8/18/2016 by Thoroughbred Catalog
In case you haven't noticed, North American Thoroughbred sales are struggling, posting only minor gains, or taking severe declines over last year.
This sale showed a 30% decline over last year's sale, even with 8.5% more horses sold. However, sales in other locations, like the Arqana sale in Deauville, FR, showed strong increases during the same time period.
What makes the Arqana sale different?
No, it's not the people. Agents from the U.S. go there regularly and also attend the sales here in the U.S. It's not the horses. America still has some of the strongest bloodlines anywhere in the world. Is it the food? The wine? Perhaps. But let's look at the number one difference: Arqana offers its consignors and buyers a virtual inspection catalogue so the buyers can begin their selection process before they ever get on a plane to travel. If you don't think this makes a difference, think again.
Most North American auction houses don't provide a virtual inspection catalogue for their buyers and consignors, but they can at a nominal price. The benefit of offering this service to their buyers and consignors far outweighs the small, nominal cost to the sale company or consignor.
In order to turn the North American Thoroughbred sales market around, some changes must happen. First, the industry must recognize that the change is necessary. Second, the industry much accept that there is going to be some extra work on the part of the consignors to bring a modern, interactive experience to the buyers, but also accept that the small amount of extra work will pay them dividends in the end. Next, the buyers must take a stand a demand the experience that buyers overseas receive, especially when the technical part of the solution is easy and affordable to implement with Thoroughbred Catalog.
Without these changes, the industry will suffer from its own inaction. Don't let it happen. It doesn't have to happen.
The next time a consignor asks you to come see their horse or an auction house asks you to attend their sale, simply ask them the question, "Have you posted your horses to Thoroughbred Catalog?"
Most investors would kill for the opportunity to get back an extra $1,000 on a $10 investment. If the consignor refuses a proposition that any wise investor would jump on, it is time to call the judgment of the consignor into question.
