THE FRENCH STALLION MARKET IS UNDERGOING A MAJOR TRANSFORMATION

For everyone – breeders, studs, and syndicates – it is not desirable to relive such extreme years as 2009 (40 new stallions) or 2018 (39 new stallions). In any case, the very best always manage to stand out (Zarak, for example, started in 2018). But in case of overpopulation among newcomers, the collateral damage and financial losses are significant for many actors in the industry. In other words, a lot of energy and investment is wasted when too many stallions start at the same time in a market, and there are many losers in this case.

Furthermore, it’s important to recognize that introducing twenty new stallions each year, considering the size of the French broodmare population, is proportionally much higher than in neighbouring Anglo-Irish countries. The French broodmare band represents only 44% of the combined total of Ireland and England. Yet, since 2018, roughly the same number of stallions have debuted in both areas. The difference lies in the fact that young Irish and English stallions cover on average twice as many mares (125) and at twice the stud fee (€15,893) compared to their French counterparts (74 mares and €8,661).

It’s challenging to definitively say whether there are too many or too few stallions in France, as they cannot all be categorized equally. However, it is undeniable that France lacks commercially attractive flat stallions. Although the situation has improved over the past 20 years, there is clearly still room for more top-class sires in France. In fact, we could even say that these stallions are lacking. In 2019, 34% of yearlings at the Arqana August Sale were sired by French stallions. By 2024, this figure had dropped to 30%

The French breeding industry hasn’t become more selective overnight or by chance. The influence of the market is evident in this evolution. More and more French breeders are now attending sales – something that wasn’t always the case – and the results are immediate: they must meet market standards or risk returning home with their horse. This so-called selectivity takes many forms, and can sometimes be brutal.

In the flat racing European market, October 2024 saw a euphoric surge as Amo Racing spent 19.575 million guineas, boosting overall indicators. Three major players (Amo, Godolphin, and Blandford Bloodstock) accounted for 49% of Book 1 transactions! Breaking it down, the number of yearlings selling for 500,000 guineas jumped from 40 to 69 between 2023 and 2024. However, the number in the 100,000 to 299,000 Guinea range dropped from 176 to 128. Similarly, looking at the European market as a whole since August, only 56% of the 7,000 yearlings offered sold above the official stud fee (excluding additional costs and mare depreciation). That means 44% didn’t even cover the stud fee or were bought back. If you had those that didn’t reach their production cost (stud fee plus additional costs), and those not presented at the sales (due to veterinary issues, accidents, etc.), it’s clear that a majority of yearlings have resulted in financial losses for their breeders across Europe. This is despite the overall turnover for this age group increasing.

Consequently, at the other end of the chain, the stud fee market is constantly adjusting. But the same is true at the level of stud farms. The French TBA directory listed 62 stud farms standing stallions in 2020, 57 in 2023, and 51 in 2024. France has therefore lost 15% of its stallions farms in four years.

Across Europe, there’s a heightened focus on introducing stallions that align with the evolving commercial landscape. It’s striking to note that even the world’s largest racing operation, Godolphin, won’t be introducing any new stallions in 2025. Even major players, especially in England and Ireland, are exercising considerable caution. Consequently, two markets are experiencing opportunities that were previously unimaginable: France and National Hunt.

When you consider the quality of National Hunt newcomers in Ireland, from Hurricane Lane (Frankel) to Luxembourg (Camelot), it’s clear that these horses would undoubtedly have been top-class prospects for flat market in the 1980s or 1990s. Times have changed. For various reasons, French breeders have a more flexible cultural approach and are willing to give chances to stallions that may have a minor flaw – their sire, conformation, or maternal family – but whose overall profile is strong. As a result, a number of promising prospects have started their stud careers in France in recent years. History has repeatedly shown that French breeders have been vindicated when they’ve taken a more lenient approach. The successes of stallions like Wootton Bassett (Iffraaj), Le Havre (Noverre), Zarak (Dubawi), and Linamix (Mendez), who all began their careers in France, are no coincidence. Similarly, our country is more open to stallions for middle distances, whereas in the UK or Ireland, you really need to be a champion like Camelot (Montjeu) or Sea the Stars (Cape Cross) to succeed at stud.

