F-T Review: Looking Back at the July Sale
The Fasig-Tipton Kentucky July select auction kicked off the yearling selling season and many people found the results to be encouraging. The median price grew and the buy-back rate experienced a small drop July 12 in Lexington. The average price was down, but not a great deal. And the gross revenue’s decline was expected because of a smaller catalog.
Read what some participants in the auction had to say about the market:
Patti Miller, EQB, purchased a Harlan's Holiday – Shiny Band colt for $225,000: “It’s a very good sale, I think, for a pinhooker. I saw a lot of horses that were good individuals with new pedigrees (containing an unproven sire and/or dam) and I think there is a lot of opportunity, especially for a guy who is going to re-sell.
“The market is realistic. Most of my clients don’t like bidding against the consignor; they want a fair market value and I think the market has become more that way. I think it’s a great opportunity for buyers and it’s a realistic sellers’ market, too. If you’re realistic you’ll be OK.”
Dr. Chuck Kidder, member of a partnership that resold a Harlan's Holiday -- Shiny Band colt for $225,000 after buying him as a weanling for $35,000: “He was right here at Fasig-Tipton at the November (mixed) sale. We liked his walk and his look from the side; he just looked like a horse with a good, fluid walk that would improve. I thought if we could help him in the front (by trimming his hooves differently) we’d be home free, but he obviously did better than my expectations. The good horses are still in demand.”
Ben Glass, purchased a Lemon Drop Kid – Wow Me Free colt for Gary and Mary West for $210,000: “We had eight horses on our short list; two of them we kept on it. I don’t look at a lot horses. Mr. West doesn’t like to buy fillies. I don’t look at a lot of sprinters and a lot of grass horses. He (West) likes dirt horses and classic distance horses and that limits what we look for. But overall, I saw some nice horses here.
“The economy is taking a big hit and I don’t think horses are bringing what they would have in another year, which they shouldn’t. We’re getting down to the basics again. It was getting a little bit out of hand before (the recession). But some of these horses walking through the (sale) ring are doing OK.”
Tony Bowling, Florida pinhooker: “It’s a pretty good horse sale and a real good group of horses. My short list was longer than it’s been in past years, and I think the horses sold well. So far, I’ve bought two horses that I really liked, but I got blown out of the water on probably 10 others, so it’s not easy (to buy). The market is very fair. Horses are bringing what they’re worth and some a little more. It’s a pretty good horse sale all the way across the board, not just for the top handful of horses.”
John Stuart, Bluegrass Thoroughbred Services: “It makes me feel pretty good, what I’ve seen. It just seems to me like there is somebody for every horse. I had some that I wouldn’t think would appeal to some people; they weren’t ‘pinhookable’ horses. But I had a lot of all-shows. I’m sort of optimistic about things; I’m pretty happy. In the last month, I’ve noticed a pickup in private sales. We’ve been selling a couple of things privately every week and we hadn’t done much in the early part of the year other than with (stallion) seasons."
Al Pike, Texas pinhooker: “I think it’s a great sale and there are a lot of good horses here. We’ve been outrun on a lot of them, but I’m happy with what we’ve gotten so far. It’s never easy; good horses are hard to buy because everybody wants them.”
Peter Bradley (Bradley Thoroughbred Brokerage), who was buying horses to re-sell with Florida pinhooker Eddie Woods: “With the foal crop shrinking and everything, they (Fasig-Tipton officials) obviously had a harder time getting horses for this sale. But I think they’ve done an admirable job putting together the group that they did. You can complain about it, but you shouldn’t. There are plenty of nice horses here and it looks to me that within the limits of the market they’re selling pretty well.
“We’ve bid on 18 horses and gotten four, so it’s not like we’re able to buy everything on our wish list even though it has been a little harder to buy in some other years. We’re being very conservative about what we pay this year. Last year we were willing to go $100,000-plus on a horse. We don’t like to go past $75,000 this year.”
Bruce Headley, California trainer: “It’s a sale for novices because the horses are so hand-selected. There are a lot of great horses with great bodies and you don’t see faults. There were no calf knees, no small feet, no back at the knees, no offset knees, no small bones. It’s really a sale for perfection. I got the three horses that I wanted and I think I got bargains.”
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