Tuesday's final session of the two-day Texas summer yearling sale registered solid gains over last year's numbers, contributing to a negligible increase in cumulative revenue and a 7.8% rise in average for the entire sale. A final-day buyback rate of 31% continued the trend that began in the sale's select session on Monday, when the percentage of yearlings failing to meet their reserve price reached 36%.
During the Tuesday session, 129 yearlings sold for $787,500, an average price of $6,105, an increase of 20.2% from last year. Those numbers compare favorably to the final session in 2000, when 134 sold for $680,500, an average of $5,078. RNA's were 28% last year. The final statistics for the two open sessions were: 184 sold for $1,064,600, an average of $5,786. This year's open sale gross was up 6.8% and the average jumped 16.1%.
Combined with the select portion of the sale held Monday, the Texas sale eked out an increase in gross revenue, from $2,895,300 to $2,906,200, less than 1%. Average of the combined sesssions was $11,264 from 258 horses sold, up 7.8% from 2000, when 277 averaged $10,452. The RNA rate for the entire sale jumped from 26% to 32%.
"I think we did well to have the gross increase with fewer horses sold," said Tim Boyce, director of sales for Fasig-Tipton Texas, which conducts the sale in conjunction with the Texas Thoroughbred Association. "There were some holes in it, but I thought we did pretty well overall. The second day was very strong."
Boyce said he has heard from consignors suggesting the select portion of the sale be eliminated. This year, the first 121 hips offered on Monday were considered select yearlings. Their average was $24,886. The select portion was reinstated by Fasig-Tipton in 1999 after removing it the previous year. "Consignors and buyers wanted the selected session then," Boyce said, "but now there are concerns the sale would be better without it. We have an advisory board and will poll the members of the board shortly. We're not going to be deaf to the market."