Hong Kong Jockey Club chief Winfried Engelbrecht-Bresges has called a review of the Hong Kong International Sale after a string of disappointing results at last Friday's auction at Sha Tin.
Six of the 21 horses in the catalogue were withdrawn before the sale on veterinary advice and the average for the sale dropped by 9%. Furthermore, only five of the 15 lots that sold made their presale cost, resulting in a loss of HK$8.82 million.
Speaking to the South China Morning Post, “It's simple-disappointing. I'm especially disappointed about the number of horses who had to be withdrawn. This is a number which, in my view, needs a complete review.
“When you look statistically, you would have to expect that 25 per cent, maybe 30 per cent, will not make it. But we are way beyond that, so you have to factor in the whole chain–is it from the buying, do we always buy the right pedigrees, what is the preparation?”
Engelbrecht-Bresges continued, “The market has changed and when the market changes, you have to see if what you do is still the right thing to do and you have to think how you put a value proposition there. So, it's one thing when you get the withdrawal of horses, which definitely makes it not very sustainable, but the other one is to step back and say how the market has changed. You need to make an analysis and see what you do.”
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