Pinhookers' Profits Rise at F-T Florida Sale

Return on investment increases to 91.9% because pinhookers lowered their costs.

Pinhookers who had horses consigned to the March 2 Fasig-Tipton Florida select sale of 2-year-olds in training reaped greater financial rewards than they did in 2009. Their rate of return on investment more than doubled, growing to 91.9% from 39%. Fifty-nine percent of the horses they offered were profitable compared to only 41% a year ago.

Pinhookers cut their costs, which contributed to an increase in the money they made. The horses they resold as 2-year-olds were purchased as yearlings for an average price of $125,406, which was down 8.3% from last year’s comparable figure of $136,814. Pinhookers also were helped by a rise in prices at the Fasig-Tipton auction. Their horses’ juvenile resale price averaged $289,638, which was up 27.9% from the comparable figure of $226,477 in 2009.

The total spent by pinhookers to acquire the horses they cataloged to the Fasig-Tipton sale was $18.9 million. Even though some of those horses ended up being bought back or scratched, the ones that did sell brought nearly $20 million, which exceeded the acquistion cost for the entire group.

The Fasig-Tipton auction was held at Calder Casino & Race Course near Miami.

Pinhookers who have horses cataloged to the Ocala Breeders’ Sales Co. March select sale of 2-year-olds in training also reduced their costs, which will make it easier for them to turn a profit. The 207 horses in the sale that were listed as being sold at public auction as yearlings brought an average price of $48,529, which is down 25.1% from the $64,770 yearling average for pinhooked horses in the 2009 OBS March sale. Pinhookers’ gross expenditures for horses in this year’s OBS sale were a little more than $10 million, down from $14.8 million in 2009.

The OBS auction is scheduled for March 16 and 17 in Central Florida.