If you’d read the Racing Post account of Monday’s Tattersalls Book 2 opening day results, then read the analysis of the same day of the sale in Daily Racing Form, you’d be scratching your head and fiddling with the calculator, as I was Monday night.
This is from Racing Post (bold face is mine):
“The session saw a 6,715,500gns turnover, up 11 per cent on last year, although the 25,000gns median and 33,410gns average, respectively fell by 17 per and 11 per cent. The clearance rate was 73 per cent, compared a disappointing 56 per cent in 2008.”
This is from DRF:
“The average price for the 201 yearlings sold on Monday was $55,498, a decline of 19.1 percent compared with the average price for the 160 yearlings sold last year on the first day of Book 2 selling. The average price last year was itself down 30 percent compared with the 2007 figure.
“The median on Monday was $41,528, down 24.3 percent compared with last year’s median of $54,495. Like the average price, the median last year had fallen 21 percent from the 2007 figure, marking two straight years of significant declines in average and median at the sale, the most prestigious in Europe.
“Because of the larger number of yearlings sold this year on Monday, gross receipts were up 16.7 percent, from $10,971,115 last year to $11,155,258 this year.”
So, to summarize:
Racing Post: gross +11%; average -11%; median -17%
DRF: gross +16.7%; average -19.1%; median -24.3%
English sales results are provided in guineas, which is the equivalent of £1.05 (21 shillings). Racing Post provides sales results in guineas, which makes year-to-year analysis clean and meaningful. DRF, on the other hand, has converted guineas to pounds by multiplying by 1.05; then, it has to converted pounds to dollars based on the value of the pound to the dollar on the particular day. There’s nothing consistent here, because the pound versus the dollar today was not the same as it was on opening day of Book 2 last year, which makes the analysis meaningless.