"We are encouraged so far by the Thoroughbred market this year," said Tim Boyce, the director of sales for Fasig-Tipton Texas. "It seems like it's been at least steady (at its worst). Our horses are very similar to the horses at OBS (the Ocala Breeders' Sales Company in Florida), so we are hoping for improvement (because of the record-setting business seen at the OBS August yearling sale) after making a big step forward last year."

Fasig-Tipton Texas expanded its catalogue this year in an effort to promote the auction as the Southwest's premier yearling market. An intensified recruiting effort in Louisiana attracted 54 Louisiana-breds to the auction.

"We encouraged the Louisiana breeders to bring their best horses here, and the ones we have gotten are really nice," Boyce said.

There are 20 yearlings catalogued that are by Texas' top sire Valid Expectations  , who was North America's leading sire of 2-year-olds in terms of winners and progeny earnings in 2001.

Last year, 219 horses were sold for a gross of $2,694,000, an average of $12,301, and a median of $5,300. The average increased 18.8% from 2002, rising to its highest point since Fasig-Tipton began conducting the auction (which is sponsored by the Texas Thoroughbred Association) in 1997.