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Half brother to Ashado tops slumping market

Posted: Monday, September 14, 2009 6:53 PM

HIP 141

PhotosByZ.com/Keeneland

by John P. Sparkman

If there was any remaining doubt about the depth of the current slump of the Thoroughbred auction market, that doubt was surely resolved by the results of Monday’s opening session of the 2009 Keeneland September yearling sale.

Despite a smaller, tighter catalog of horses on offer, average price plunged 35.9% compared with the corresponding session in 2008 to $233,168, and the buy-back rate soared to 41.2%. Median declined 33.3% from $300,000 in 2008 to $200,000.

Total proceeds also declined 55.5% as 107 horses were reported as sold for $24,949,000.

“It wasn't quite as good as I expected,” said Geoffrey Russell, Keeneland's director of sales. “No mistake, the pendulum has swung on the buyers’ side. They're tentative and hesitant in their bidding.

“It was tough out there.”

For the first time since 1996, no horse sold at the first session for a seven-figure price as a big, gray or roan colt by Unbridled's Song out of Goulash, by Mari's Book, topped the session at $925,000. As he has so many times, Demi O'Byrne, agent for the partnerships that include John Magnier, Derrick Smith, and Michael Tabor, signed the ticket.

“He has a great family and he looks very much like Unbridled's Song himself,” the Irish bloodstock agent said. “He's a bigger horse than Dunkirk. I'd like to think we bought him at a discount.”

O'Byrne paid a sale-topping $3.7-million for 2009 Belmont Stakes (G1) runner-up Dunkirk, by Unbridled's Song, at the 2007 Keeneland September sale.

From the consignment of Taylor Made Sales Agency, agent, the session topper is a half brother to champion Ashado and Grade 1 winner Sunriver.

O'Byrne made only two bids on the top-priced yearling, jumping in at $875,000 after Satish Sanan had made much of the running, and then countering a $900,000 bid from inside the pavilion.

“Considering the market, we're satisfied,” said Duncan Taylor of Taylor Made, which sold the colt on behalf of breeders Aaron and Marie Jones. “I think they got a hell of a buy. Two years ago, he would have brought $3-million or $4-million.”

Robert and Lawana Low also felt they secured a bargain when they paid $800,000 for the top-priced filly of the day, a lovely chestnut daughter of current leading sire Giant's Causeway out of 2002 Horse of the Year Azeri, by Jade Hunter, consigned by Hill 'n' Dale Sales Agency, agent.

"This is a really nice filly from a great family," Robert Low said. "We're really delighted to get this filly at this price. The buyer's market is definitely reflected in her price. I think she'd have been worth twice that in past times."

Low said the filly will be sent to their adviser Tom McCrocklin's farm in Florida for breaking before moving on to the stable of Dan Peitz, who trained Grade 1 winner Capote Belle and 2006 Kentucky Derby Presented by Yum! Brands (G1) third-place finisher Steppenwolfer for the Lows.

"This is a natural process in the economy that occurs from time to time," Low said of the depressed market. "We have confidence that this will work itself out in time and this will be an even better business."

“Readjustments are never easy,” Russell said. “We're in the middle of a major readjustment.

“Last year, we sold five million-dollar [or more] horses on the first day and this year we didn't have any. That's a change in philosophy of buyers and a change in valuation of horses. And I'd have to add in a change in capital available.”

John Ferguson, chief representative of Sheikh Mohammed bin Rashid al Maktoum, led all buyers with 14 purchases for $4,830,000, topped by a $700,000 colt by Speightstown.

The sale continues at 10 a.m. EDT Tuesday at the Keeneland sales pavilion in Lexington.

For hip-by-hip results, click here.

John P. Sparkman is bloodstock editor of THOROUGHBRED TIMES and author of Foundation Mares. More of his work can be viewed at http://pedigreecurmudgeon.blogspot.com/