The Silk Road Journal · Buying
How to Read a Sales Catalogue Page in 10 Minutes
Black type, the dam's summary and the oldest trap on the page, in plain English. Then a 10-minute reading order, and when to turn the page.
A light-hearted look at the horse world. Faris, Auntie Mariam and the Man Who Knew the Sire are invented. So is the horse on our example page. Facts are sourced at the end. Nothing here is financial advice.
A catalogue page is one horse's family on one page. The top shows the horse and its parents. Below, the mother's family runs down the page. Names in bold are "black type": they won or placed in Group, Graded or Listed races. Bold CAPITALS won one. Bold lower case ran 2nd or 3rd.
That is the secret. The rest is detail, and detail is where the money goes.
Faris, our invented friend from what a racehorse really costs, has a sales catalogue open on his phone. Every page looks like a tax form that has fallen in love.
Auntie Mariam reads over his shoulder. "It is just a list of relatives and their results," she says. "Like the family accounts, only shorter."
She is right. A catalogue page is an advert with rules. Learn them and 10 minutes is plenty.
What is on the top line?
The top names the horse. A yearling usually has no name yet, so you see its sex and colour. Then come the sire (father) and the dam (mother), with a small family tree: father's family on top, mother's below.
Everyone reads the sire first. The Man Who Knew the Sire certainly does. He met the stallion once, he says, and they "understood each other". The stallion has not commented.
What does black type mean?
Black type is the bold print. It marks horses that finished in the first 3 of the best races: Group races (called Graded in North America) and Listed races, one step below. Group 1 is the top, then Group 2 and Group 3.
The rules come from the International Cataloguing Standards Committee (ICSC). Its 2018 notes say winners get upper case black type. Horses 2nd and 3rd get lower case. Since 1990, a 4th place earns no black type, though a page may still mention it.
Fasig-Tipton, an American sale company, began printing stakes winners in bold in 1952.
Black type is the family trophy cabinet. Some trophies are this year's. Some belong to a great-great-aunt who last ran when telephones had cords.
Tattersalls sets out the typefaces in its catalogue notes:
| How the name looks | What it means |
|---|---|
| BOLD CAPITALS | Won a Group, Graded or Listed race |
| Bold lower case | Ran 2nd or 3rd in one of those races |
| PLAIN CAPITALS | Won a race, but not a black-type one |
| Plain lower case | Never won a race |
Jump races can give black type too, printed in a sloping typeface. Sale companies differ slightly, so always check the key at the front of the catalogue.
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Why does the dam's side matter so much?
A stallion's name is shared by a crowd. A mare has only a few foals, so her record says more.
For the dam, 2nd dam (grandmother) and any 3rd dam shown, Tattersalls pages count foals of racing age, runners and winners.
Auntie Mariam does the maths. "8 foals of racing age, 6 runners, 1 winner," she says. "In my accounts, that line would need an explanation."
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What does a page look like? (an invented example)
Everything below is invented: no real horse, sale or lot, so no real seller can complain.
| Line on the page | What it says (invented) | Plain English |
|---|---|---|
| Top line | Bay colt, foaled 3 March 2025 | A 1-year-old male, not yet named |
| Sire | INKWELL IMPERIAL (G1 winner) | Father won a top race. Good, but common |
| Dam | Footnote Lady, by Paperclip | Mother never won |
| Dam's summary | 5 foals of racing age, 4 runners, 3 winners | Strong. Most ran, most won |
| Under the dam | KINDLY READ ON (L winner) | A half-brother won a Listed race. Close and good |
| Under the dam | Margin Note (2nd in G3) | A half-sister placed in a Group 3 |
| 2nd dam | Small Print, unraced | Grandmother never raced. Not a worry on its own |
| 3rd dam | Her foals include GRAND STATEMENT (G1 winner) | A great-uncle won a G1. Far away. See the trap below |
What do the small notes mean?
