Horse breeders will tomorrow make the trip to Newmarket, a centre for horseracing in eastern England, for one of the UK industry's most closely watched annual sales. But owners are braced for a sharp downturn in prices as the credit crunch takes a toll on the bloodstock industry.
The Craven sale at Tattersalls, Europe's largest equine auction house, will be the first significant test of buyer appetite since a sale of one-year-old horses last October - just weeks after the collapse of Lehman Brothers - provided graphic evidence of the dire state of the market.
