Pinhookers enjoyed increased profits at the recent Keeneland April sale of 2-year-olds in training even though they spent more money to acquire the stock they consigned to auction. The rate of return on their investment for the sale, which was held April 5 in Lexington, was 50.7%, up from 37.2% in 2009.
The average price pinhookers paid for their horses as yearlings was $119,850, an increase of 14.3% from the $104,829 yearling average for pinhooked horses sold at the 2009 Keeneland April auction. But pinhookers still were able to make money because the average price they resold their stock for as 2-year-olds rose even faster, advancing 23.3% to $217,563 from $176,429.
Forty-six percent of the juveniles they offered at Keeneland were profitable compared to 36% last year.
Pinhookers bought back 36% (18) of the 50 horses they offered. Last year, they failed to find new homes for 43% (26) of the 61 horses they offered.
