An underproduction of quality coupled with an overproduction of mediocrity: Of all the circumstances that have adversely affected North America's Thoroughbred sales this year, these, according to the leading bloodstock agents, have had the greatest impacts.

Of course, there were other factors, as well. As of November 27, the Dow Jones Industrial Average was down 8.3% for the year, the NASDAQ was down 21.4%. Some companies have consolidated their activities, laying off thousands of employees in the process. And, then, there was September 11.

Within the Thoroughbred industry, there was the devastating and ongoing toll taken by mare reproductive loss syndrome (MRLS). It has affected both the number of horses consigned to this year's Keeneland November breeding stock sale and the prices they drew. Keeneland's upcoming January horses of all ages sale will have a similarly reduced catalog, and its yearling auctions in 2002 and '03 will most likely be severely impacted. "There is a light at the end of the tunnel," said bloodstock agent Rollin W. Baugh, "but, right now, it's somewhat dimly lit."

Yet, as always, optimism-albeit that of a cautious variety-continues to be the prevailing attitude among bloodstock agents. "We wouldn't be in this business if we didn't wholly believe in it," said Baden C. "Buzz" Chace. "We're involved in a grand sport, backed by hundreds of years of wonderful heritage. Our country's solid. So, too, is America's Thoroughbred industry."

As is the custom at this time each year, Thoroughbred Times has profiled 12 bloodstock agents and agencies whose North American activities have been prominent during the past 12 months. Some cater to a large international clientele. Others deal on a smaller, distinctly domestic level. All speak articulately about the industry they are in and have been afforded the opportunity to voice their opinions, concerns, and belief in the future.

The following profiles were written by Bill Mooney, a contributing editor for Thoroughbred Times.

Rollin W. Baugh

"When I was a boy, I lived a little less than a mile west of Santa Anita Park," said Rollin W. Baugh. "The area around our home was called Chapman Woods, which was developed by Jim Stewart, who later became the general manager of Hollywood Park. So, you might say I was surrounded by the lure of horse racing. I still am.

Rollin W. Baugh
Principal: Rollin W. Baugh
Location: Rancho Santa Fe, California
Founded: 1968
Focus: Stallion prospects; purchases of racing and breeding stock privately and at public auctions; syndications and partnerships; insurance

"One of my personal highlights for 2001 was selling Captain Steve to the Japan Racing Association, which in turn donated him to the Japan Bloodstock Breeders' Association. It was great to be a participant in that transaction."

One of Baugh's long-lasting clients is his close friend Gary Biszantz, who is currently setting up a major breeding operation at his Cobra Farm in Lexington.

"It involves 330 acres," Baugh said. "It's part of my job to advise him on all general matters involving his breeding and racing activities, although Gary has a number of other people around him, too-trainers, farm managers, a racing manager. I'm very pleased at how well Old Trieste is doing for Gary at stud. Old Trieste's weanlings are being very well accepted.

"The declines in gross receipts that we saw in the bloodstock markets this year do not entirely defy explanation," said Baugh. "The overall United States economy was down this year. We had the terrorist disasters to deal with and the effects of mare reproductive loss syndrome on the major Kentucky farms. If these things hadn't happened and the bloodstock prices had gone down as much anyway, then our industry would be looking apprehensively over its shoulder. But that's not the case.

"Overall, racing's doing okay. Phone wagering's expanding, and I see TVG's role in that as a big positive. International racing continues to expand, and the increasing availability of such global events on worldwide television points to a huge plus.

"We have to capture that nitwit hiding in his cave in Afghanistan. And the (United States) economy must be put back on an even keel. Once those things happen, I think we're going to be fine."

Reynolds Bell

"It has been a tough year for our country and, in many respects, for the Thoroughbred business, too," said Reynolds Bell Jr. "A declining world economy has had an effect on us, our own stock markets have gone down, and we were hit with mare reproductive loss syndrome. I'll tell you, though, I think we've held up pretty well over the course of the year. Keeneland's July yearling sale was okay, Saratoga's sale in August was solid. The Keeneland September sale was incredibly strong, despite the horrific national tragedy that took place on September 11.

Reynolds Bell Thoroughbred Services
Principal: Reynolds Bell Jr.
Location: Lexington
Founded: 1992
Focus: Advises and serves as agent for clients in private sales and at public auctions; stallion seasons and shares; stallion management

"What our markets do lack is depth," Bell said. "They're very competitive at the top levels, weak at the bottom. I think some of the overproduction of horses in recent years has begun to catch up with us. The laws of economics say that this problem will take care of itself. It always does. If the demand's not there in certain segments, people will eventually make the necessary adjustments."

Bell, 49, comes from a lineage of horsemen and women that includes his grandfather, Hal Price Headley, his mother, Alice Chandler, and his brother and fellow bloodstock agent, P. Headley Bell.

"For me, the highlight of 2001 was the success that Richard Santulli and George Prussin had with their Jayeff B Stables," Bell said. "I bought a yearling filly for $1.3-million for them at the Keeneland July sale in 1999 named Cat Chat. She's by Storm Cat out of Phone Chatter, who was North America's champion two-year-old filly in 1993. Cat Chat won her first three career starts, including the Nassau County Stakes (G2) at Belmont Park last May, before getting hurt. She will be back racing next year, I believe, and her breeding future looks excellent. I also bought Navesink for Jayeff B as a yearling. He won a pair of graded stakes this year.

"Of course, Not everything works out perfectly. I do a lot of work for the Maktoum/Darley group, and it was really hard when their stallion Dubai Millennium died last spring. This business hits you with some blows. The weak falter, the strong recover."

Blandford Bloodstock

For three decades, Joss Collins was a primary representative of British Bloodstock Agency (England) at North American sales. This past summer, he and fellow BBA official Tom Goff left that company to set up their own agency, Blandford Bloodstock, which they co-direct. "Every horse BBA (England) successfully bid for at Keeneland in July was knocked down by Josh, but it was Blandford we represented at Saratoga in August and Keeneland in September," Goff said. "Yes, we jumped from one thing right into the other rather quickly.

Blandford Bloodstock
Principals: Joss Collins and Tom Goff
Location: Newmarket, England
Founded: 2001
Focus: Stallion shares and management; purchasing yearlings and broodmares

"Our goal is to provide a professional service, with a personal touch," said Goff. "Most of our clients have been with Joss for quite a long time, and they decided to stick with us. Right now, we're concerned with simply getting to the end of this year, at which point we will take a good look at ourselves."

"Leaving BBA (England) wasn't a decision I made lightly, a sudden in