At a meeting earlier this week in London, members of the Society of International Thoroughbred Auctioneers ratified a recommendation to raise the minimum purse necessary for a race to receive black type.
Beginning Jan. 1, 2003, races must have a minimum purse of $35,000. On Jan. 1, 2002, the requirement for the minimum purse value distributed on race day rose from $25,000 to $30,000.
The Society of International Thoroughbred Auctioneers is represented on the International Cataloguing Standards Committee. Members of the auctioneering society represent sale companies in Australia, Canada, England, France, Ireland, New Zealand, South Africa, and the United States.