The second session of the Fasig-Tipton Kentucky October Yearlings Sale Oct. 24 saw two colts bring $500,000. Agent Jesse Longoria purchased the first, a son of the late Bernardini, for new owners Zane Kiehne and Grier Brunson. The second was an Into Mischief colt from the family of Horse of the Year Point Given, Hip 788, sold to Donato Lanni, agent for SF Bloodstock/Starlight/Madaket.
“We really liked him,” Longoria said of Hip 714. “I have some friends I have known for a long time, and they are used to buying Quarter Horses and had asked me to find them some Thoroughbreds. They wanted a nice horse, and I told them they would have to pay top dollar for a high-end horse, and they said, ‘Let’s do it right.’ They flew in, and I showed them the horses I picked out. We made a shortlist and figured he would be one of the top horses in the sale. When they left this morning, Zane said to buy him; I asked how much, and he said buy him.”
Scott Mallory, agent for Determined Stud, consigned the Kentucky-bred colt as Hip 714. He is the second foal out of the stakes-placed Medaglia d’Oro mare.
“It’s a good feeling when you have new people who are honest and want to do right,” said Longoria. “I want to steer them in the right direction and keep going. Both Zane and Grier live in Texas and are great guys, and hopefully, everything works out. They are excited. This is their first Thoroughbred purchase. I will do a little more shopping here and maybe purchase a few 2-year-olds. All the horses will ship to me in Ocala, Fla., and will race.”
Jesse Longoria at Fasig-Tipton
Tuesday’s purchase was the first for Longoria this sale, who noted the market as harsh.
Longoria added: “The good horses are tough to buy; it’s like any other sale. You have to pick and weed through and find the best horses you can. The ones that stand out are going to be more expensive. Being the last sale of the year makes it more difficult.”
Twelve horses before the close of business Tuesday, Tom Ryan, bidding from the balcony, secured an Into Mischief colt from the Taylor Made Sales Agency for $500,000. Susan Casner bred the colt out of the Summertime Oaks (G2)-placed mare Live for Now in Kentucky.
“He stood up quite well against the group here. He’s by Into Mischief out of a Tiznow mare, and the cross works, the family is deep and broad,” SF Racing’s Ryan said. “We have been busy all year and try to shop every sale and follow through as far as possible. Typically, the problem is trying to find the product, and he qualifies under every metric we seek. We’re happy to own him and put him in the system.”
Ryan wasn’t surprised by the hefty price tag for the attractive bay, saying, “When you have a horse like him, that isn’t a retread coming in from another sale…he’s a horse purposely brought to this sale for whatever reason. It’s his first time at an auction. Everyone saw him, and I expected him to be in that price range.”
“Another solid session today; we saw a continuation of the same trends we have seen throughout the yearling sales season,” Fasig-Tipton president and CEO Boyd Browning said. “It’s nice to have a $500,000 horse late in the session, plenty of people here in attendance, and competition throughout the day from start to finish.”
Day 2 closed in Lexington with 260 yearlings being traded of the 343 on offer for gross receipts of $12,856,500, showing an 18.3% decrease over the previous year. The average price declined 15.5% to $49,448 and a $25,000 median, the same as last year. The 83 yearlings who failed to sell Tuesday represent a 24.2% RNA rate.
“I think it’s still a strong market for a nice individual with reasonably good vetting,” buyer Tom McCrocklin said. “Every horse that I am on that I feel is an upper-level horse, there is plenty of competition and money. Once you get into the middle and lower middle, it gets a little shaky, and I think that’s the market seeing the most impact right now.”
During Day 2 last year, 272 of the 332 yearlings on offer had sold for a $15,920,400 gross, suitable for an average of $58,531 and a $25,000 median. An RNA rate of 18% is representative of the 60 individuals who failed to attain their reserve.
David Anderson at the sale
“Fasig-Tipton does a great job, and they have proven year after year you can bring a horse here and get some money for it,” consignor David Anderson said. “It’s a sale that we look forward to every year. It always starts slow, especially with the current economy and what’s going on with world politics; people are sitting on their hands and are extra cautious.”
Over the past two days, 520 yearlings changed hands of the 692 to go under the hammer for a $24,157,300 gross. An average of $46,456 and a $22,000 median were recorded. A 24.9% RNA rate represents the 172 yearlings that have failed to attain their reserve.
“There was never any expectation in our minds that we would top the record-setting sale from last year,” Browning said. “We were blown away and shocked with Saratoga this year to have increases. What we have learned over the entire yearling sales season is, for the most part, except the elite section, that it’s off a little bit. Last year’s Interest rates were 3% and 8% now, training costs continue to be high, and purses are good and stable but not increasing. Coming off the COVID impact, we are returning to a normal market, and normal is pretty good.”
At this point last year, 532 yearlings had traded of the 681 through the ring for a $28,535,900 gross. An average price of $53,638 and a $25,000 median were recorded. The 149 unsold yearlings represent a 21.9% RNA rate.
“There are a lot of different types of horses here, a lot of trading horses, and we are getting most of them done, but it’s been tough sledding,” Taylor Made vice president of sales Frank Taylor said. “If you have a good one, they are selling well. It’s the end of the yearling sales season, and many of these horses are tough to sell. They have vet issues or aren’t great physicals, but some nice horses are here. And when you bring a nice one up here, they sell pretty well.”
“You have to vet and have a pretty good physical; if you do those two things, there is significant demand for your horse,” said Browning. “If you don’t vet or have a good physical and appeal in the pedigree, it’s tough in the marketplace today.”
Day 2 saw 14 yearlings sell for $200,000 or more to 13 distinct buyers. The top 10 represented sires include Bernardini (Hip 714—$500,000), Into Mischief (Hip 788—$500,000 and Hip 651—$325,000), Uncle Mo (Hip 669—$380,000), Medaglia d’Oro (Hip 414—$350,000), City of Light (Hip 448—$300,000), Justify (Hip 454—$290,000), Instagrand (Hip 517—$285,000), Vekoma (Hip 457—$270,000), and Nyquist (Hip 588—$250,000).
McCrocklin stands as the sale’s leading buyer with his eight purchases for a gross of $937,000 at an average of $117,125. The Taylor Made Sales Agency has sold 36 of its 57-horse draft for receipts of $2,531,000 and an average of $70,306 to be the leading seller thus far.
“I feel for the breeders. They put their money up, stud fees are higher than ever, you carry a mare, foal out and raise it. You bring it to market, and if it’s not the top horse, people turn their nose up at it,” McCrocklin said. “For people breeding on a higher level, you must be prepared to race because commercial markets are brutal. They are very rewarding when you get it right, but when you don’t, it’s punishing.”
The sale continues Wednesday at 10 a.m. ET with Hips 801-1200 headed through the ring. As of Tuesday evening, 50 horses had been withdrawn from the third session.
Browning added: “We had a great crowd, plenty of action bidding, and we look forward to doing it again [Wednesday] and Thursday.”
