Spain’s purebred horse business leaps past the $8.6 billion mark
Prized for centuries for their noble, docile and loyal character, Andalusian horses are gaining prominence around the world and selling at prices of up to $580,000
In the 16th century, Lorenzo de Medici admired both Leonardo Da Vinci and his Spanish stable groom — who, on foot, could stop a galloping horse with a single hand. The link between these animals and Spain is historical and it goes beyond mere numbers. The consulting firms Green Oak and Deloitte published an industry report in 2022 that remains the most recent study to date. Back then, the sector was worth €7.4 billion ($8.6 billion), but that figure has undoubtedly fallen behind. Seventy percent of the stock in Spain is purebred Andalusian horse (also known as Pure Spanish Horse or Pura Raza Española, PRE). There is no crossbreeding. The bloodlines are clean.
Carlos Bohórquez Domecq, president of the Royal National Association of PRE Breeders (ANCCE), recounts the horse’s heyday. Its purity goes back to King Philip II, who ruled during the 1500s. Back then, these horses were prized for their bravery in battle. Since then, centuries and changing uses have mellowed the animal’s noble, docile and loyal character.
Seville, he explains, is the city from which the association manages the studbook that certifies — it is the only one recognized by the Ministry of Agriculture, Fisheries and Food — that a horse meets all the conditions to be a Spanish purebred. At the end of 2025, they had 291,138 animals on record, belonging to 51,344 active studs in 71 countries. This is truly the empire where the sun never sets. Last year horses were sold to buyers in New Zealand and Greece. ANCCE works with 18 international partner associations, but only ANCCE can issue the passport. Horses must have the approval of veterinarians who travel to take blood samples that are analyzed in ANCCE’s own laboratory in Seville, which then grants or withholds the documents.
Purebred Andalusian horses are part of the Spain brand, and as a high-value asset it is taxed at 21%. “The price tag is impossible to determine, it depends on the animal,” says Bohórquez Domecq. But association sources cite a range from €10,000 ($11,600) to more than €500,000 ($580,000). And if the stallion is top quality, covering a mare costs over €1,000 ($1,160).
In Ventosa del Río Almar, a village of just 97 residents in Salamanca province, the dressage rider Alberto García-Briñón runs his own stud farm. “This is a calling, you don’t do it for the money,” he says. At nearly 44 years old, he has been in the saddle since the age of 13. He competes, but not for large purses. “It’s publicity, a way to make your stud known.” His place was founded by his father in 1979 and now houses around 100 horses. The cost to keep them is around €350 ($400) per animal per month, as certain expenses such as forage and vets are required whether the horses compete or not.
Over at Finca Epona in Valdemorillo, in the Madrid region, the heat is coming down hard at nearly 40ºC (104ºF), making all the animals seek the shade. A mare’s mane soaks up sweat like willow branches in summer. This is the realm of Mateo Esser, rider and owner of the estate. A horse named Paco changed his life. With him, he won the Spanish eventing championship in 2020 and 2021. Paco cost about €20,000 ($23,200) and Mateo later sold him to an American client for five times that amount. “But this is something that happens once in a lifetime,” he admits. “For me it’s vocational; I’m addicted to horses.” If someone sponsors him, he keeps competing. Maintaining a horse of this status ranges between €1,000 and €1,300 ($1,500) a month. “And every detail matters. Professionally it’s expensive and dangerous, and the purses don’t cover the risk.”
On August 18, while this article was still in the making, two female riders died in separate races in England, in cross-country races. The animals were found uninjured. The riders were 34 and 42 years old. That kind of outcome is not typical. But just imagine half a ton of living muscle galloping at 70 kilometers per hour (43 mph). “A horse can have all kinds of unexpected reactions,” Esser warns.
Yet there are far more dangerous sports. One sign of the horse’s docility is the increase in children taking part in horse-related activities. Sporting licenses are not expensive, and practices such as equine-assisted therapy are gaining value for treating mental disorders. “Each year, between 11,000 and 12,000 new PRE horses are registered. For Spain it is the most important and most widespread breed, and the one that represents us,” says Eduardo Rodríguez, technical veterinary director of the Cartuja Hierro del Bocado Stud, a 189-hectare estate founded in 1484 located in Jerez de la Frontera in the province of Cádiz, an epicenter of horses, flamenco and sherry wine. He champions the “humble” people who keep a horse to go to the county fair or enjoy a weekend ride. “Many people make sacrifices, caring for the animal themselves, feeding it every day, on Sundays, on holidays. It becomes a way of life,” he says.
The Spanish purebreds mainly travel to the United States, Mexico and Germany. Their presence is increasing in competition, not just dressage but also in other disciplines such as working equitation. They sell up to 45 Cartujanos (a sub-breed of the Andalusian horse considered the purest strain of all) a year.
It is immensely valuable, in these AI-saturated times, to hear the passionate voice of Samuel López Candel, head of Dressage at the Royal School of Equestrian Art Foundation in Jerez de la Frontera). There are about 22 students per classroom with a shared passion to protect crafts from distant times. The school functions like a small university of the horse. It offers five degrees in four-year programs: Professional rider, stable hand, saddler — these craftspeople make saddles and work with leather — coachman and veterinary assistant. Think of it as the MIT of the horse world.
Investor return
The beauty, calm and intelligence of a Pura Raza Española make it an easy horse to ride, and a very versatile one. José María Fernández-Daza runs a stud that bears his name and dates back to the 17th century. It is one of the oldest studs in the western region of Extremadura. Twenty-four mares and 13 stallions graze there. His clients are “mainly central Europeans with a female predominance.” He has riders and also supports those of other studs. “They are also a factor of family cohesion; different generations enjoy them as something that belongs to everyone,” he explains.
The economics of the horse world are complex. “Many horses get injured and never reach a point where the investment pays off.” That is why a “prepurchase study” is important. “A morphological and health report of the animal,” advises Fernando Caballos, the official veterinarian of the International Horse Fair (SICAB), held in November in Seville and which leaves €76 million ($88 million) in the city.
From Spain to New York
José Daniel Martín Dockx is one of Spain’s leading references in the discipline of dressage. He is an Olympian and selector of young PRE horses, and is in New York on a training project at one of the most powerful studs in the United States. “Of course you can make a living from this profession. I started at 18 and now I’m 52,” he says, speaking by phone. "The problem is that we started competing late, and Germany, Denmark and England are ahead of us. The system is simple: “almost all riders have their own high level horse, although we can also ride those of private owners or other studs.” It’s the same as any sector — “you represent different clients.”
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