Opening day of the Fasig-Tipton Kentucky October Yearling Sale produced solid trade Oct. 23 that adhered to the narrative the auction market has been spinning for many years around selectivity among buyers.
“Another solid start; it was much of what we have seen throughout the marketplace in 2023,” Fasig-Tipton president and CEO Boyd Browning Jr. said. “There was strong demand for the upper-end horses and less demand than you would hope for some lower-end horses. Selectivity amongst the buying group, you have to have both the physical and it appears the vetting continues to have close scrutiny. If you get a little ding here or there, buyers pass on your horse instead of offering a discount.”
A $500,000 son of Ashford Stud’s 2018 Triple Crown winner Justify was the high point of Monday’s results, going to agent Gavin O’Connor who purchased the colt on behalf of John Stewart. A Kentucky-bred colt named Just Royal was consigned by Woods Edge Farm as Hip 227 and is a half brother to millionaire and sire Majestic Harbor as well as Arkansas Derby (G1)-winning sire Danza . He was a $325,000 buy-back during the Keeneland September Yearling Sale.
The Spry Family Farm-bred Hip 227 is out of the stakes-placed mare Champagne Royal and initially sold from the Hill ‘n’ Dale at Xalapa banner for $250,000 to Brady Bloodstock during the Keeneland November Breeding Stock Sale last year.
O’Connor signed for two yearlings Monday on behalf of Stewart for gross receipts of $650,000 to be Day One’s leading buyer.
“In general, coming into this sale for average lookers, we are down about 25%,” Eaton Sales managing partner Reiley McDonald said. “I was feeling bearish about the prospects, but as you look at the numbers, it seems that consignors have reacted well to the downward pressure in placing their reserves.”
The first session of the four-day sale concluded with 257 yearlings changing hands of the 349 through the ring for gross figures of $11,224,800, showing an 11% decrease over the previous year. The average settled at $43,676 and the median at $20,000, decreasing by 10% and 26% year-on-year, respectively. The 92 yearlings that failed to meet their reserves represent an RNA rate of 26%.
“It started slowly, as most sales do, and developed some solid traction,” Browning said. “I think we will have a solid marketplace over the next three days. The good news is we are getting a lot of horses moved to a wide variety of buyers. The grounds were full of buyers today, and Mother Nature cooperated with us.”
Last year’s opening session saw 260 of the 349 offered yearlings sell for a $12,615,500 gross, average of $48,521, and a $27,000 median. An RNA rate of 25.5% represented the 89 yearlings that failed to sell.
McDonald added: “I have found it’s not like a heavy sale where everybody is looking; you have to work and call second lookers on horses who maybe didn’t vet. You must stay on top of each horse because it’s not a deep market. However, I think it’s a damn good market for the October Sale, and I think it’s been a very serviceable sale.”
The back walking ring at Fasig-Tipton
Monday saw 10 yearlings achieve $200,000 or more, with 10 distinct buyers purchasing the top 10 lots.
The top 10 offerings were by Justify (Hip 227, $500,000; Hip 39, $300,000; and Hip 333, $220,000), Omaha Beach (Hip 155, $240,000 and Hip 67, $200,000), War of Will (Hip 194, $230,000), Authentic (Hip 312, $225,000), Not This Time (Hip 68, $220,000 and Hip 284, $200,000), and McKinzie (Hip 134, $200,000).
Taylor Made Sales Agency sold 15 of their 26 session draft for a gross of $931,000, at an average of $62,067 to be Monday’s leader.
“It’s solid; if you have what they want, buyers will pay you,” Denali Stud vice president Conrad Bandoroff said. “It probably sounds like a broken record, but the good horses are selling well. Some of the ones that are on the other end of the scale, we’re getting them moved. The word that comes to mind for the market is fair, whether on the good or bad end. If you come in with realistic expectations, you’re having success, and the horses moved.”
“It’s the first day, one quarter of the game,” commented Browning. “Folks we have talked to think with how the alphabet falls, there are better horses for the rest of the week, and today might have been the lightest day on the upper-end horses.”
The sale continues tomorrow with Hips 401-800 heading through the ring, starting at 10 a.m. ET. As of Monday evening, 42 horses had been withdrawn from the second session.
