The year is 2000. I could have walked into any yearling auction in Australia and plucked an Encosta de Lago colt/filly out of the ring for the average price of $38,121. A bargain in retrospect. This year, the same bright-eyed, nervy youngsters wouldn't have spared me much change from $100,000 (and that would have been if I'd decided to dabble at or just under the average price).

Less than two months into the 2004/2005 racing season the son of Fairy King is yet again tripping over the legendary Danhill's heels on the general sires table. To 10 October Encosta de Lago had 100 starters for 22 winners (and 4 stakes winners) and $1,604,170 in prizemoney. His current standout performers include Emlozza, the darling of the media pack - Alinghi, Delzao, and Besame Mucho.

Encosta is now safely esconsed at 'the stud' in 'the breeding capital of Australia'. His service fee is also 10 times what it was in 1997 yet if you weren't aware of that fact you'd probably get some clue from the 'fee on application' notice in the sires annuals. Personally I feel slightly put out on behalf of Blue Gum Farm (and the Victorian breeding industry generally) - they nurtured Encosta's stud career for the first seven years after all.

And what prompted this post? I received the latest broodmare listings from Randwick Bloodstock Agency yesterday. They are offering a mare in foal to Encosta de Lago (on a mid December cover no less). She is a solidly bred mare - a good page without being extraordinary. You'll need to part with $192,500 to get her.

How times change.