A session-topping Real Saga colt for $240,000 ($252,929 US) was one of a dozen horses to sell for six figures at the fifth session of the Magic Millions Gold Coast yearling sale in Australia Jan. 13.
Buyers and consignors talk about how they are dealing with the sharp downturns in the market at the Keeneland November breeding stock sale and other auction-related issues.
With the auction business slowing down and the costs of production rising, it isn't an easy time to be a Thoroughbred breeder. Horsemen who profited from rallying bloodstock prices for much of the 1990s are being forced to reevaluate the financial health of their operations and revise economic strategies. The situation is particularly difficult for farm owners who derive most of their income from horses that fit into the middle and lower levels of the market.
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