Earlier this week I made my way to the Suffolk town of Newmarket, the home of British horseracing. I was there to witness the Yearling Book 1 sale at Tattersalls, one of the sport’s two big auction houses.
Yearlings, or one-year-old horses, have never been raced, trained or even had a saddle on their backs. Yet once Irish horse breeding billionaires and Emirati royals go head-to-head to buy them, prices can soar into the millions of pounds. Decisions are based on some basic physical exams and the animals lineage. Over the course of three days, the sales raised £135mn, a sign of the strong global appetite to take a punt on unproven talent.
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