Charyn (Dark Angel) was the best European miler in 2025. The new recruit to Sumbe Stud is arguably the best miler to retire directly to stud in France for a decade, if not longer. Similarly, Big Rock (Rock of Gibraltar) will stand at Haras de Grandcamp, and Leopoldo Fernández Pujals has stated his intention to support him with around fifty of his mares. This is certainly a first in the history of French breeding to see two Gr1 mile winners in England stand their first seasons in our country!

It’s likely that these two horses will be criticized for their paternal lines: Dark Angel (Acclamation) and Rock of Gibraltar (Danehill) don’t have reputations as sires of sires. Rock of Gibraltar has only had about ten sons at stud, and one of them was a good stallion before his premature death (Society Rock). A good son from ten (10%) is a perfectly respectable success rate! If we take the example of the outstanding Danehill (Danzig), the grandsire of Big Rock, it’s about 7 out of 50 (14%) in Europe!

To date, eight sons of Dark Angel have stood at stud in Europe (with at least two generations of 3-year-olds on the racecourse). While several have performed quite well, such as Harry Angel (Dark Angel), none have truly made headlines. This is enough to cast doubt on Dark Angel’s ability to sire top-class stallions… but it would be premature to jump to conclusions. To understand this, let’s consider a few examples. Pivotal (Polar Falcon) had a series of eight disappointing or « average » sons before Siyouni (Pivotal) came along. What a loss it would have been for French racing if we had decided that Pivotal wasn’t a « sire of sires » after the first eight! Dubawi (Dubai Millennium) currently has around forty sons standing at stud worldwide. But the first good one was Night of Thunder (Dubawi)… after a series of about a dozen unremarkable ones. New Bay (Dubawi) was the fourteenth, Zarak (Dubawi) the fifteenth, and Too Darn Hot (Dubawi) the twenty-first. If he continues on his current trajectory, the young Hello Youmzain (Kodiac) may become the first « very good » son of Kodiac (Danehill) despite seven others having preceded him at stud in Europe! The first four sons of Galileo (Sadler’s Wells) were catastrophic, and it was the twentieth at stud, Frankel (Galileo), who was the best! Conversely, when a stallion has several outstanding sons right from the start, the market tends to go crazy, risking great disappointments. Danehill had successful sons at stud very early on (Danehill Dancer, Danetime, Dansili), but his last 10 ended their careers in relative anonymity or in exotic countries.

The year 2024 will be a landmark year for Haras d’Étreham as Hello Youmzain will be champion first-crop sire in France and among the top two in Europe based on the ratio of black-type performers. At the same time, Goliath du Berlais (Saint des Saints) dominates the National Hunt rankings. It’s probably the first time in French breeding history a stud has the champion first crop sire on both codes! For 2025, Étreham welcomes Metropolitan (Zarak). It’s worth noting that Zarak will have a significant number of sons at stud, including Zagrey (Haras de Grandcamp) for flat racing, and Nietzsche Has (Haras de Montaigu) and Carlton du Berlais (Haras de la Baie) for National Hunt. Having a French stallion with so many sons at stud is something new; it didn’t happen 20 years ago. Similarly, Siyouni will have two new sons in France with God Blessing (Karwin Farm) and Al Hakeem (Haras de Bouquetot).

Haras de Beaumont continues its commercial breakthrough by launching Puchkine (Starsplangedbanner). Haras de la Hêtraie will launch Feed the Flame (Kingman) and Riocorvo (Pastorius), who will be the first (and perhaps last) son of Pastorius (Soldier Hollow) at stud. Haras de la Huderie will have the earliest debutant of the year in France with River Tiber (Wootton Bassett), not to mention the versatile Mythico (Adlerflug). Master d’Oc (Doctor Dino), at Haras de Toury, will be the very first son of Doctor Dino (Muhtathir) to stand at stud. While My Prospero (Iffraaj), at Haras des Faunes, will be the first Iffraaj (Zafonic) to debut in France since Wootton Bassett! Finally, Haras du Taillis welcomes Gamestop (Lope de Vega), the very first Lope de Vega (Shamardal) to stand in France. Other debutants will certainly be announced in the coming days and weeks (this article was written on November 25, 2024).

