Lower Supply Could Raise Demand at Fasig-Tipton July Sale
Updated: Sunday, July 16, 2006 3:01 PM
Posted: Sunday, July 16, 2006 3:01 PM
Fasig-Tipton officials are hoping that the law of supply and demand works in their favor during the Kentucky select yearling sale scheduled for Monday and Tuesday at the conpany's Newtown Paddocks near Lexington.
Last year, when the auction had its largest catalogue ever of 679 horses, the gross revenue, average price, and median price all suffered declines even though the yearling market, in general, was upbeat. This year, there are significantly fewer yearlings, 477 (prior to scratches), and Fasig-Tipton president Walt Robertson thinks the smaller supply will increase demand.
"We're expecting a good sale," he said. "We've got fewer numbers and that should bode well for us. I think we had too many horses last year, and some horses possibly didn't get sold because of it. We've tightened down a little bit and feel good about where we are."
Robertson is anticipating more interest from European buyers this year.
"I hope and I think we will get some European action that we haven't had in years past," he said. "Our horses and American runners are doing real well over there. We've worked hard to get their (European buyers') interest."
Fasig-Tipton's efforts to attract European shoppers included an overseas recruiting trip by marketing director Terence Collier.
The auction starts at 10 a.m. (EDT) each day. Monday's opening session includes the New Sire Showcase, which features the offspring of young stallions.
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