The Fasig-Tipton October Fall Yearlings Sale begins its three-day run at Newtown Paddocks in Lexington today, with bidding on the first of 1,236 catalogued lots scheduled to begin at 10 a.m. The October sale, which has been growing in stature over the last several years, enjoyed a record-setting renewal in 2013. With 818 yearlings grossing $27,908,000, the sale average was $34,117 and the median was $17,000–both records for the auction. The sale-topping price of $800,000 was the highest at the sale since 1999.
Fasig-Tipton President Boyd Browning, Jr. admitted those figures would be tough to beat, but he said interest and expectations are high ahead of this year's sale.
“You don't ever want to set yourself up to say that you have to match those levels to have a successful sale, but we would hope to be in that same general range,” Browning said. “You always hope for improvement. Is that realistic or not? I don't know. We've got a lot of nice horses that people are bringing to the sale. And there seems to be a very, very high level of interest. The statistics will speak for themselves at the end of the day. We hope we have a strong marketplace and get the vast majority of horses sold and we know that the competition will be there for the upper end horses.”
The yearling sales this year have ticked along largely in step with 2013 results. Fasig-Tipton's July sale started the season with a $94,154 average, up 4.9% from 2013; and a $7,000 median, down a slight 2.8% from a year ago. The results from Keeneland's September sale also closely mirrored 2013 figures, with its cumulative average down just 2.8% and an identical median.
Browning expects that trend to continue during the three-day October sale.
“Throughout the yearling sales of 2014–beginning with July and likely to continue in the next three days–we've seen a fairly consistent and comparable market to 2013,” Browning commented. “I think we've continued to see an emphasis and the strongest competition on what are perceived to be the quality offerings that have a combination of both physical conformation and an acceptable level of pedigree.”
Still, there remains one part of the market that has continued to struggle.
“I think we've seen that the lower segment of the marketplace continues to be difficult, despite smaller numbers, and there has been some weakness in the lower level of the market in 2014,” Browning noted. “I would expect the same trends to continue. I don't see any reason for our sale this week to be any different than any sale that we've seen throughout the bulk of this sales year.”
The October sale boasts an impressive roster of graduates, with a pair of 2013 Breeders' Cup winners–GI Dirt Mile winner Goldencents (Into Mischief) and GI Juvenile Fillies winner Ria Antonia (Rockport Harbor)–and four other Grade I winners gracing its current catalogue cover.
Last year's auction has already produced GII Saratoga Special S. winner I Spent It (Super Saver), who was a $65,000 October purchase by W. D. North before selling for $600,000 to Alex and Joann Lieblong at this year's Fasig-Tipton Florida sale. John Oxley's Skyway (Sky Mesa), a $165,000 October yearling purchase by trainer Mark Casse, won the GII Best Pal S. in August.
“I think the reputation and the expectation for the October sale continues to increase and improve every year,” Browning said. “I think both buyers and sellers have confidence in the quality of product that is going to be here. Sellers are absolutely comfortable bringing a very good horse that may have needed time or may have missed an earlier sale and they know that there is going to be legitimate, solid activity for that horse. Buyers know that they can come here and expect a sales graduate from here who has a chance and is capable of winning a Breeders' Cup race or winning a Kentucky Derby or a Classic race. And that is a very positive sign.”
The key to a strong three-day sale is a diverse buying bench and Browning thinks the October sale will check that box.
“When you've got 1200 horses in a sale, you've got to have a broad representation–a combination of end users, pinhookers and we hope to have some international participation,” he explained. “You need everybody and anybody who can buy a yearling to be participating in this sale and I think, honestly, what attracts a large group of buyers here is that there is something for everyone. Whether you've got $10,000 to spend on a yearling or $500,000 and up to spend on a yearling, you can probably get your order filled here.”
The October sale continues through Wednesday with sessions beginning daily at 10 a.m. To view the complete catalogue, visit www.fasigtipton.com.
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