Sheikh's shoots of recovery

Saratoga spending spree signals determination to challenge Coolmore

(AFP/GETTY IMAGES)

As a head of state himself, Sheikh Mohammed will be familiar with the notion that the global economy's best hope is for governments to spend their way out of trouble. It is hardly an alien instinct, of course, to the ruler of Dubai. Not for the first time, anyhow, the bloodstock market finds itself grateful for his fidelity at a time when graver matters demand priority.

The sheikh's appearance at a yearling sale in Saratoga this week has sent sudden ripples of optimism across an industry that had become not so much stagnant as congealed. Racehorses are the most obviously opulent of luxury goods, and it seemed that the trade would respond only slowly to any broader recovery. On the face of it, then, the sheikh gave breeders unexpected reasons to be cheerful when driving up aggregate sales at the opening session of the Fasig-Tipton Select Sale by 40 per cent.

Naturally, there was always an underbidder thwarted. Without the sheikh, however, the sale indices would presumably have sustained the market's ongoing slump. Instead, here he was in person, for the first time in 20 years, restoring the average price to a level last reached in 2001.

There seems a decided sense of purpose about it all. And so there is, though there may be rather more to his spree than meets the eye. For one thing, Fasig-Tipton was bought last year by a company headed by one of the sheikh's own associates. The new owners promised to exalt Saratoga from its fading position in the sales calendar – an ambition that certainly fits such an enchanting, historic environment.

So vendors elsewhere on the circuit, not least in Europe this autumn, will be taking nothing for granted. But their attention will undoubtedly be arrested by specific trends in the sheikh's spending. The three highest prices on Monday night were all fetched by young stallions standing next year at the Kentucky branch of his own stud, Darley. The sheikh stood alongside as John Ferguson, his bloodstock manager, made bids of $1.5m (£909,000) for a filly by Medaglio D'Oro, and $1.3m (£788,000) and $1.2m (£728,000) respectively for two colts by Bernadini.

Medaglio D'Oro is already the sire of the sensational American filly, Rachel Alexandra, and last week produced an impressive debut winner for Godolphin in Al Zir. That colt topped the Fasig-Tipton breeze-up sale in Calder, back in March, at $1.6m (£970,000).

Breeders are already uncomfortably aware of the complications raised by the Maktoum brothers' refusal, these days, to invest in yearlings bred by their rival superpower, Coolmore Stud. In recent years, Coolmore stallions have wholly outperformed the stale alternatives at Darley. But now that so many new sires have reputations to make at Darley – including Raven's Pass, New Approach, Teofilo and Authorized in Newmarket – the message coming out of Saratoga is not a very subtle one. The man most likely to pay big money, in these straitened times, has made it plain where he wants to see your mares.

Turf account: Chris McGrath

*Nap

Even Bolder (6.0 Sandown) Caught the eye when stuck in traffic at Newbury last time, still full of running at the finish, and returns to the course and distance of a runaway success last summer. This time, moreover, he runs off a 2lb lower mark.

*Next best

Frozen Power (3.0 Salisbury) Withdrawn when the going changed last week, but the positives all remain. Fine pedigree, and overcame inexperience on an awkward track last time.

*One to watch

Mull Of Killough (J L Spearing) was beaten only by a Group horse on his handicap debut, and then looked unlucky on his return from a lay-off, beaten only two necks despite being caught short of room in a sprint finish.

*Where the money's going

Byword, trained by André Fabre for Sheikh Mohammed, has been introduced at 25-1 for the Prix de l'Arc de Triomphe.