(Edited Fasig-Tipton press release)
Fasig-Tipton will not conduct a yearling sale in Kentucky in the fall. The auction had been scheduled for Oct. 26-28 in Lexington.
“A sale should be viable for consignors, buyers, and, lastly, for the sale company,” said Dan Pride, Fasig-Tipton’s executive vice president and chief operating officer. “The feedback we are getting from our constituents indicated this was not the case for the October yearling sale. This was also the majority position at our advisory board meeting in early March.”
During last year’s Kentucky fall yearling auction, 533 horses were sold for a gross of $7,471,900. The average price was $13,512, and the median price was $5,500. The buy-back rate was 36%. Compared to 2007, the number of horses sold fell 5.8% from 566 while the gross dropped 29.5% from $10,595,700. The average declined 27.8% from $18,720, and the median plunged 45% from $10,000. The buy-back rate in 2007 was 20.2%.