NEWS
Market improves at second Saratoga session
Posted: Wednesday, August 04, 2010 12:32 AM
SALE TOPPER: A.P. INDY COLT
PhotosByZ.com/Thoroughbred Times
by John P. Sparkman and Pete Denk
As expected, market indicators improved somewhat on the second night of the Fasig-Tipton Saratoga sale of selected yearlings on Tuesday, but it was not enough to draw the sale anywhere close to level with the near-record 2009 figures.
For the second session, Fasig-Tipton reported 59 horses as sold for $17,665,000, bringing totals for the two-night sale to 117 horses reported as sold (down 26.9%), while cumulative total proceeds declined 38.3% to $32,415,000. Overall average price also dipped 15.6% to $277,051, while median stayed level at $250,000 and the buy-backs rate rose from 21.6% in 2009 to 28.7%. At the 2009 Fasig-Tipton Saratoga select sale, 160 horses sold for $52,549,500 for an average price of $328,434.
Both of those figures were the second highest in sale history, and few people expected this year's sale to be able compete given the economic environment.
“For my money, tonight was a better sale than last night,” said Walt Robertson, Fasig-Tipton's chairman and chief auctioneer. “We broke the million-dollar barrier and it was a solid sale throughout. It was a lot easier up there [on the auction stand] tonight.”
“There were more horses with breakout potential today,” Fasig-Tipton President Boyd Browning said, “and there were more horses over half a million.”
“And we had to know it was going to start good tonight,” Robertson chimed in.
The first horse through the ring Tuesday was the sale-topping A.P. Indy colt, who was widely touted as the probable sale-topper from the moment the horses shipped into Saratoga Springs, New York, and the second horse through the ring, a lovely Medaglia d'Oro filly named Gold Spun consigned by Lane's End, agent, sold for $450,000 to Spendthrift Farm.
Todd Pletcher, bidding on behalf of a new client, Ben Leon's Besilu Stable, purchased the sale's only seven-figure horse, a colt by A.P. Indy out of champion Maryfield, by Elusive Quality, for $1.2-million. He was consigned by Meg Levy's Bluewater Sales, agent for Mike Moreno's Southern Equine Stables. Besilu is a relatively new Ocala-based breeding and racing operation. Pletcher, who spoke with Leon on his cell phone during the bidding, said the bay colt appeared to be the complete package.
“Conformationally, he is a beautiful colt,” Pletcher said. “He handled himself well. He’s a good-sized first foal that had an excellent walk, and he’s out of a champion mare. He checked all the boxes.”
Southern Equine bought Maryfield for $1,250,000 at the 2007 Fasig-Tipton Kentucky fall selected mixed sale shortly after she won the inaugural Breeders’ Cup Filly and Mare Sprint. Named champion female sprinter, she retired with nine wins from 28 starts and earnings of $1,334,331.
“I'm very happy,” Moreno said. “In this market, that's a fair price for him. Of course we were hoping for more, but it's a good scenario for us. I wanted to establish that in the future we're going to be bringing a lot of quality horses to the market, and if we bring a good one to the market we're here to sell … if I get the price I want. Let's face it, four or five years ago he brings $4- or $5-million.”
The highest-priced filly came through the ring toward the end of the session when agent Tom McCrocklin bid $875,000 on behalf of Robert and Lawanna Low for a Distorted Humor filly who is a half sister to 2001 Horse of the Year Point Given. Out of stakes winner Turko's Turn, by Turkoman, the filly was consigned by Woodford Thoroughbreds.
“We loved her,” McCrocklin said. “She was our favorite horse in the sale. She's a beautiful filly, beautiful pedigree. The Lows have a racing stable and they breed so they want to buy high-quality breeding stock.”
John Ferguson, principal agent for leading buyer Sheikh Mohammed bin Rashid al Maktoum, was active again at the second session, though he did not bid on either of the sales toppers. Ferguson's six purchases on the second night brought his totals to 14 horses for $6,445,000. At the same sale in 2009, Ferguson signed for 12 horses for $11,850,000.
“I think we have to accept that the Thoroughbred market in America is limited by the economy,” Ferguson said. “There is inevitably going to be a readjustment. Quality horses are still selling, but there is definitely value to be had.”
“I think what we've seen so far in 2010 is that it's similar to 2009,” Browning said. “We did experience a decline in 2010, but this was the only sale with a bounce in 2009. There might be more constraint at the very top end of the market this year. The top price last year was $2.8-million and $1.2-million this year. That's a $1.6-million swing in the gross right there. Over 115 horses sold, that's a $15,000 swing in the average.
For hip-by-hip results, click here.
John P. Sparkman is bloodstock editor for Thoroughbred Times
Pete Denk is sales editor for Thoroughbred Times
