There are three major-market sales companies in the United States – Fasig-Tipton, Keeneland, and the Ocala Breeders’ Sales Co. Fasig-Tipton and Keeneland have both posted record returns in a strong yearling market that began in July.
Fasig-Tipton kicked the season off with its July sale in Kentucky, which tied its record median. The company then proceeded to smash its records for gross, average, and median at its boutique Saratoga selected yearling sale. The company also has seen strength in regional marketplaces, with records across the board at its New York-bred yearling sale and record figures at its recent Midlantic yearling sale.
Meanwhile, the Keeneland September sale, a bellwether that tests the marketplace at a number of levels across a roughly two-week run, recently demolished its records for gross, average, and median.
Cited as reasons for the gains this season have been changes to the tax code that favor many Thoroughbred owners, strong purse structures in many jurisdictions, and an increased interest in horse ownership, particularly in partnerships, due to media coverage, celebrity involvement, and other factors.
Now, it’s time for OBS to enter the party to see if it can keep rolling at its October sale of yearlings. The two-session open sale takes place Tuesday and Wednesday. Accounting for supplemental entries, there are 507 yearlings in the catalog.
With a solid number of entries, the sale might be poised to clear its bars set in 2024. OBS reported that 297 horses sold last year – 87 fewer than in 2023 – for gross receipts of $5,724,600, an understandable drop from the 2023 gross. The average dropped only $701 from 2023, to $19,275, while the median was $10,000, compared to $13,000.
The 2024 sale topper was a Complexity filly, now named Intricity, who was recently fourth on debut at Presque Isle Downs. The filly had been purchased for $150,000 at OBS October by prominent training and pinhooking operation Top Line Sales. That operation proceeded to resell her for $385,000 to Steven Rocco and Adelphi Racing at this year’s OBS March sale of 2-year-olds in training.
Pinhookers often frequent this sale, which is located near their training centers that the yearlings then ship to – for example, Top Line is located in Reddick, Fla. Many of the yearlings will return to OBS as 2-year-olds for the three sales that will offer the majority of the crop next spring.
Pinhookers, by nature, look to buy low and sell high. Although high-end operations in particular came away with horses, many pinhookers struggled to fill their rosters at Keeneland September, where the average price was up 17 percent and the market was robust even into the second week of the sale. As a result, pinhookers were expected to be particularly active at this fall’s sales.
That was seen at the Fasig-Tipton Midlantic sale in late September, where the sale-topping $370,000 Nyquist colt went to Scanlon Training and Sales, which has acquired the training center of recently retired 2-year-old consignor Eddie Woods in Ocala. The OBS October sale and this month’s market finale, the Fasig-Tipton October sale in Kentucky, will look to follow this trend.
To be fair, many end users also will be buying – particularly with 227 Florida-bred yearlings in this catalog and with a solid group of Florida first-crop yearling sires to target statebred incentives and sire races. Represented by first yearlings in this catalog are multiple Grade 1 winner Colonel Liam (Ocala Stud) and Grade 1 winners Gretzky the Great (Ocala Stud) and Roadster (Ocala Stud).
Kentucky first-crop sires represented include Corniche (Coolmore’s Ashford Stud), who sold for $1.5 million at the 2021 OBS spring sale of 2-year-olds in training. He went on to win the Breeders’ Cup Juvenile and secure the divisional Eclipse Award. Also represented from this class are champions Epicenter (Ashford) and Jackie’s Warrior (Spendthrift Farm), Breeders’ Cup winners Aloha West (Mill Ridge Farm) and Golden Pal (Ashford), Preakness Stakes winner Early Voting (Taylor Made Farm), Belmont Stakes winners Mo Donegal (Spendthrift) and Sir Winston (Crestwood Farm), Dubai World Cup winner Mystic Guide (Darley), and Grade 1 winners Cyberknife (Spendthrift), Drain the Clock (Gainesway), Idol (Taylor Made), Jack Christopher (Ashford), Pinehurst (Walmac Farm), and Speaker’s Corner (Darley).
Established stallions in the catalog include six-time reigning leading sire Into Mischief (Spendthrift Farm), stalwart classic sire Medaglia d’Oro (Darley), and Florida sires like multi-time state leader Khozan (Ocala Stud) and rising stars Leinster (Pleasant Acres) and Win Win Win (Ocala Stud).
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