ENGLISH TEXTS
functioning of human societies. Like a horse suddenly rearing up, equity and bond markets are showing a volatility that’ s hard for investors to grasp. Admittedly, equity markets have managed to withstand these aerial raids and missile exchanges on both sides, even the surprise involvement of the U. S., especially since the announcement of a ceasefire. However, the hope of a reinvigorated global economic recovery is becoming increasingly faint. Summer is approaching, and the mindset of the European, and especially French, investor is turning more toward upcoming vacations, which are expected to be sweltering( yet another ecological and human disaster). These negative signals shouldn’ t overshadow the opportunities. Certain sectors and companies, such as energy and aerospace, continue to enjoy strong business momentum; recent Airbus orders at the Paris Air Show include 250 firm aircraft orders and 400 on option. It is not easy to make investment or allocation decisions, even though the easing of monetary conditions by accommodating central banks provides a reassuring framework for investors. Let’ s remember a maxim that has always held true across time and asset classes, and applies equally to someone building a stable:“ Investment is neither an art nor a science, but rather a discipline and a method. So the question is not whether and when to invest, but rather where and how.”
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SALES
VICKI GIBBINS’ CHRONICLE
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OVERVIEW OF SALES ACROSS THE GLOBE
ARQANA SUMMER SALE 1 / 2 / 3 JULY The baseline statistics for the Arqana Summer Sale continued a positive trend, with median, aggregate and top price all up from 2024. The sale of German 1,000 guineas( Gr. 2) winner Txope for 1.2 million euros in 2022 has skewed the top lot record, but the purchase of the Al Shaqab-owned Zekret for 520,000 euros became the second-highest lot sold in the sale’ s history. French bloodstock agent Nicky Bertran de Balanda, working alongside British-based Alex Elliott signed the docket for the son of Zarak and it is expected the colt will head to Joseph O’ Brien in Ireland for a hurdling career.
TATTERSALLS JULY SALE 8 / 9 / 10 / 11 JULY The action on the track at Newmarket’ s July Course was matched by the frenetic energy of the Tattersalls July Sale, where the record for top-lot fell twice during the four-day sale. On the second day of the sale, the Juddmonte-consigned Orchid Bouquet fetched a new high of 550,000 guineas, knocked down to Badgers Bloodstock. A daughter of Kingman, Orchid Bouquet boasts a strong Juddmonte pedigree as a full-sister to the recently deceased Coventry Stakes( Gr. 2) winning stallion Calyx. Badger Bloodstock’ s Grant Prichard-Gordon was racing manager for Juddmonte for seventeen years and was keen to show his enthusiasm for the filly’ s breeding:“ I obviously love Juddmonte families, I knew the fifth dam and that is the whole attraction, and my client does too. The client has been very keen on Juddmonte families, and we both agree there. This filly stays in Europe.”“ I did not think we would have to spend so much, but these Juddmonte fillies and mares always have a premium. It is one of the very top Juddmonte families, there is so much happening around it, and it just keeps staying alive.” However, the action on day three of the sale reached new heights. With an increased median of 24 % from the same day in 2024, Royal Ascot victor Quai De Bethune set a new record for the highest-value lot at the July Sale, with Blandford Bloodstock’ s Richard Brown signing the docket for 750,000 guineas.“ The horse won at Royal Ascot, didn’ t have the smoothest passage in the race but still found a way to win,” said
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