Relief among key players as Fasig-Tipton Yearling Sale ends on upbeat note

After early season disruptions due to the COVID-19 pandemic, the American yearling sales market ended on a solid note with Fasig-Tipton's Kentucky October Yearlings Sale's figures slightly below last year's record-setting auction.

From 1,553 yearlings catalogued, Fasig-Tipton reported 961 sold for $32,743,700, an average price of $34,073, and a $15,000 median. Last year, from 1,590 cataloged, Fasig-Tipton recorded 1,008 horses selling for an average of $37,955 from record gross receipts of $38,258,900 and a median price of $13,000.

"All in all, I think it has to be considered a successful week," said Fasig-Tipton president Boyd Browning Jr. "It was a legitimate market for four days. Buyers trying to buy what were perceived to be the better quality horses thought it was very difficult to buy, with lots of competition for those horses.

"We're not going to sit here and say everything is lovely and the world is great. Any time a sale has a median of $15,000, with the economics of raising a yearling, meant there were a lot of unprofitable yearlings. But I think that's been the case for a number of years. We play a game of high-risk, high-reward sometimes."

The top end of the market was fiercely contested, according to Fasig-Tipton president Boyd BrowningCredit: Fasig-Tipton Photos

Browning added that the vibrant market at the sale was indicative of owners' desire to chase the dream of having horses that win at the highest levels.

"The resiliency of the men and women who participate in the Thoroughbred industry amazes me," Browning said. "You have to be tough to participate in this game. We all live a dream. We all want to breed a [Kentucky] Derby winner, an [Kentucky] Oaks winner, or a Grade 1 winner. The dream is alive even in the Covid year of 2020. I think we are pleased and relieved with 2020."

Bloodstock agent Mike Ryan was another to express relief at the stability of the market, adding that the resumption of racing played a key part in the buoyancy of the sales.

"I think it's amazing and just shows you how resilient we are. It has been remarkable. The uncertainty was unnerving.

"Thank God racing resumed back in May because it's the engine that drives everything. Without racing, we're nothing. Purses have gone back up in New York to pre-Covid levels."

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