As someone who buys and sells horses all the time--I am often asked to value a horse for insurance purposes and of course I have to assess what price to ask for the horses and ponies we sell here.  So the value of an individual animal is often questioned and this section is to try and shed a little light on the subject--or at least in my opinion, for what that's worth (no pun intended!)

If someone had told me 10 years ago that I would be selling hacking cobs for £5000 today, I would have laughed my socks off.  But I do and if it's a good cob, there is usually a queue to buy him.  Like anything in life, a horse is only worth what someone is willing to pay and the value of most goods are governed by two things:- 1. How much it has cost to manufacture (which will include getting it to you as a consumer) and 2. How the demand relates to the supply. 

To deal with the 2nd point first.  I'm sure many of you already know what I describe as 'what everyone wants'.  Over the years I have been selling horses, the 'average' type and standard of rider has changed.  I think this is probably due to several facts including 'Health and Safety' which sadly seems to go hand in hand with litigation.  The grass roots of riding are riding schools and they do sterling work teaching complete beginners how to ride.  But they have to err on the side of safety and thus most riding school horses are institutionalised super steady ploddy neddies who have learnt to ignore a lot of mistakes as beginners learn to ride.  Thus riding a school horse doesn't really teach you to ride most horses in the real world.  The Health and Safety issues have also had a knock on affect with Pony Clubs etc.  Instructors (many of whom are trained at colleges where again most of the horses are safe schoolmaster types) are taught to keep the risks of riding to an absolute minimum and thus few children or learners in recent years have never been faced with the sort of old style riding instructors of yesteryear.  Then, if you dared to fall off--you were in trouble and someone would be bellowing at you to bl**dy well get back on and bl**dy quick too!  These days you expect cotton wool treatment, an assessment as whether you should be allowed to do so and asked what type of medical help you require.  When I was a  child, to be tough and get back on was pride and showing you were not a wimp.  That done you grit your teeth and kicked on and by doing so you got brave and your confidence grew.  So we learnt to be braver riders and ride sharper horses.  I can remember an instructor once shouting at me as I flew through the air--he yelled "how dare you fall off in MY lesson".  The old saying that 'naughty ponies make good riders' is so true.  But now my job is to find quiet ponies and quiet horses as no one is either allowed or wants to go through that learning curve.  Hence riders are not so brave.  End result….  nearly everyone wants a quiet horse.

Another contributing factor to the type of horse in demand is the level of rider who now becomes a horse owner.  Due to increased wealth, leisure time and availability of livery yards--the opportunity of being a horse owner is an option to so many more people.  Country life has come to city and suburbia, farms have been forced to diversify and offer livery to horses as well as be split up with land sold off as pony paddocks to city commuters.  Thus today so many would be horse owners have not come from farming or horse 'stock' as they say.  In other words, growing up with and learning to ride on non riding school horses is not so common and another reason why riders are not so brave with the same end result.

Most people lead busier lives with many hobbies and interests, so many one horse owners have families, work and other commitments that mean little time is left to spend each day with your horse.  Especially so when you have mucking out and other chores to fit in as well.  Most horses don't 'work' anything like as hard as they used to so have more energy--thus you need a quiet temperament in the first place ……..so everyone wants a quiet horse.

And finally--what is the price of safety?  There really isn't one I don't think.  If you don't have the skills or the courage to cope with a fire breathing dragon or even a cheeky chap who may have a sprightly buck one day then you can't learn over night and make the confidence happen.  So you have to fall into the category of 'what everyone wants' otherwise you have a horse who you can't cope with who's habits usually get worse as they get more and more of the upper hand and who then becomes a liability rather than an asset.  If you recognise what I'm talking about you will no doubt be one of those people prepared to pay more for a reliable friend rather than risk loosing more confidence and probably a lot of money as you sell your horse cheap or for a loss.  Cheap because you are relieved to see the back of him and don't want to put more money after bad or spend hundreds of pounds for weeks of corrective schooling which will help but won't eradicate the memory of the problem which you know may pop back. 

