SARATOGA SALE HOLDS ITS OWN
In the face of volatile financial markets, a gloomy world economy and a multitude of publicity problems in the American racing industry, business at Fasig-Tipton’s two-night select yearling sale in Saratoga Springs, N.Y., performed extremely well in its first year under new ownership, with the average up slightly from 2007 and the median price even with last year. Fewer horses sold, resulting in a decline in gross receipts, and the buy-back rate increased just one percentage from last year to 25.6%.
A colt by Storm Cat out of the Mr. Prospector mare Get Lucky, sold for $2 million to M.V. Magnier to top the second night and the sale overall. The colt (Hip 158) was consigned as the property of Mr. and Mrs. Ben Walden’s Gracefield. Magnier (named Michael Vincent in honor of the legendary Irish trainer M. Vincent O’Brien) is the son of Coolmore Stud’s John Magnier. This was the only Coolmore purchase at the Saratoga sale.
It also was the only son of Storm Cat catalogued to the sale. The colt’s dam is a graded stakes winner and has produced three stakes winners and the dam of Grade 1 winner Bluegrass Cat, who is also by Storm Cat.
A filly by Storm Cat was the second-highest price of the sale, selling for $1,500,000 on Monday night to Team Valor International from the consignment of Hill ‘n’ Dale Sales Agency, agent. A third Storm Cat, a filly out of Golden Reef, sold for $510,000, making the Overbrook Farm stallion the leading sire with an average of $1,336,666.
Among the first-year sires, Rock Hard Ten and Ghostzapper drew the most interest. Rock Hard Ten had three sell for an average of $516,666 to lead first-year sires. The son of Kris S. stands at Lane’s End for $50,000 live foal.Ghostzapper, a son of Awesome Again standing at Adena Springs for $150,000, had five through the ring, with four selling for an average price of $393,750.
John Ferguson, Sheikh Mohammed’s bloodstock adviser who put a deal together earlier this year for Dubai-based Synergy Investments to buy Fasig-Tipton from the family of John Hettinger and minority shareholders, purchased just one yearling on Tuesday night. But that $225,000 Elusive Quality colt was enough to rank Ferguson as the sale’s leading buyer. Including Monday night’s purchases, he signed tickets on six yearlings for a total of $3,325,000.That was down slightly from Ferguson’s spending at the 2007 Saratoga sale when he bought five for $3,675,000.
Legends Racing, the new partnership organized by Thomas Gaines and Olin Gentry of Gaines-Gentry Thoroughbreds that is teaming with trainers D. Wayne Lukas, Nick Zito and Bob Baffert, was the second leading buyer, purchasing nine yearlings for $3,275,000.
The final numbers from the sale: 122 yearlings sold for $36,080,000, an average of $295,738 and median of $227,500. There were 42 listed as not sold, a rate of 25.6%. In 2007, Fasig-Tipton sold 142 yearlings for $41,082,000, an average of $289,310 and median of $227,500. The RNA rate was 24.5%.
Thus, this year’s gross was down 12.1% and the average increased by 2.2%. The median was unchanged.
As reflected in the numbers, Tuesday’s session was the weaker of the two nights, unlike 2007 when the second session was stronger than the first. Tuesday’s average of $289,032 was considerably lower than the $321,439 second-night average in 2007. The median of $225,000 was also down from the $235,000 median record on the second session in 2007. Buy-backs on Tuesday night fell to 21.%, much lower than on Monday night.
Copyright © 2008, The Paulick Report
Tags: ben walden, coolmore, fasig-tipton, gracefield, john magnier, legends racing, m.v. magnier, saratoga springs, storm cat, yearling sale