Bidding Wars in the Royal Gardens: The Dazzling World of Racehorse Auctions
The Goffs London Sale at Kensington Palace saw $10.2 million exchange hands as buyers vied for thoroughbred horses. This exclusive auction, aligned with Royal Ascot, attracts billionaires and royals. Notable sales include Ghostwriter for 2M pounds to Kia Joorabchian, highlighting racehorse ownership's luxury and risks.
In the gardens of a royal palace, elite buyers, including Swiss billionaires and Qatari royals, gathered for a high-stakes auction on Monday night. The Goffs London Sale, a prestigious event now in its 11th year, saw over 7.5 million pounds ($10.2 million) change hands as 28 thoroughbred horses were bid on.
This exclusive auction, held at Kensington Palace, provides access to Royal Ascot, one of the world's most renowned sporting events. The top lot, a horse named Ghostwriter, fetched 2 million pounds, purchased by football agent Kia Joorabchian. Other notable sales included Woodshauna for 625,000 pounds, showcasing the luxury and high spending involved in the racehorse market.
Described by Goffs CEO Henry Beeby as an industry dealing in luxury, thoroughbred sales are not immune to global trade challenges. However, these auctions remain a significant part of the British economy, contributing 4.1 billion pounds annually. Yet, it's a risky investment, with past high-priced horses like St James Square failing to meet expectations.
(With inputs from agencies.)
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