Thus the 'what everyone wants horse' is much in demand, short in supply and thus the price goes up!

  The 2nd point is the manufacture.  That's a crude term of breeding and producing a horse.  Have you ever asked how much it would cost you to first buy a brood mare (or even be given one), put it in foal (that means stud fees and additional costs that all that usually incurs), feed and keep your broodmare whilst patiently waiting eleven months gestation for hopefully one healthy foal?  Keeping that foal until it's old enough for you or probably a paid professional to break, school and introduce to a bit of life before selling it to someone as that quiet 'what everyone wants'?   Oh and don't forget we may have a few unexpected vet's bills to pay along the way. 

I'm not sure what the average price of a puppy is these days.  I appreciate that a mongrel who may have happened by mistake or an unwanted/rescue puppy maybe be a few pounds but most dog breeders can command several hundred and many over a thousand pounds for a pedigree puppy.  Gestation--9 weeks, puppies, with usually several and sometimes lots in one litter, are ready to sell in 8 weeks.  Sure there are the costs involved but I'm sure you can do your maths and how many wealthy dog breeders do you know?  There are even less wealthy horse breeders--and I mean the type of horse you and I are interested in--not those bred by Sheik Mohammed!

I'm sure you get my drift.  But as far as breeding horses are concerned--gone are the days of the farmers and landowners who would put their old hunter in foal as she went into retirement or have the land to run a few good broodmares out with a nice cob stallion.  It doesn't happen much anymore--and why?  Because of the cost and the length of time (not to mention the risk) it takes to get a return; there are better ways to make a profit from your land.  The equine industry in the UK is, unlike many other EU countries, not subsidised in anyway.  Countries like Ireland have various subsidies and incentives for breeding.  Irish farmers don't loose their quotas when reducing sheep and cattle and breed a few horses instead.  This helps but it still doesn't make breeding leisure horses much of a money making venture. 

I mentioned Ireland--where in my opinion some of the best horses of the good all round sensible type are bred.  The good Irish cobs, Irish Draughts, Connemaras and all the cross breeds are often blessed with super temperaments and a good basic introduction to life being bred by old fashioned and knowledgeable horsemen.  But these guys don't do it for fun or to loose money.  Some do for a bit of a hobby but they do like their hobby to be paid for and most expect to earn a pint or two at the very least!  The Irish are also no fools and know their horses are known world wide for all the reasons I've mentioned and more.  They also know 'what everyone wants' and they know that they are in demand and even in Ireland getting shorter in supply.  Despite the assets they have over the UK (which includes having more grassland) there are still easier ways of making a living than breeding horses.  Other industries have boomed in Ireland over recent years, amongst them building and tourism and farmers and breeders are turning their hands to these rather than the high risk, slow return of horse breeding.  Most of the Irish don't breed horses as pets and nor do many break and ride them to keep.  They have a different ethos to life as regards their horses.  There is always another horse to ride and hunt next season if someone wants to buy this one now. 

On my travels in Ireland I often get the same answer to my question when I ask "how much do want for this horse?" - the reply comes 1000 euro for every year of it's life.  And they reckon that's not greedy and is fair and I have to agree.  If it's a bit special in anyway--they want more and sometimes a lot more.  If you've already done your sums--to pay 5000 euro for a 5 yr old horse would mean little profit and I doubt you could breed, keep and break one for the same.  No one breeds to make a loss so by now I hope you are beginning to see why the prices of horses have begun to escalate of late and those of you who think you can go to Ireland and buy a cheap cob standing in a peat bog are dreaming!  Remember this horse is still standing in Ireland, it's yet to get to England (let alone have the basic Stubley treatment of teeth, worming and a good set of shoes that are not 6 months old--not to mention a thorough test drive over several weeks to make sure no worms pop out of the can!).