This list of 2025 debutants showcases the remarkable diversity of the French stallion market, from flat to National Hunt and from speed to stamina. Once again, France is truly distinct from its neighbors. In 2024, half of the flat stallions in France that covered 100 or more mares (nine out of 18) were winners over 2,000 meters or further. In the previous year, this figure was only 33% (five out of 15), the same as in 2022 (five out of 15). This is a trend that goes against the Anglo-Irish norm. In our country, stamina is not feared, even among 2024 debutants, as evidenced by Ace Impact (Cracksman), Vadeni (Churchill), Onesto (Frankel), Mishriff (Make Believe), and Bay Bridge (New Bay). We must also mention some of their elders who also had book sizes of over a hundred (Sealiway, Zarak, and Intello). Finally, while Persian King (Kingman) didn’t win over 2,000 meters, his podium finishes in the Arc and the Jockey Club provide assurance of his stamina.

Paola Beacco and Richard Venn are key players in the European stallion market, as the association of these two bloodstock agents contributes to the arrival and transfer of a significant number of sires to different studs each year. Paola Beacco explains: « At the end of their racing careers, the price of prospects is sometimes too high compared to the reality of the National Hunt market. For stud farms to be able to sell National Hunt nominations at a fair price that reflects the market at which breeders sell their foals, they need to be able to buy prospective stallions at reasonable and consistent prices. Similarly, it’s becoming less obvious to place stallions because everyone is looking for the same profiles! Generally speaking, the National Hunt market is complicated for breeders everywhere in Europe. In Ireland, the evolution is very uncertain. That being said, if there is a decline in production in that country, it is likely to strengthen demand in France in a few years. Nevertheless, we are far from witnessing the commercial death of National Hunt. But perhaps breeders will now be more selective in their broodmare band and avoid using pricy notations on certain mares. To use the most expensive National Hunt stallions, it is necessary to produce perfect foals. Some breeders may therefore decide to race more young horses in France and give a chance to less fashionable sires. The French industry must, at least in part, remain faithful to the recipe that has made its success: breeding jumpers for racing. »

However, Paola Beacco does not limit her activity to jump racing: « As for flat racing, the evolution is also clear. On the one hand, the demand for stallions has become much more selective as it corresponds to market requirements. On the other hand, we see that countries outside Europe are able to put a lot of money on the table to buy stallions with promising results that could have continued to stand here [editor’s note: Territories was sold to India, Ten Sovereigns to Turkey, etc.]. This extra-European competition was not as strong before. »

Richard Venn has decades of experience in the stallion market. He has been involved in the careers of around fifty stallions – thirty of which in France – not as a decision-maker but as an advisor. He explains: « A portion of the stud fees is not in line with market realities. Stud farms need to make money, that’s for sure. But a significant portion of breeders also need to be able to make a living, which is not currently the case. This year, the overall sales indicators have improved primarily thanks to the arrival of a major flat racing investor. But we cannot base the evolution of stud fees on this, as it is not indicative of a global trend in European breeding. Furthermore, fees are set based on the international market, meaning that production costs and horse sale prices are not in line with European prize money. We are all in the same boat: breeders, stud farms, owners, trainers… the industry needs every link in the chain. To work together, we need to make more reasonable decisions. Finally, the fashion about stallions varies unreasonably, and some are too quickly condemned by the market. I am in favor of limiting the number of mares a stallion can cover. Similarly, I support the implementation of health and rating criteria, as in Germany, to be allowed to stand at stud. It is probably no coincidence that German bloodlines are so good. We cannot underestimate the importance of racehorse selection: it must be accompanied by trade but not dominated by the commercial dimension. The other aspect of my work is to enable breeders to access the stallions they want at attractive prices. And we have a wide range of breedings to offer. »