The Fasig-Tipton Kentucky fall yearling sale, which ended its three-day run Oct. 27 in Lexington, generated results that were “totally expected,” according to the auction firm’s chairman Walt Robertson.
The 21.9% increase in the number of horses sold and the 19% upswing in gross revenue weren’t surprising because the catalog was bigger than it was in 2009. Neither was the 2.4% decrease in average price because that statistic becomes more vulnerable when more horses are sold.
“The market for lower- and mid-range yearlings is real similar to what it was last year,” Robertson said. “Whenever a nice horse walked in there, we got over $100,000. But there are still way too many useful horses bringing below $10,000. The lower level is really getting hammered, so it’s a tough place to be right now. We sold a world of horses right at $1,000.”
The auction’s final figures included a gross of $9,395,300 for the 690 yearlings that sold. The average was $13,616 and the median was $5,000, down 16.7% from a year ago. The buy-back rate was 29.4%, up from 25.1% in 2009.
Robertson said the median was dragged down by weak prices for lower end stock.
A Congrats colt topped the third session, bringing $130,000. Dan Northrup of Utah purchased the dark bay or brown yearling in the name of Sunset Stables. Northrup plans to resell the colt at the 2011 Barretts March select sale of 2-year-olds in training in Southern California.
“I like his walk and the way he’s put together; he’s just a really nice individual,” Northrup said. “Everything about him suggests he could go on and be pinhooked for a lot of money. I may take some partners in him later on.”
John Sikura’s Hill ‘n’ Dale Sales Agency, agent, consigned the colt, who is a half brother to four winners. He is out of the winning Vigors mare White Ruffle, who finished third in both the 1997 Queen City Oaks at River Downs and the 1998 Scarlet and Gray Handicap at Beulah Park.
Jacarie Farm bred the yearling in Florida. Last year, Beth Bayer, agent, consigned the colt to the Ocala Breeders’ Sales Co. fall mixed sale, where CRD Ranch purchased him for $20,000.
The 212 horses that were sold during the third session grossed $2,588,500 and averaged $12,210. The median price was $5,000. Compared to 2009’s final session, the number of yearlings sold was up 7.6%. But the gross declined 16.8% and the average dropped 22.7%. The median was down 9.1%.
The buy-back rate increased to 35.6% from 21.2% in 2009.
“We lost some ground today,” Robertson said. “We didn’t have any big, big horses like we did in each of the first two days.”
During the auction’s opening session, a Tapit – Classic Woman colt brought $280,000. The sale-topper, a Hard Spun filly named Favorite Gal, was sold for $310,000 during the second session. Her dam, Hollywood Wildcat, was 1993’s champion 3-year-old filly.