The winning streak for pinhookers continued for the third major select sale of 2-year-olds in training in a row. The rate of return (ROR) on their investment and the percentage of profitable horses they offered both increased at the Ocala Breeders’ Sales Co. March auction, following the same trends that had been seen at the OBS February and the Fasig-Tipton Florida sales.
Pinhookers’ ROR at the OBS March sale rose to 63.8% from only 16.6% in 2009. The precentage of horses they offered that made money was 47%, up from 30%.
Pinhookers benefited from cutting their financial risk substantially and a small increase in the average juvenile resale price for their stock. They purchased their horses as yearlings for an average of $46,037, which was down 34.2% from the comparable figure of $70,010 for pinhooked horses resold during last year’s OBS March auction. The average juvenile price for pinhooked horses resold this year was $110,406, an increase of 2.2% from the 2009 average of $108,038.
Pinhookers failed to find new homes for only 27% of the horses they offered compared to 43% in 2009.
Pinhookers paid $10 million for the 207 horses they had cataloged in the OBS March auction. The 106 that they ended up selling grossed $11.7 million.
The sale was held March 16 and 17 in Central Florida.
The next major select juvenile auction, which is conducted by Barretts, is scheduled for March 22 in Southern California. There are 75 pinhooked horses in the sale, and they were purchased as yearlings for an average of $42,247, which is down 40.6% from last year’s yearling average of $71,167 for 45 pinhooked horses. The gross spent by pinhookers for their stock as yearlings was $3,168,500, down only 1.1% from the gross expenditures of $3,202,000 for pinhooked horses in last year’s sale.