Fasig-Tipton Yearling Sale a Confidence Builder

Topped by an American Pharoah  colt sold for $1.25 million, the second session of the Fasig-Tipton Selected Yearlings Showcase closed Sept. 10, as the two-day sale produced solid numbers that should provide a level of confidence going into the rest of the yearling sales season.

New to the sale calendar, the auction effectively replaced three Fasig-Tipton sales canceled due to the COVID-19 pandemic—The July Sale, the Kentucky selected yearling sale; The Saratoga Sale, the selected yearling sale in New York; and the New York-Bred Yearlings Sale.

The latter two sales are held annually in August in Saratoga Springs, N.Y., in an atmosphere energized by the boutique race meet at historic Saratoga Race Course, but were unable to take place this year due to travel restrictions and other concerns associated with the novel coronavirus.

From 662 horses cataloged Sept. 9-10 in Lexington, Fasig-Tipton reported 348 horses grossed $61,765,000 for an average price of $177,486 and a $120,000 median. The RNA rate was 33.7%, with 177 head going unsold. 

The three yearling sales last year resulted in 523 horses changing hands (from 919 total cataloged) for gross receipts of $90.4 million and a combined average of $172,788.

"We demonstrated there is viability in the marketplace," Fasig-Tipton president Boyd Browning Jr. said of the sale. "It's not easy. There is nothing in the world that is easy right now. But the demise and death of the marketplace has been greatly exaggerated. There is a viable market. It is selective, but you've been hearing me say for 30 years how selective it is."

Browning became emotional as he credited the Fasig-Tipton team for the efforts expended to make the sale take place. In addition to the three yearling sales, the sale company's The Gulfstream Sale of selected 2-year-olds in training was also canceled due to the pandemic.

Browning said the Fasig-Tipton staff had been resilient in the face of many different factors this year, including the death of account executive Dennis Lynch.

"I have to take my hat off to the team," he said. "If anybody could have imagined six months ago—no Gulfstream sale, no July yearling sale, no Saratoga sale, no New York-bred sale—that we'd be sitting here after selling $60 million of horses over the last two days, I think most people would have called BS on us.

"COVID, sales cancellations, losing one of your key people and a key friend to everybody, too, I'm pretty confident right now up there Dennis fixed a couple of stiff drinks, one for him and one for Billy (late Fasig-Tipton vice president Bill Graves). Dennis said, 'Hey Billy, the people did a pretty good job,' and Billy looked at him and said, 'Yeah, we taught them everything they know, so they had to do pretty good. They couldn't have done it without us.'"

That the sale was able to take place was also a credit to the breeders who placed confidence in Fasig-Tipton under the circumstances, Browning said.

"I would like to thank the 662 people who owned horses that entrusted them with us in a sale that had never been had before, and they had no idea what to expect," he said.

In addition to the efforts to instill a safe environment for buyers and sellers and other participants on the grounds, Fasig-Tipton expanded online and telephone bidding options.

"There were a number of horses that were sold on the internet … so there was certainly participation," he said of the option. "It helped. It wasn't like a dramatic game changer."

Browning said that in working with Keeneland and various industry organizations and elected officials, the sales company was able to secure waivers that would have permitted buyers from Europe and Japan to attend. But at the end, he said travel restrictions in those respective countries precluded most from being present at the sale, making it a primarily domestic affair.

Buyers and consignors said the market was competitive for the top lots, with tepid demand for many of the other offerings.

"I definitely think the horses that we've liked have sold well," trainer Jeremiah Englehart said. "It seems like the higher-end market is still there. You can definitely tell people are being a little cautious because 2020 has been a very strange year. There is a lot of uncertainty still, but it gives you a little hope that the sales are still looking pretty strong."

"The market is hit or miss," consignor Mike Recio of South Point Sales Agency said. "I think Fasig did a great job with the catalog and picking out physicals like they always do. It's the same old, same old. The top end is going to be electric. As you get later in the sale, you have to have a good physical and vet or you're going to struggle a little bit."

The $1.25 million session topper Thursday was an American Pharoah colt (Hip 400) bought by agent Marette Farrell on behalf of Speedway Stables. Consigned by Denali Stud, agent for breeders Bayne and Christina Welker, he is out of the multiple stakes-winning Victory Gallop mare Swingit and is a half brother multiple grade/group 1-placed Neolithic .

The top-priced horse of the sale was a $1.5 million Quality Road  filly purchased by Robbie Medina, agent for Joseph Allen.

Consigned by Hill 'n' Dale Sales Agency, agent, as Hip 232, the bay filly descends from a prolific Coolmore Stud family and is out of the Galileo mare Marvellous, the winner of the Etihad Airways Irish One Thousand Guineas (G1). Marvellous is out of English group 2 winner You'resothrilling, who was a full sister to European Horse of the Year and sire Giant's Causeway. 

Those were the only two horses to clear seven figures, as late in the closing session, one of the best-bred individuals in the catalog did not attain her reserve and was bought back on a final bid of $1.4 million. Consigned as Hip 648 by Hill 'n' Dale Sales Agency, agent for Kentucky breeder George Krikorian, the daughter of Curlin  is out of multiple grade 1 winner Hollywood Story.

“We look forward to racing her for sure,” Krikorian said of the filly. “She’s such a special horse and so well bred, and with a racing career and a few foals, she will easily exceed what we were willing to sell her for here today."

Among the seven winners produced from the mare is Honor A. P. ,  a top 3-year-old of 2020 who won the Runhappy Santa Anita Derby (G1) and finished fourth in the Kentucky Derby Presented by Woodford Reserve (G1).