No one fully knows the extent of how the COVID-19 pandemic will affect the financial and bloodstock marketplaces in the near and distant future, and Fasig-Tipton president Boyd Browning was the first to admit that in a video address on Thursday.
However, this does not mean Browning and the auction company are moving forward without a plan. Following the cancellations and postponements of major 2-year-old sales across all major North American auction houses throughout the month of April, Fasig-Tipton laid out a roadmap for buyers and sellers to continue to do trade, including starting up a new sale.
The revised schedule is, of course, dependent on the resolution of the virus on a national and global scale, but Browning said the company was ready to adapt to whatever might come.
“As always, Fasig-Tipton will be flexible and adaptable to work with our customers during these uncertain times,” he said. “We will evaluate and make the necessary adjustments, which could include altering sales dates, formats, and locations. Time is our ally and we believe we'll be in a much better position in a few weeks to make appropriate decisions regarding future auctions.”
Browning affirmed Fasig-Tipton's commitment to the Midlantic 2-Year-Olds In Training Sale in Timonium, Md., on May 26-27, along with a second Timonium juvenile sale on June 24-25. The company also has a 2-year-old sale at Santa Anita Park on its calendar for June 3.
The success of the 2-year-old sale market has a massive bearing on the yearling market that ensues, with pinhookers dependent on the juvenile sale income for capital to buy more yearlings.
Fasig-Tipton traditionally kicks off the North American yearling calendar with its July sale, which is scheduled this year for July 13-14. With so many other potential moving parts, though, Browning said the calendar adjustments could reach beyond the juvenile season.
“We will evaluate the July Sale dates and formats in the upcoming weeks,” he said. “We will make the appropriate decisions to best serve the marketplace. If changes need to be made, we will communicate these on a timely basis to our customers to allow them to make the best possible decisions with their horses.”
New to the Paulick Report? Click here to sign up for our daily email newsletter to keep up on this and other stories happening in the Thoroughbred industry.
Copyright © 2020 Paulick Report.