The Thoroughbred sales market continued its recovery at the Fasig-Tipton July sale, with strong numbers in its two main components. The July sale began with a catalogue of 265 yearlings and was followed by an auction catalogue of 130 horses of racing age, with a small breeding stock dispersal in between.
The yearling portion of the auction saw slight increases from last year: The gross sales were $15,253,000, a 4.2 percent increase from 2013. The average increased a similarly modest 4.9 percent, from $89,785 to $94,154. The median was down slightly from $72,000 to $70,000, while the number of horses not sold was up from 59 to 72 — from 26.5 percent to 30.7 percent.
The horses of racing age portion of the sale saw more polarized numbers, thanks to the inclusion of horses from the dispersal of Eugene Melnyk’s stock. The gross receipts were up 44.8 percent from $58,190,000 to $84,260,000, but the average was down (26.9 percent), likely because the dispersal horses were sold without reserve. Median held a little steadier, from $45,000 last year to $35,000 this year.
The auction was bolstered by the dispersal of stock from Eugene Melnyk, the Ukrainian-Canadian businessman who has built a strong racing and breeding business over the past two decades. Melnyk announced his retirement from the sport last month after a career that included 13 Sovereign Awards for himself and his Melnyk Racing Stables operation. Melnyk campaigned Canadian stars Archers Bay and Lodge Hill, as well as Eclipse Award winner and Breeders’ Cup Sprint winner Speightstown. No announcement has been made on the future of his Florida operation, Winding Oaks Farm.
The overall sale topper was a horse from Melnyk’s dispersal: Hip 414, a 2-year-old filly named Bedford Land, which commanded $1,075,000 from Lexington-based Three Chimneys Farm. Bedford Land was consigned by Nicholasville’s Taylor Made Sales, along with the other Melnyk horses.
“We went higher than we were [wanting] to go,” said Chris Baker, chief operating officer of Three Chimneys. “You always hope to spend less, but we weren’t surprised … I think you’re going to have to get used to doing that.”
Bedford Land is the daughter of two of Melnyk’s stars: Speightstown and graded stakes-winning mare Pool Land. Baker indicated that the filly, who has one win from one career start, will remain in training, although the trainer remained undetermined.
“Win Grade I’s, come home and produce Grade I winners,” Baker said, when asked what the plans for the horse would be.
The yearling portion of the sale saw a colt by Cowboy Cal drop the hammer for $550,000 to become the most expensive yearling of the day. The colt, consigned as Hip 154 by Hidden Brook, is out of the mare Refugee and is a half brother to graded stakes winner Executiveprivilege and early Kentucky Derby contender Hoppertunity.
This year’s catalogue for the racing age portion of the sale grew from 2013, from 80 horses to 130. Although there are a number of 2-year-old sales in Kentucky, California, and Florida in the early part of the calendar year, Fasig-Tipton’s July assembly is likely the largest of racing-aged horses in the United States (meaning it includes 2-year-olds and up, many of which had made one or more starts).
The increased size of the catalogue, combined with the instant gratification offered by purchasing a horse that can race right away, has served to attract more traffic through the sales barns.
“A lot of people want to get a horse in their barn that can run next Tuesday,” said Mark Taylor, vice president of marketing and public sales operations. “A lot of trainers want to come to solicit to their owners to buy, but they also, a lot of them, have horses that are in their barn selling, so they want to be here to ask for the horse back. I’ve seen a lot of trainers here from California and New York that you never would’ve seen before.”
Taylor also indicated that state-bred programs are a difference-maker for buyers of both racing-aged horses and yearlings — a trend that he believes will only strengthen as the yearling sales continue in September.
“People will come looking and say, ‘Hey, just want to see New York-breds,’” Taylor said. “We don’t really get that with the other programs as much.” New York’s year-round racing circuit has been fueled by slots revenue for several years, unlike Kentucky’s program.
“It’s a whole other niche. A lot of good horses are raised in Kentucky, but there’s a lot more money other places, unfortunately,” Taylor said.