Thus manufacturing costs are high and the profit is low.  If you find a horse for less than this--someone, somewhere is or has lost money.  If someone is prepared to loose money, ask yourself why?  This is where we need to start thinking about the quality and the old saying 'you get what you pay for'.  Of course you could get lucky and someone has a Rembrandt and just didn't realise it.  But on the whole most horse owners (especially the wise Irish horsemen) know what they have, what is their worth and how much they are in demand.  If a cheap price tag is attached--ask yourself why?  There should be a hole in it so look carefully as I probably look at more horses than most and rarely find one with a bargain basement price tag unless there is a good reason.  Be careful that the price that has lulled you in is not going to cost you dear in the end as your bargain buddy turns out to be a rogue--only problem being that you don't see the hole until the money has been paid and the previous owner has vanished over the horizon.  Ireland is a selling nation when it comes to horses--I have learnt through advice from a good Irish friend, that a good horse for sale in Ireland over the age of 5 or at the very most 6 is indeed a rare beast.  Sure the odd one comes up for grabs who has been genuinely owned by a private home but on the whole the rest are bred and broken to sell.  If an Irish horse is a good horse then someone has bought it by the time it has reached 5.  Hence nearly all our Irishmen are younger horses and as I say in another part of the website--I prefer them so as a good young brain is always a good brain and usually comes without baggage.

  As I said earlier--with a bit of luck you occasionally find a bargain or a diamond in the rough that someone hasn't noticed.  Rarely so in Ireland where there is such depth of knowledge amongst the breeders and producers, these guys have eagle eyes and know a good horse with a good brain when they see one and they certainly know what is their worth.  As a performance or show horse in the making--the price increases as someone is paying for the potential.  Until proven otherwise, these horses are usually worth more than ones who looked to have the same potential and yet have been tried and somehow didn't come up trumps as expected.  But that's the chance game--buy a horse who has yet to perform and you may have a future star at a lesser price than someone who put one foot on the ladder and came out the champion and thus started to prove himself already.  But fail at the first hurdle and already the potential is starting to be questioned.

For those of you not looking for the potential world beater--none of this probably matters but the temperament and safety does.  A genuine, kind, sensible, steady and forgiving character is the rare beastie so many of you want and if he has looks and talent as well then the price really does start to rocket--they are after all--very rare! 

So why are there cheaper horses on the market and some with talent?  I often get calls from horse owners who offer to sell their horse to me.  Sometimes there are genuine sounding reasons that they are offered to a dealer--maybe personal circumstances needing a prompt sale or some people just don't want to have to go through the heartache of seeing a variety of people come and test drive their horse and analyse their best friend.  But more often than not the reason is lack of suitability which is often described in several ways:-  Lack of time to do them justice, or needs someone more experienced to bring them on, or someone who can utilise their full potential or some such tale.  Quiz a little more and you usually find out that this may also mean that they have a little issue in life--maybe a buck, nap, problem with traffic or a tiger in their tank! Horses rarely mind if their potential is never reached--if they have a happy home tootling about then what does it matter if they don't jump big fences and win rosettes.  As long as they are not bored--they don't read the results page in 'Horse and Hound' and there are many horses 'with potential' that I have sold who have led happy lives never winning a rosette, because they have never been asked to try.  Far better to have 20 acres of grassland to roam around in and hack out once a week than be turned into a machine who chases every rosette by jumping the practice fence 30 times and going in every class on the schedule!  How do you fancy having you head trussed in like a turkey so you can look pretty trotting around the show ring and fed till you feel like bursting because show horses have got to have top line?  Funny how the top line I have around my thighs is called fat!  I know this doesn't happen a lot but sadly it does happen.  The fact that the horse can jump over 4' or 1.20m is of little use to those of you who want a kind, safe, hassle free and pleasurable friend.  If the horse has the ability to one day consistently jump a Grand Prix course then he will be in much demand and have a great value whether he bucks, is bad in traffic or not.  That horse is of interest to the Whitakers and the like but not if it is going to be limited to a foxhunter track.  So you fall into the middle category and what I call a 'misser'.  A round cuddly looking cob that rides like a tank with a ferrari engine is not going to be everyone's cup of tea.  Nor is the sharp horse that may jump round a RC open track as long as you don't mind the odd rear or him jumping into a ditch when he sees a lorry.  Especially so if he is past middle age and likely not to progress too much further or even if he could,  would be drawing his pension and ready to retire just as he hit top form.

