Fasig-Tipton, which hosted the opening event of the season with its July Selected Yearlings Sale, will bring the curtain down on the yearlings auction season with its four-day Kentucky October Yearlings Sale which begins Monday at the company's Newtown Paddocks. The sale continues through Thursday with sessions beginning daily at 10 a.m.
The 2021 October sale was a barnburner, setting new records for gross, average and median, and consignors are hoping this year's edition continues a string of strong results this season.
“The market has been very strong throughout the year,” said Zach Madden, who will be presenting 28 yearlings in his first October consignment as sole proprietor of Buckland Sales. “[Keeneland] September was insane. And we had one in Saratoga that went over really well. I think, with the foal crop being down a tick and the purse structure up, it seems like people are just really going after it this year. I came into the business when it was really tough, so I do remember those times, but I think it's going to keep clicking along and hopefully it spills over into the breeding stock sales and the foal market. It's been good timing for a first year being out on my own, too. I definitely don't take that for granted. Hopefully it keeps humming along.”
Hunter Simms of Warrendale Sales agreed with Madden's assessment of the 2022 yearling market.
“I think it will be a good sale based off of what we had in September,” Simms said. “That was a strong market. There was a lot of demand for horses throughout, all the way from the beginning of the sale to the end. Fasig-Tipton had their New York sale last Monday and all indications coming out of that were positive with people still wanting horses. So I do think at the end, it should be a good sale overall.”
The Fasig-Tipton Midlantic Fall Yearlings Sale, which was held in the midst of a multi-day rain storm at the beginning of the month, suffered slight declines following a strong renewal in 2021.
“I think September was incredibly strong at Keeneland with a record-breaking sale,” said Carl McEntee of Ballysax Bloodstock. “I think the wind came out of the sails a little bit–I thought the Timonium sale was an average horse sale, to be quite frank, with the median and average down. People maybe didn't travel out of town because they knew they had 1600 yearlings right here in Lexington. Maybe they liked one or two up there and didn't want to get rained on for four days and then probably get outbid on the one you liked because you valued it at $75,000 and it brought $125,000, it just didn't make sense to people. I think they just said, 'Listen the weather is bad, we will stay in Kentucky.' But the New York sale they just had looked very strong again and the median was up. I know everyone is coming into town [for the October sale] and I think it's going to be a very spirited market.”
During last year's October sale, 1,153 yearlings sold for $52,607,500. The average of $45,672 was up 33.9% from 2020 and bettered the sales previous record figure of $37,955 set in 2019. The median of $25,000 was up 66.7% from 2020 and bettered the previous record of $18,500 set in 2014. With just 205 horses reported not sold, the buy-back rate was a sparkling 15.1%–the lowest since 2013.
The days of October yearlings coming into the sales ring with a disadvantage are over, Simms agreed.
“I think Fasig has worked very hard to change that stigma,” Simms said. “It used to be this was your last-stop shop. It still is, but it was kind of like re-tread horses that didn't get sold or horses that people deemed weren't commercially valuable, they'd just put them in October. Now you are seeing horses bring high six figures over the years, and that's kind of gotten this sale to take off.”
Recent graduates of the October sale include 2022 Grade I winners Taiba, Goodnight Olive, and Jack Christopher. Results like those are another reason buyers have added the October sale to their calendars, according to Madden.
“I can remember a time where October was kind of the red-headed stepchild to September,” Madden said. “I think they've done a great job in compiling enough horses to make it a must-stop for the majority of buyers. It started with [Fasig president] Boyd [Browning] and the guys over there being flexible and taking later entries. That I think has really sparked the sale being so big.
“And then their results [on the racetrack] have been crazy. We were fortunate enough to sell Taiba over there two years ago. That horse just needed a little time. For a consignor, if you don't have a super precocious horse or if there is an issue that needs time to resolve, it's an awesome sale. And people work this sale hard. They have circled it on the map and the results keep coming out. Year after year, there is just horse after horse where you say, 'Man that horse came out of there, too.'”
Bloodstock agent Jacob West, bidding on behalf of the power-partnership of Mike Repole and Vinnie Viola, made the highest bid at last year's October sale, going to $925,000 to acquire a colt by Street Sense. Donato Lanni was also in action at the top of the market for the stallion-making partnership of SF/Starlight/Madaket. Those high-end buyers are joined by pinhookers and end-users to make up the traditional October buying bench.
“You are getting pinhookers and end-users,” Simms said of the buying bench. “I know [trainer] Kenny McPeek is a big fan of this sale, Jacob West was over there shopping a lot, St. Elias was shopping and Donato was shopping. You get a lot of these guys who are continually at the top of the sheets still shopping for horses. With the purses being good and the foal crop decreasing, the demand is still there, so there aren't that many opportunities coming. Supply and demand is going to make those prices jump. And those guys still need horses to finish out their buying for the year.”
In addition to the high-end buyers, October also attracts a strong middle market, according to McEntee.
“It's been a vibrant sale these last two or three years, big horses in there bringing $700,000 or $800,000, so I think it's a very reputable sale,” McEntee said. “We always used to say Timonium was a trainer's sale because there are so many racetracks around there. The reality is, so is the October sale. Trainers are in town, especially with the Breeders' Cup, everyone is in town. You have trainers that come in from regional markets–Canada or West Coast, East Coast or Ohio, Indiana and Illinois–all of these guys are coming in. So I do think it's a trainer's sale and I do think horses that perhaps weren't quite the Book 4 Keeneland horse, but were still a nice horse, I think there is a real strong market for them at October. Obviously, there are some top-class horses there, too, but those solid Book 4 horses who are true racehorses, with good X-rays, good scopes, good substance and size, that sort of fit pinhookers and racehorse buyers, I think those horses really have a good home in this sale.”
There are 1,594 yearlings catalogued for the four-day October sale. Hips 1-398 will go through the ring during Monday's first session of the auction and will be followed by hips 399-796 Tuesday; hips 797-1194 Wednesday; and hips 1195-1594 Thursday.
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