Pinhooking Results: OBS and Barretts

Pinhookers enjoy upswings at Barretts, but profits decline at OBS March sale.

The Barretts March select sale of 2-year-olds in training generated average and median prices that were up 11.1% and 16.7%, respectively, from a year ago. The results also were positive for pinhookers, who provided much of the stock for the auction, which was held March 21 in Southern California. The rate of return on their investment was 103.3%, which represented a substantial increase from 2010’s rate of 47%.

The upswing was so large because pinhookers reduced the amount they spent on their horses as yearlings but benefited from a surge in price when they resold them as 2-year-olds. The average yearling price for pinhooked horses was $38,105, down 12.3% from $43,451 last year. The juvenile average resale price was $120,050, up 26.1% from $95,171.

Pinhookers bought back 22% of the 51 horses they offered. Last year, the buy-back rate for the 57 offered was 28%.

The Ocala Breeders’ Sales Co. March select juvenile auction enjoyed increases of more than 40% in the number of horses sold and gross, but suffered declines in its average and median. Pinhookers, meanwhile, didn’t fare as well as they had in 2010. Their rate of return on investment was 49.9%, down from 63.9% in 2010.

Pinhookers paid more money to acquire the horses they resold at the OBS auction, which was held March 15 and 16 in Central Florida. The average yearling price was $51,566, up from 12.1% from $46,019 in 2010. But their average juvenile resale price of $109,772 was about the same as it was last year, falling less than 1% from $110,466.

The buy-back rate for pinhooked horses was 21%, down from 29% in 2010.