Pinhookers' Profits Fall at Barretts
Pinhookers’ profits fell at the Barretts March select sale of 2-year-olds in training in Southern California even though they reduced their financial risk by spending less money for their stock as yearlings. Their rate of return of investment was 47.1%, down from 53.8% in 2009.
The average yearling purchase price for pinhooked horses that were sold at Barretts was $43,451, which represented a decline of 42.2% from the average of $75,160 for the auction’s 2009 edition. Unfortunately for pinhookers, prices for their horses when they were resold as juveniles also dropped, falling 36.9% to $95,171 from 2009’s comparable figure of $150,800.
The percentage of horses offered by pinhookers that made money was the same as it was in 2009, remaining at 42%. The buy-back rate for pinhooked horses fell to 28% from 44% last year.
There were 75 pinhooked horses cataloged to this year’s Barretts March sale, and pinhookers paid $3.2 million for them as yearlings. The 41 horses they ended up selling grossed $3.9 million.
Colts by Unbridled's Song and A. P. Warrior provided the biggest scores for pinhookers. Each sold as a juvenile at Barretts for $250,000 more than his yearling purchase price.
Ciaran and Amy Dunne’s Wavertree Stables consigned the sale-topping Unbridled’s Song colt, who is out of the Storm Cat mare King Shooting Star, and Narvick International bought him for $475,000. Last year, Dapple Bloodstock had purchased the colt for $225,000 at the Fasig-Tipton Kentucky July select yearling auction.
Murray Smith, agent, sold the A.P. Warrior colt at Barretts for $335,000 to Narvick International. Out of the Roar mare Girl Gone Crazy, the colt was bougth by Smith, in the name of Divine Assetts, at last year’s Fasig-Tipton Kentucky July sale for $85,000.
Smith also enjoyed another big pinhooking score with a More Than Ready – Eishin Bridle colt that she sold for $300,000 to James Vreeland at the Barretts March sale. She bought the colt, in the name of Divine Assetts, for $100,000 at the 2009 Keeneland September yearling auction.
The Barretts auction was held March 22 at Fairplex Park.
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