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This Cambridge bloodstock agent is a third-generation horseman following in the footsteps of his father and grandfather. Although currently focused on the Australasian market, he strives to establish his business globally. Last year Smith purchased a number of horses for Hong Kong-based owned Ben Kwok at the Great Southern Sale.
Bevan Smith speaks to The Impact about those horses as well as his plans for upcoming sales and the next decade and much more:
Q: Last year you purchased a number of horses for Ben Kwok at the Great Southern Sale? Can you tell us where they are now? And also, what are your plans for the 2020 July sale?
A: The weanlings have mostly been resold with a couple of them retained with the objective of trading them later on. The mares have been foaled down and bred again but this year we are going to focus on quality and reduce numbers of lesser quality mares.
The 2020 sale is an extraordinarily complex one. It is just weanlings this year and in recent days has had various changes. Some weanlings in the sale are now heading to Sydney, some will no doubt head to the Gold Coast and others will be held on to. The changes make it hard to set plans in stone but with myself being based in NZ I cannot attend the sale. With weanlings and pin hooking, it is vital to inspect the horses physically and not being able to do this all but extinguishes my ability to buy at the sale.
Q: Who are your key clients and have their buying objectives changed in 2020 due to COVID19?
A: I have three key clients that I am constantly doing work for. Obviously, Ben Kwok as mentioned. This year we are trying to focus on high-quality breeding stock. We are moving on lesser quality mares and replacing with good quality, commercially attractive mares. The numbers will drop and quality increase.
Michael Clements is another key client. He is active as a yearling and 2YO buyer. We have bought five yearlings in Australia/NZ this year so far and four in Argentina. We also purchased 10 2YOs at the backend of last year, we have been trying to buy 2YOs in the USA currently without much luck as it has proved a difficult market without being there, and we will be looking for more 2YOs in October/November when the 2YO season in Australia/NZ kicks off.
Another key client is Oculus Racing with Joe Waldron as the head trainer. It is an operation that is just beginning and it is an exciting time. A great training facility is being built and we are in the process of assembling a racing team and attracting owners. We are always on the hunt for tried horses and want to be able to find metro quality racehorses to get quick returns for owners and showcase Joe’s training ability. Behind it, all is Ai-Leen Chua who is a great person and really enthusiastic about the racing game.
Q: Please tell us about the most expensive horse you’ve ever bought and your biggest racetrack success?
A: My business is only in its infancy and has only been going about 12 months and so have only had one horse purchase at auction go to the races – Wagner and he isn’t far away from a win. All of my purchases are young horses most going to Singapore where 2YO racing, especially this year, isn’t a big thing. I haven’t had the biggest budgets to work with but last year we purchased a couple of 2YOs for over A$200,000 and they look very promising. We have a Foxwedge X Elay Princess that we paid AA$220,000 for and has just had his first trial in Singapore with good reports. We also bought a Headwater X Zalila for A$210,000 and he is a beautiful horse. He is still in Australia and showing good ability, he will head to Singapore very shortly.
Q: Once you have your owners’ objective what is your process from the time the catalogue is released to the day of the auction? Do you see any long terms implications of COVID19?
A: Our process varies with the type of horse we are buying, whether it is a weanling, yearling, 2YO, racehorse or mare. Generally, I go through all the pedigrees, rate the pedigree and highlight any features of a pedigree I like or any downfalls. Mares require more research, weanlings I like to find out sales history and anything coming through in the pedigree. With yearlings, particularly for Singapore, we are trying to buy the nicest types for our budget and for racehorses, the form is the most significant factor. At sales, I will inspect every weanling, yearling and 2YO. Mares are selective but I try to lay eyes on as many as possible. With 2YOs I use stride analysis and find it hugely helpful in identifying horses of quality. I also use biomechanics and heart analysis for 2YOs and yearlings, the more information gives me more confidence to buy.
Obviously, Covid19 has made seeing horses in the flesh exceedingly difficult. With weanling sales in Australia, it has almost killed my ability to work these sales. In NZ, I purchased a yearling out of the NZB South Island Sale that was online. I hadn’t seen the horse, but it was from a vendor I know well and trust. The provided a lot of information and really good videos of the horse. Combined with reports from NZB’s Danny Rolston, I was able to buy with confidence and I am very pleased with the horse we bought. The NZB Weanling Sale we were able to travel around to farms and inspect horses. It was time-consuming and plenty of miles travelled but at least we could see the horses which are so important for pin hooking as mentioned.
Q: In your previous interviews you have said that Guy Mulcaster has had a great mentor and has had a considerable influence on your career. What were your key learnings or takeaways from his style of working?
A: I spent a few years working for Guy and it was an insightful time, it set me on the way to where I am now and I am thankful for the learning I did under him. One of the biggest takeaways from working with him is being able to weigh up the pros and cons of a horse. You can nitpick at things about a horse – you might not like the dam sire or the horse isn’t perfectly correct in front, but if what you like about the horse outweighs what you don’t like about it, back your judgement. A big thing he always said to me was to have an opinion and back it. We will find out in the coming years how good my opinion is!
Q: Where do you see the NZ and Australian industry going?
A: They are on two vastly different paths. Being based in NZ we look across at Australia with envy. Prizemoney is at all-time highs and racing a horse is attractive. While we linger with similar prizemoney levels we had 20 years ago, an industry that is in decline. The industry in NZ has been idle for two decades and has been poorly managed. There is work on reform as we speak, and we can only hope it brings us out of this dire situation we are in. Prizemoney drives all things in our industry, we need strong leadership to make the necessary changes and get us closer to our neighbours, Australia.
Q: BS Bloodstock has a reputation for being able to find the proverbial 'diamonds in the rough'. What, according to you, does your brand offer its clients? And how do you plan to grow your brand?
A: The motto that I have come up with for BSB is ‘doing right by the client by doing right by the horse’ and that is really important. For me, the horse must come first. When buying and managing horses, the welfare of the horse is important. It is something that I hear all the time out of Chris Waller – a happy horse is the most important thing; they will run when they are happy. Buying from respected vendors that grow horses properly, using the best breakers/pre trainers and working with trainers that do the right thing by the horse is so important. These are factors that can be controlled and will give each and every horse the chance to be the best that they can be. It is not just turning up at a sale and buying a horse – the process does not end there. It is continued engagement and ensuring the horses are given the best chance in life.
Q: How has technology affected bloodstock buying and sales? And in what areas do you see technology’s influence growing?
A: In the current times we are seeing online sales becoming particularly important. I have used them for both buying and selling, I find the process easy and uncomplicated. Good videos and photos are critical but can also be misleading. A good photo and video can make a bad horse look good and vice versa.
I am always looking for new technology to help buy horses. I am a huge fan of stride analysis and found biomechanics and heart analysis useful tools as well. I have had people view these as reasons not to buy but I see it from the other side, they are reasons to buy and with more confidence.
Q: As we are in 2020, where do you see BS Bloodstock in 2030? Do you have any ambitions of growing out of the APAC region?
A: 2020 will be the first full year BSB has been in operation. All things considered, I am happy with how the first 12 months have gone but I am always learning, always wanting to get better and grow. In 2030 I want to be able to say that I have grown, with my clients. Ultimately it is a results game and I back myself that I will have results to back up my judgement.
Absolutely I want to grow out of the APAC region. This year we purchased horses in South America and have been trying to buy in the US as well. I want to continue to develop those markets. Today’s bloodstock industry is global and once travel is back to normal, I want to be able to buy good horses from anywhere in the world. I will look in all parts to find the right horse.