Wehann Smith gears up for a new thoroughbred sales era
Jack Milner
Wehann Smith, the chief executive officer for Cape Thoroughbred Sales (CTS), admits that one could see a changing dynamic at the 2018 Cape Premier Yearling Sale at the Cape Town Convention Centre on Saturday 20 and Sunday 21 January.
Smith, 39, took over the role of CEO from Adrian Todd in September last year and is currently preparing for the first major sale under his watch.
“This is the first sale of the post Mayfair Speculators era and as they were our biggest clients not having them at the sale will definitely have an impact.
“What we have in our favour is a truly strong catalogue – almost the strongest we have ever held in terms of quality at a CTS sale.
“What we have also seen is huge interest from smaller buyers who believe there could be bargains at this year’s sale and people seem to be coming in their droves so we are expecting the greatest attendance ever.
“As a result, that could make the middle market a lot stronger. We hope that the top end of the market will be taken up by the international visitors. There has been huge interest from overseas buyers.
“One thing CTS has done very well is to internationalise the sale. We have buyers from Hong Kong, Korea, all over Europe and North America and we hope to continue growing in that regard.
“So what we could see this sale is a change in the dynamic of the sale, resulting in a stronger middle market than ever before.”
Smith was not always involved in the world of horseracing. In fact, insurance was his game and he actually studied actuarial science at Stellenbosch University. It is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions. It is known to be one of the hardest degrees and the drop-out rate in the first year alone is around 60%.
After completing his degree Smith worked in the insurance business and in 2009 founded Kuda Holdings. CTS bought a share in Kuda and last year asked Smith to manage both Kuda and CTS as group CEO.
While studying at university Smith became good friends with Mark Bass, son of legendary trainer Mike. “Mark was actually a shareholder in Kuda and later he sold his stake to CTS. He got me involved in a small share in a horse.”
Smith believes CTS has done particularly well in promoting the South African breeding industry worldwide. “A few years back the Thoroughbred Breeders Association (TBA) had a monopoly in the industry until CTS came about,” said Smith.
“It is administered by a good bunch of people and has changed the landscape of the industry in the country. We run a more far more professional sale.”
The one issue they most need to overcome is that of the export protocols which places some ridiculous pressure on people who wish to take their horses overseas.