Despite larger catalog and higher buy-backs, sale records higher total revenues and average

A serious problem existed when Fasig-Tipton Co. kicked off its two-day Kentucky July selected yearling sale on July 19, and this problem had nothing to do with cool temperatures-a sharp contrast to the steam bath that usually awaits buyers who descend on the Bluegrass region each July.

The problem, at least in the eyes of the buyers, consignors, and sales company executives was an abundance of quality individuals on offer at one of the country's top middle-market yearling sales. The increased number of quality offerings came after Fasig-Tipton Kentucky's calculated gamble to increase the July sale catalog from 400 yearlings in 1999 to 556 this year.

Bucking a trend toward downsized select yearling catalogs, Fasig-Tipton reaped the rewards of that gamble by keeping its strict physical standards in place without allowing an abundance of marginal and average yearlings to infiltrate its Newtown Paddocks for the mid-July vendue.

Although the percentage of buy-backs nearly doubled to 34.8%, the sale posted a significant increase in total receipts for the third consecutive year along with moderate improvement in average price; median remained unchanged. Among the sale's highlights:

• Total receipts increased 17.9% to $26,186,500;
• Average was up 3.6% to $77,705;
• Median price of $55,000 remained unchanged from last year; and
• A total of 337 yearlings were sold compared to 296 in 1999.

"We said before the sale that we set a goal to exceed last year's average with a significantly larger catalog, and we accomplished that," Fasig-Tipton Chairman D. G. Van Clief Jr. said. "This was a strategic success for us, and you can see the results."

Pinhookers were not overly active, and the lower end of the market continued to drag well behind the middle and top ends. Increased buyer selectivity was emphasized by the buy-back rate, which soared from 18% last year.

As shown in the accompanying decile chart, prices at the top and top-to-middle end rose sharply. With such a large selection, buyers demanding good physical individuals were not put off when unable to reel in their first choices and eventually settled on another choice.

"There are a lot of nice ones, so many it takes you a while to track them down," said agent Dan Kenny, who purchased five yearlings on behalf of Eugene Melnyk for a total of $1,107,000.

Better and better

"The quality is getting better and better at this sale," said Florida pinhooker Mike Mulligan, who purchased ten yearlings for $746,000 in the name of his Leprechaun Racing. "It's an individual sale more than a pedigree sale. I've had to revise my short list quite a bit since I first looked at the horses, because it had about 25% of the horses in the sale on it."

"They have an awesome selection process. Bill Graves (Fasig-Tipton director of yearling sales) and that team deserve a lot of credit," said Doug Cauthen, who purchased a Forest Wildcat colt for $250,000 for G3 Racing. "The only problem is there are so many good ones, it's hard to knock any off your short list."

Fasig-Tipton officials were pleased with the final results and said that any increase would have been positive. Especially pleasing were the 82 yearlings sold for $100,000 or more-12 more than in 1999. The sale also featured five yearlings that brought $350,000 or more, compared with two in 1999.

Buy-backs were a point of concern, and Fasig-Tipton President Walt Robertson said the lack of any "bottom feeders" purchasing yearlings that failed to pass scrutinizing veterinary examinations might have led to the increase in yearlings that were returned to the barns not sold.

"That troubles me a little bit," Robertson said. "But overall the market was good. If you led one in there that did everything right, it's never been better over here since time began."

Top colt a "classic" type

Among those that did everything right was the sale's top-priced yearling, a son of classic winner and prominent Central Kentucky sire Unbridled, purchased by Cimarron Stable for $525,000. Richard Mulhall, racing manager for Ahmed bin Salman's The Thoroughbred Corp., signed the ticket on the sale topper, which equaled the price of last year's top-priced yearling, a Forest Wildcat colt. Salman, who declined comment after the sale, handled the bidding on the colt and beat out a stubborn Baden P. "Buzz" Chace, linked by phone to Ernie Paragallo, who owns Unbridled's Song. Mulhall said that Cimarron consisted of "friends and associates" of The Thoroughbred Corp. and that Salman was not part of the group. "He was the best colt in the sale, and I think everybody knew that," Mulhall said. "There's a lot of nice horses here, just not the kind that I look for. They're more of the middle-priced horses."

Trainer Bob Baffert, accompanied by agents J. B. and Kevin McKathan, was present for the bidding and will train the colt out of the Alleged mare Tom's a La Mode. Eaton Sales acting as agent for Rich Meadow Farm consigned the colt. "He was a nice colt, probably the nicest in the sale to win classic races with," said Chace, who purchased six yearlings for $750,000 for various clients. "There's a lot of nice horses at this sale, a lot of useful horses. I've got about 60 horses or so on my short list."

The sale's second-highest-priced colt was secured by agent John Moynihan, who went to $475,000 to purchase Fancy Frolic, a son of Saint Ballado out of Fanny's Frolic, by Green Dancer. Moynihan declined to identify the buyer of the colt, consigned by Taylor Made Sales Agency as agent.

WinStar's sister act

Fillies also sold well during the two-day sale, including a pair that shared honors as the top-priced fillies at $400,000 each.

A full sister to multiple graded stakes-winning sprinter Yes It's True was purchased by Kenny Troutt and Bill Casner's WinStar Farm midway through the second session. Consigned by co-owner and veteran horsewoman Becky Thomas's Lakland LLC, agent, the bay filly is by Is It True out of Clever Monique, by Clever Trick.

Casner said the filly would be sent to trainer W. Elliott Walden and eventually would join the broodmare band at WinStar.

"She'll have a nice second life in our broodmare band," Casner said. "She's obviously a speed filly, and it's nice to have some speed mares to take back to your stallions. She's a sprinter and not really made like a classic horse. She'll be going to Elliott Walden, and we'll try and get her cranked up as a two-year-old and hope she does well." The other $400,000 filly was a daughter of Phone Trick purchased by Eugene

Melnyk. Consigned by Beth Bayer, agent, the filly is out of the stakes-winning Sunny's Halo mare Heavenly Note and had been purchased by Jockey Club Farm, agent, for $40,000 at the 1999 Keeneland November breeding stock sale. "When she came off the van from the farm she was just so classy. She carried her class all the way through the sale," Bayer said. "This has been a good sale for me. It's the first sale for me, and it has been good for me. Fasig-Tipton does a good job selecting the horses and getting the buyers here."

Complete results of the sale begin on page 51.