The small words follow rules too. The sale companies on the ICSC's European sub-committee agreed them. Tattersalls prints them for buyers:
- Own-brother or own-sister: same mother, same father. It is the only relationship a page may name. "Three-parts sister" is not allowed.
- Champion or Top-rated: only for the horse rated top in its group, such as its age or country. "2nd Top-rated" is banned.
- Abroad: the run was in another country.
- 5th dam: the page may not go further back.
Sale talk has no such rules. Our unofficial translator:
| What you hear at the sales | It usually means |
|---|---|
| "Scopey" | Tall. No promises. |
| "Late-maturing" | See you in 2 years. |
| "From the family of a Group winner" | Has ancestors. |
That last one is true of almost every horse in the book.1
1 The footnote checked. It is also true of most horses outside the book.
What does the page NOT tell you?
Tattersalls says racing records on the page are not meant to be complete. Races run after printing may be missing. Nor can the page tell you:
- How the horse walks. A page has never walked anywhere.
- What the vet found in the X-rays or a scope of its breathing.
- Its temperament.
Weatherbys compiles the pedigrees for Tattersalls, but the seller alone is responsible for their accuracy. So the page is a starting point, not a guarantee.
Cue the trainer's short sigh, the one that means "go and look at the horse". The long sigh is saved for the vet's bill.
How do we read a page in 10 minutes?
Our order (the Tattersalls buying guide covers the rest of sale week):
- Minute 1: read the key at the front.
- Minutes 2-3: read the dam's summary.
- Minutes 4-5: read her foals. Is the black type close and recent?
- Minute 6: read the 2nd and 3rd dams. How far away are the stars?
- Minute 7: now read the sire.
- Minutes 8-9: list what the page leaves out.
- Minute 10: look closer, or turn the page.
Faris tries it. He turns 9 pages and stars 1. Auntie Mariam approves. It is how she reads invoices: totals first, excuses last.
Want a second pair of eyes on a page?
We read catalogues so you do not have to at 2am, whatever your time zone. We help clients buy and sell Thoroughbreds, Arabians and sport horses worldwide.
Email info@silkroadbloodstock.com first, from anywhere in the world. Phone +971 52 311 2385 (UAE) second. WhatsApp as backup.
Buying.
Email us the page and your budget, or send a short brief.
5% fee (min US$5,000), agreed in writing. You pay the seller directly; your money never goes through us. If we are ever paid by both sides, both are told in writing first. See fees and process.
Selling.
List your horse free. You pay 5% only if it sells to a buyer we introduce (including through our site), within 6 months of the introduction.
Related guides
- Racehorse vetting: what a vet check can and can't tell you
- What does a bloodstock agent do? (And what 5% pays for)
- What does a racehorse really cost? The honest 2026 guide
The Silk Road Letter
Twice a month: the sales worth watching, what horses really cost, and the catalogue jokes nobody tells you. Free. Unsubscribe in one click.
Frequently asked questions
What does black type mean?
Bold print for the first 3 in a Group, Graded or Listed race. Capitals won; lower case placed.
What is the difference between Group and Listed?
Group 1, 2 and 3 are the top levels. Listed sits just below.
Is everything on the page checked?
The seller is responsible for accuracy, and recent races may be missing. Check with a vet and current records.
Can you read a page for me?
Yes, from anywhere in the world. Email info@silkroadbloodstock.com with the page and your budget.
Spotted an error? Email info@silkroadbloodstock.com and we will fix it within 48 hours.
Sources
Checked 22 October 2026.
- Tattersalls, Notices to Purchasers and Catalogue Explanation (typeface key, ICSC European rules, dam summaries, racing careers, Weatherbys and vendor responsibility)
- Tattersalls Online, vendor notice (vendors responsible for catalogue accuracy)
- International Cataloguing Standards 2018, introductory notes (upper and lower case black type; 4th places since 1990)
- IFHA, International Cataloguing Standards book
- Keeneland, Thoroughbred terminology, "black type"
- Group races, levels and Fasig-Tipton's bold type in 1952