103_1119
Watch this site for Joe Nevills' daily updates on equine sales events in the Horse Capitol of the World.
Lexington, KY - With expectations high following a record number of entries, the first session of the Fasig-Tipton Kentucky October yearling sale did not disappoint, posting gains across the board.
Total revenues improved 50.3 percent from the opening day of last year’s sale, rising from $4,811,900 from 221 horses sold to $7,230,200 from 293 sold. The average sale price of $24,676 was a 13.3 percent boost from last year’s figure of $21,773, while the median price jumped 8.3 percent to $13,000 after finishing at $12,000 during the first session in 2011.
The buyback rate also fell considerably to 20.6 percent after 25.1 percent of horses did not meet their reserves on day one last year.
“I thought it was a very consistent marketplace and similar to our expectations,” said Boyd Browning Jr., president of Fasig-Tipton Co. “We had some nice horses here today. Consignors have been busy on the sales grounds. I thought it was basically what we would hope for – a very solid, very representative horse sale with lots of commerce and lots of activity at virtually every price level. “
Similar to many other sales earlier in the year, the upper-end of the market has seen a resurgence in activity. A total of 14 horses sold for six figures on Monday, eclipsing the six sold on day one last year, and giving the sale a good start in passing the 23 sold in all three sessions in 2011.
“We just have people continuing to have more and more confidence and bringing a higher-quality horse,” Browning said. “It’s not magic. We can’t produce six-figure horses if consignors don’t give us the opportunity, but there continues to be increased confidence from buyers and sellers in this sale, and it’s reflected in the higher prices.”
The top price of the day came early in the session when Ocala-based bloodstock agent Nick de Meric purchased a Giant’s Causeway colt for $200,000.
The chestnut colt is out of winning Woodman mare Lerici, who has produced two other foals to race. He is from the family of multiple European Group 1 winner Mashaallah, Grade 1 winner Folk Art, Grade 3 winner Grasshopper, Grade 3-placed stakes winner Turf War, and Grade 1-placed winner Easy Grades.
“We rated him one of the best of the day, and of course, he’s by a fabulous sire in Giant’s Causeway,” de Meric said. “In our opinion, he was a standout and we went after him. We were nearly fully extended, but we’re happy to have him and take him home.”
De Meric said the horse was purchased for racing partnership Klaravich Stables, and probably will be kept to race, though the option of re-selling him next year at a two-year-olds in training sale will remain on the table. De Meric is one of the nation’s leading pinhookers – horsemen that purchase yearlings, train and condition them, then sell them at two-year-old sales for a profit.
“Besides the fact that he was obviously a very correct, sound-looking colt, he had beautiful balance and lovely presence to him,” de Meric said. “He looked like the kind of horse that could be early if you wanted him to, but he also looked like one that could train on, so I think he covered a lot of bases for us.”
Bred in Kentucky by the Lerici Syndicate, the colt was consigned by Gainesway, agent.
“He was very well-received,” said Michael Hernon, Gainesway’s director of sales. “He’s obviously by a top stallion. He looked the part, showed well and he has the pedigree. People liked him and stuck with him, and there was good, live bidding for him. Several of the top horsemen here were on him, and he sold to Nick de Meric. We’re very pleased.”
De Meric racked up the biggest bill among buyers on day one, with three purchases for a total of $362,000. Taylor Made Sales Agency led all consignors by gross sales with 12 horses sold for a combined $569,500, while Lane’s End topped consignors by average, with four sold for an average price of $374,000.
The second of three sessions at the Fasig-Tipton October sale begins Tuesday at 10 a.m.