Many breeding industry figures now believe the bloodstock market is becoming - or has already become - susceptible to overproduction. Ed Prosser looks into this perceived problem and asks what, if anything, can be done to alleviate it.

Traditionalists were horrified back in 1989, when Weatherbys' Return of Mares, the breeding industry's official record of coverings and foals born, brought news that for the first time ever more than 100 stallions had serviced 50 or more mares in a year, with no fewer than 11 - all National Hunt sires - receiving three-figure books.

Those pressing the fast-forward button by perusing the same publication for 2005, however, will discover that 72 stallions covered 100 mares or more, with very few sires receiving a book less than 50-strong doing so out of his connections' choice.

Coverings in 1989 resulted in a 12,802 foal crop in Britain and Ireland, but that figure had shot up to 17,949 by 2005 - more than double the number born as recently as 1980.

One of the reasons has been a total revolution in the way the stallion business operates. It had long been the industry norm that a top sire would be owned by a 40-share or sometimes 45-share syndicate, with each shareholder receiving one nomination per year, which they could either use or sell.

No other nominations would be available and the stallion would therefore cover a 40-strong or 45-strong book, ensuring his stock had rarity value at the sales.

Commercial pressures

Now, though, in a fiercely commercial era, many of the top stallions - often not owned by syndicates - will cover as many mares as physically possible with seemingly ever more enticing deals on offer. Shareholders in those stallions that are syndicated receive two nominations per year, while
outside customers willing to pay the stud fee are also welcomed.

Breeders and buyers have become increasingly attracted to first-season stallions and many bloodstock observers believe that sending mares whose pedigree, conformation or performance do not merit a place in the breeding shed to unproven sires is the most disturbing aspect of what a burgeoning number consider to be a tendency towards overproduction.

David Redvers, who stands three stallions at Tweenhills Farm & Stud in Gloucestershire, believes the problem is more acute in jumping circles across the Irish Sea.

"I think the level of breeders in England is quite healthy, but the really worrying aspect of overproduction is in the National Hunt market in Ireland," he says. "A phenomenal number of mares are being sent to four or five unproven stallions, of which statistically only one will turn out to be any good, so we get flooded with lots of bad horses that we don't need."

Responsibility required

"Breeders need to be more responsible," Redvers continues. "Rather than blindly going to new horses and flooding them out, they should be looking at the number of other mares going to that stallion. The market sorts everything out in the end, though, and, unless breeders are complete suckers for punishment, they will soon realise the way forward if they keep sending rubbish mares to unproven stallions."

But Redvers feels that the current buoyant bloodstock market is only likely to cause the foal crop to expand yet further in the short term. He adds: "The trouble is that, because the higher and middle end market is healthy,
people will be jumping on the bandwagon and more bad mares will be bred from, especially as breeders can utilise some of the apparently very generous deals being offered. I also offer deals to breeders but only for the right mares.

"These things go in cycles and at the end of the day there's only a problem if you've got more product than there is market - and at the moment that does not appear to be the case."

Checks and balances

Some studs, however, are now finding that promoting the fact that their stallion will cover only a limited book is proving a real selling point. The well-managed Whitsbury Manor Stud in Hampshire is one such farm, with its new recruit Avonbridge being limited to 100 outside mares this year, while breeders using Whitsbury's other stallions - Compton Place, Cadeaux Genereux and Monsieur Bond - know that the sires will respectively have covered no more than 90, 70 and 100 mares in 2006.

"We've always limited our stallions, but only really advertised the fact in the last couple of years," says stud owner Chris Harper.

"Mare owners should know the maximum book that will be covered - they can't place a value on a nomination fee otherwise.

"There's nothing worse than having a really nice yearling and going to the sales to find there are ten better ones by the same sire. Book sizes have got out of hand elsewhere and I'm sure that, because of the numbers, there will be more and more late foals - a stallion can only cover so many mares a day."

As the stallion business becomes ever more commercial, increased production or what some are now calling overproduction is almost inevitable. But, as Harper demonstrates, it need not be a problem for the more astute breeder.