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Lexington, KY - The yearling sales calendar closed on a positive note Wednesday, when a successful third and final session of the Fasig-Tipton Kentucky October yearling sale helped drive gains across the board.
A record number of entries helped produce total revenues 34.9 percent higher than last year’s overall sales, rising from $17,046,800 from 710 horses sold in 2011 to $22,991,600 from 880 sold this year. The average sale price of $26,127 was an 8.8 percent improvement over the $24,010 in last year’s sale, while the median sale price improved 6.25 percent from $12,000 to $12,750.
The buyback rate of 19.6 percent held steady with last year’s 19.8 percent of horses that did not meet their reserve price.
“It’s been a hell of a horse sale,” said Boyd Browning Jr., president of Fasig-Tipton Co. “We had higher-quality horses. We’ve had a good market as well, but we had better horses starting off this year and they’ve sold very well. People have brought us a better quality product. The market is accepting that product and embracing that product, so it’s a very strong marketplace.”
Competition was high for the horses that were coveted by multiple bidders, with 47 yearlings selling for six figures, more than double the amount that met or exceeded $100,000 last year. However, Browning said the middle-market horses also saw increased interest.
“The supply and demand has had an impact, particularly on the horses that were under $25,000 over the last few years,” he said. “The market on those horses has improved compared to 2011 and 2010. Any consignor out there will say that the horses that brought modest sums last year and the year before have brought higher than those prices.”
The October yearling sale has seen a dramatic improvement since the spring of 2009, when in the midst of an economic downturn in the global marketplace and the Thoroughbred industry, Fasig-Tipton elected to cancel the sale. It was reinstated later that year due to popular demand from consignors and buyers.
“It’s indicative of somewhat of a shift in the marketplace that we’ve lived through, a shift in the economy,” Browning said. “There seems to be a lot of demand for larger catalogs. People are comfortable bidding a significant amount for a horse; they just don’t want to feel like they have to. They want to bid against live money. They want to feel like there’s multiple bidders on the horse so it reinforces their feeling that they’re on the right horses.
“If you look around and see three people bidding on the horse, it gives you confidence to bid again,” he continued. “If you feel like it’s a reserve, or if you feel like it’s just one other bidder, there’s more reluctance.”
The overall sale-topper came during the auction’s second session on Tuesday, when Mandy Pope’s Whisper Hill Farm purchased a Speightstown colt for $440,000.
The gray or roan colt is out of winning Dehere mare Betty’s Pet, who has produced two winners from as many to start, including stakes winner Vaulcluse. His most successful family members include Grade 1 winner Coup de Fusil, French Group 1 winner Elusive City, and Grade 3 winners Millions, Demaloot Demashoot, and Crosswood.
“We thought this was the nicest horse in the sale, naturally athletic,” said Dr. Michael Chovanes, Pope’s fiancé, who signed the ticket. “He’s intelligent. I was with him from the minute he left the barn, and he handled everything well back there.”
Chovanes said the colt will be sent to Pope’s farm in Citra, Florida and will be kept to race. Bidding on the colt was competitive, with several buyers firing off bids from around the sales pavilion.
“It was strong, but he was that much better than some of the other top horses, in our opinion,” Chovanes said. “This particular horse was a little more naturally athletic, that you didn’t have to hope that he went in the right direction. When he handled everything with such brainpower, that cinched it for me.
“I’ve been blessed to be associated with horses like Stormy Atlantic and Bellamy Road and Smarty Jones and Big Brown, and this horse has the same charisma,” he continued. “When you see one like that, you just have to buy them, if you can afford them.”
Taylor Made Sales Agency sold the Kentucky-bred colt as agent for breeder Eugene Melnyk.
“It was a great sale,” said Mark Taylor, vice president of marketing and public sales operations for Taylor Made. “I think she got a great horse, and Speightstown is the number one sire right now in the country by domestic earnings, so we’re fired up about him. Taylor Made raised, sold and we own [Speightstown] with WinStar and Mr. Melnyk, so it’s just awesome.”
The second-highest price came near the end of the third session when notable owner Ahmed Zayat’s Zayat Stables went to $350,000 on an Arch colt.
The dark bay or brown colt the second foal out of winning Mt. Livermore mare High Priestess. He is from the family of Grade 2 winner Flag Down, English Group 3 winner Dijeerr, and Grade 3 placed stakes winners Isn’t He Clever and Sharp Writer.
Dominique Tijou, farm manager for breeder and consigner Monticule, said the reserve was set very high for the Kentucky-bred colt, but the price got over the bar.
“We broke a sweat, but we got it done,” he said. “We’re very happy about it.”
The colt was the highlight of a third session that continued the trend of improvement from the first two days, with total sales of $7,772,500, an average sale price of $26,894, and a median price of $12,000.