Potential and talent is of course valued.  But performance horses also have to have the right attitude and brain to do the specific discipline for which it is intended.  In the showing world you also have to be in a category.  The most fantastic looking show cob with all the right attributes is never going to be the same value if he measure 1/2 cm over height.  He may be able to compete as a maxi cob but nobody will put the same price on him when he is a small maxi rather than up to height proper cob. 

Think also of the variety of prices paid for a Thoroughbred bred to race.  With a good pedigree and the promise of great potential, youngsters sell for hundreds of thousands of pounds.  When that potential fails you can buy the same horse a few years or even months later for as little as a few hundred.  If you go to Ascot or Doncaster Sales or the like and buy yourself a £1000 TB--be aware that you may have bought yourself hard work and possibly trouble--and that you are taking a gamble that may cost dear.  There are always exceptions to the rule but if you buy a Collie dog or Springer Spaniel expect it have an active brain and need and want exercise--that's what they were bred to do.  TB's are usually the same and for every one who is a quiet laid back fellow, there will be goodness knows how many sharp characters who will usually need extra grub, extra care, extra exercise and extra skill.  Don't expect him to be willing to mooch around a muddy field in the wind and rain whilst you are held up in a traffic jam and not back on schedule to get him in (fancy rug or not!).

If you are a skilled, confident and talented rider able to sort out a problem with a horse you no doubt expect your skills to be rewarded by buying a horse that lots of other rider don't want and can't ride.  These horses are cheaper because they are less popular, probably have been on the market for a while because of their issues and a gamble to take on and produce as the problem may not be correctable.  Then you may end up owning an older horse with a issue that still nobody or very few want!  I'm sure we have all heard of the bargain horse or someone telling you that you really shouldn't have paid so much for you new much longed for friend.  That Joe Bloggs down the rode had just as good for half the price.  If Joe Bloggs has two horses and you only need one--I'll have the other one if it is that good!  We haven't mentioned other important points like soundness and age.  I have known and know quite a few quiet ‘13 yr old’ ponies that are superstar steady schoolmasters bought for 'sensible' money looking after a son or daughter.  But truth is that pony is in his twenties and steady because he is slowing down in his old age and not quite sound.  That's fine as long as the pony is not uncomfortable or in pain doing his job but the true value of the pony is probably not as much as was paid and the truth one day usually outs.

So like the old adages 'you get what you pay for' and 'something is only worth what someone will pay for it' are both true.  I'm sure many of you can think of someone who bought a bargain horse only to find the paint started to flake off soon after they got it home.  If you can't repair them yourselves, then it is usually at great cost to get someone else to help you and even then, if someone straightens the dint, it is not as good as the dint never being there in the first place!    And of course--you may still have a hot potato that no one wants and there is another good old saying ' a bad horse costs just as much as a good one to keep'.  You will also find that an unsound horse will cost more!  So please remember what it has taken to get your horse to where it is the day you view it and what the safety and soundness is worth.  At Stubley it will have benefited from at least a few weeks and usually a few months of professional schooling--something many horses never have in their lives.  Most professionals charge upwards of £150 per week for this service so that soon adds up.

So next time you try and calculate how on earth a ploddy looking cart horse can command a fat cheque--remember how much has happened to have him standing in front of you and offer you a quiet ride.  More and more clients ring me and say they are prepared to pay more for a horse if it is going to be safe, sound and sensible and so many of you tell me stories of horses that have gone wrong because you may have bought unwisely.  If lots of people are after the same type of horse and they are still proving hard to find the prices will go up  Another old adage for you ' fools breed horses for wise men to ride'.  Maybe that's true but those fools won't carry on breeding horses if they are going to loose money at it--especially so in Ireland!