Pinhookers' Fortunes Improve at Keeneland

Pinhookers' Fortunes Improve at Keeneland
Photo: Keeneland/Coady Photography
Indian Charlie Teenage Temper colt was purchased for $150,000 as a yearling, and resold for $625,000 at 2.

The market didn’t change much at this year’s Keeneland April sale of 2-year-olds in training in Central Kentucky. While the gross, average price, and median price all declined April 11 from 2010, none of the setbacks was greater than 3.7%.

However, the results for pinhookers improved significantly, and that’s because they reduced their expenses by spending less money for their stock. They paid an average price of $91,455 to acquire their pinhooking prospects as yearlings. The amount was down 23.7% from the average of $119,850 they paid for the horses they resold as 2-year-olds at Keeneland in 2010. There was less than a 1% difference between 2011’s average juvenile resale price at Keeneland of $218,030 and the 2010’s comparable figure of $217,563.

The rate of return on investment for pinhookers rose to 90.2% this year from 50.7% in 2010. Fifty-eight percent of the 50 pinhooked 2-year-olds offered this year at Keeneland were profitable compared to 46% of the 50 offered in 2010.

The buy-back rate for pinhooked Keeneland juveniles was 34% this year, down slightly from last year’s rate of 36%.

The sale-topping Indian Charlie – Teenage Temper colt provided the biggest pinhooking score at the latest edition of the Keeneland auction. Randy Hartley and Dean De Renzo of Florida-based Hartley/De Renzo Thoroughbreds bought him for $150,000 from Taylor Made Sales Agency, agent, at the 2010 Fasig-Tipton Saratoga select yearling auction. Hartley/De Renzo, as agent, resold the bay 2-year-old at Keeneland for $625,000 to Jess Jackson and Barbara Banke's Stonestreet Stables. The colt increased in value by $475,000.

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