Indian Charlie  Teenage Temper colt was purchased for $150,000 as a yearling, and resold for $625,000 at 2.

Indian Charlie Teenage Temper colt was purchased for $150,000 as a yearling, and resold for $625,000 at 2.

Keeneland/Coady Photography

Pinhookers' Fortunes Improve at Keeneland

They find greater success at juvenile auction by cutting the cost of their yearlings.

The market didn’t change much at this year’s Keeneland April sale of 2-year-olds in training in Central Kentucky. While the gross, average price, and median price all declined April 11 from 2010, none of the setbacks was greater than 3.7%.

However, the results for pinhookers improved significantly, and that’s because they reduced their expenses by spending less money for their stock. They paid an average price of $91,455 to acquire their pinhooking prospects as yearlings. The amount was down 23.7% from the average of $119,850 they paid for the horses they resold as 2-year-olds at Keeneland in 2010. There was less than a 1% difference between 2011’s average juvenile resale price at Keeneland of $218,030 and the 2010’s comparable figure of $217,563.

The rate of return on investment for pinhookers rose to 90.2% this year from 50.7% in 2010. Fifty-eight percent of the 50 pinhooked 2-year-olds offered this year at Keeneland were profitable compared to 46% of the 50 offered in 2010.

The buy-back rate for pinhooked Keeneland juveniles was 34% this year, down slightly from last year’s rate of 36%.

The sale-topping Indian Charlie – Teenage Temper colt provided the biggest pinhooking score at the latest edition of the Keeneland auction. Randy Hartley and Dean De Renzo of Florida-based Hartley/De Renzo Thoroughbreds bought him for $150,000 from Taylor Made Sales Agency, agent, at the 2010 Fasig-Tipton Saratoga select yearling auction. Hartley/De Renzo, as agent, resold the bay 2-year-old at Keeneland for $625,000 to Jess Jackson and Barbara Banke's Stonestreet Stables. The colt increased in value by $475,000.