Posts Tagged ‘pinhookers’

By Ray Paulick
Of the 233 horses that have won an American Graded Stakes (AGS) race this year, 122 of them (52.4%) have sold at public auction in North America or abroad, either as foals or weanlings, yearlings or at 2-year-olds in training or sales of older horses.

Yearling sales dominate the roster of 2009 AGS winners. There are 107 AGS winners this year sold as yearlings (that’s 45.9% of 2009 AGS winners and 87.7% of the 122 sold at any type of sale). Keep in mind, these numbers only reflect American Graded Stakes and do not include horses offered at a sale and either withdrawn or bought back by their consignors. Some horses sold as yearlings were previously bought as foals or weanlings or were later sold as 2-year-olds in training by pinhookers.

Drilling down a little deeper on the yearling statistics, the Paulick Report’s weekly American Graded Stakes Standings brought to you by Keeneland shows that Taylor Made Sales Agency is responsible for selling 18 of those 107 yearlings that subsequently became AGS winners. That means 16.8% of this year’s AGS winners sold at public auction as yearlings passed through the Nicholasville, Ky., operation run by brothers Duncan, Frank, Ben and Mark Taylor and Pat Payne.

Of course, we all know that Taylor Made is the industry’s largest volume of seller of yearlings, so how does that 16.8% compare with the overall percentage of yearlings sold by Taylor Made? Since the AGS winners came from different foal crops and yearling sale years, we’ll arbitrarily select one auction year as an estimated benchmark. Using statistics from the 2007 Thoroughbred Times Auction Review (3-year-olds of 2009), Taylor Made sold 536 yearlings, or 5.3% of the 10,215 yearlings sold that year. In other words, Taylor Made sold about one in 20 of all the yearlings auctioned off in a given year, but sold one in six of the yearling sale graduates that won a 2009 AGS race. If 2007 was an average year for Taylor Made in terms of the number of yearlings sold, then its 18 AGS winners of 2009 equates to a success rate of 3.4% AGS winners from yearlings sold.

The prices of Taylor Made graduates reflect that quality. While the overall average of the 10,215 yearlings sold in North America in 2007 was $55,020 and the median was $15,000, Taylor Made’s 2007 average price was $137,500. Buyers of Taylor Made consigned yearlings that went on to success in 2009 AGS races spent, on average, $346,111 for each yearling that became an AGS winner (the median price of a 2009 AGS winner sold by Taylor Made was $342,500).

For comparison’s sake, of all 107 yearlings sold that went on to win a 2009 AGS, the average hammer price was $211,134 and the median was $120,000.

Eaton Sales is typically second in volume (number of yearlings sold) and is also second behind Taylor Made in producing the highest number of 2009 AGS winners, with 10 (two of which were sold by Eaton as weanlings and eight as yearlings).

Using overall 2007 auction numbers, the eight yearlings sold by Eaton that won a 2009 AGS equates to 2.2% of all the yearlings Eaton sold in 2007. The average sale price of Eaton’s 2009 AGS winners is $131,500, almost identical to Eaton’s 2007 yearling average of $130,970.

Paramount Sales is represented by six AGS winners of 2009, all sold as yearlings for an average price of $92,000, and the six AGS successes represents 2.4% of the total number sold by Paramount in 2007 (again, please remember, we are choosing 2007 arbitrarily, since this year’s AGS winners come from multiple foal crops and sale years). Paramount’s overall yearling average in 2007 was $67,803.

Lane’s End has six 2009 AGS winners, one sold as a weanling; the five sold as yearlings had an average price of $1,021,000, a number spiked by the $3.9 million Storm Cat colt Mr. Sidney. The five AGS winners represent 2.7% of the 184 yearlings Lane’s End sold in 2007. Lane’s End had an overall yearling average of $236,506 in 2007, by far the highest of this group of consignors ranked among the leading sellers of AGS winners. (Another reminder, the statistics do not include overseas graded/group race results.)

Hill ‘n’ Dale sold six 2009 AGS winners, four of them as yearlings for an average price of $148,800. The number sold represents 2.1% of all Hill ‘n’ Dale yearlings sold in 2007. Those yearlings averaged $92,982.

Conclusions? Obviously, Taylor Made is enjoying an outstanding year as the leading seller of 2009 AGS winners, and it’s not only because of the higher volume of horses sold. Using those 2007 auction figures as a benchmark, Taylor Made’s rate of 3.4% AGS winners from yearlings sold is higher than all the other leading consignors shown in the table below demonstrating that quantity in a consignment does not by any means exclude quality.