde Stud and Baroda Stud at €280,000 and €120,000 respectively.

“I’d heard the Orby was a good sale and had always wanted to come see Ireland,” he said. “I had reason to be here on business and I did come to spend because of the strength of the dollar. I think that helped me get more value purchasing these particular horses. They will be staying in Ireland to be broken and race as two-year-olds.”

Goffs chief executive Henry Beeby, who was able to hail across-the-board rises including a record median figure of €87,000 for the Orby Sale, said: “It wasn't difficult to identify that US buyers are having a significant impact on the European market and that there's a hunger for European horses in America because of the increased interest in turf racing there.

“The team here at Goffs put in a lot of time, effort and work into getting US buyers here, led by our American agent Jacob West and Tom Taaffe, who made three trips out there meeting with potential buyers. We were delighted to have more than 50 different buyers from America here this week, with several of them making their first trip to a European yearling sale.

“It was a team effort between our buyer recruitment team and Irish Thoroughbred Marketing, and we’re very pleased with how it has transpired. The American buyers would have travelled here in those numbers anyway but the strength of the dollar allowed them to buy at even greater value than previously.”

ITM chief executive Charles O'Neill, speaking on Thursday afternoon, added: "We’re very pleased with the level of investment by American owners, trainers and agents at Goffs this week. There’s still some way to go in the sale but it’s going to be in excess of 60 horses purchased here by American interests, which we’re very happy with.”

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