Fasig-Tipton Midlantic Sale to Test Regional Market

After a belated start to the yearling sales season in Kentucky last month that saw solid trade, the regional market will be tested with the Fasig-Tipton Midlantic Yearlings Sale set for Oct. 5-6 at the Maryland State Fairgrounds in Timonium.

With supplemental entries, 573 horses are cataloged for the auction, including 158 New York-breds that will be offered to start the sale at 1 p.m. ET Monday. The second session Tuesday begins at 10 a.m.

Historically, Fasig-Tipton kicks off the yearling sales with 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.

Due to the effects of the COVID-19 pandemic, those three auctions were canceled, replaced by a new Selected Yearling Showcase Sept. 9-10 in Lexington that resulted in 348 horses selling for gross receipts of $61,765,000. Keeneland's September Yearling Sale took place at its regular spot on the calendar, with 2,474 horses grossing $248,658,800.

While this week's Midlantic sale falls in its regular slot on the schedule, a new twist is it is positioned immediately following the rescheduled Preakness Stakes (G1) at nearby Pimlico Race Course. Historically, Fasig-Tipton conducts its Midlantic 2-Year-Olds in Training Sale during the week following the Preakness in mid-May. This year, that sale took place in July.

Fasig-Tipton president Boyd Browning Jr. said sales are transitioning from the upheaval caused by COVID-19 toward to a normal schedule, following the path of North American racing.

"For the most part, we've seen a resumption of racing along traditional calendars, although still without fans in most instances, and we're heading in the direction of sales being held along the more traditional dates," Browning said. "It's a little different this year than it has been, but we're happy to be having a sale after the Preakness. (Preakness weekend) does build momentum for our industry and the market. In the crazy world of 2020, it should hopefully help the sale, with people in town who traditionally may not have shopped this sale."

Browning said the Kentucky yearling sales helped build confidence that trade could take place within the constraints of the novel coronavirus, with a continuation of buyer selectivity seen in all markets in recent years.

"I think there was a sense of relief (at the Kentucky sales) but also a sense of reality that set in as well," Browning said. "It's challenging times we're all in, in every aspect of life. We're all continuing to adapt and try to make the best of situations and move forward."

Browning said segmenting the New York-breds, as was done in the Selected Yearlings Showcase, is an effort to focus buyer attention on that segment of the market that was most affected by the cancellation of the Saratoga sales.

"That (New York) marketplace was hit the hardest of any due to the format changes and structure as a result of the inability to conduct the sale in Saratoga," he said. "We thought it was only appropriate to try to do something to differentiate those horses and give them the opportunity to stand out. We hope to see strong participation from buyers across the country, but particularly from New York-based owners and trainers. We've made efforts to try to ensure they're aware we're having the sale."

Last year, 300 horses were sold at the Midlantic fall sale for an aggregate $7,275,900, an average price of $24,253, and a $14,000 median price. The RNA rate was 21.3%.

According to BloodHorse MarketWatch, the Midlantic fall sale ranks among the top North American yearling sales in five categories: percentages of grade 1 winners sold, graded stakes winners sold, stakes winners sold, 2-year-old winner sold, and earners of $150,000-plus sold.

"One of the things that often gets overlooked is the way the horses in this region are bred and raised," Browning said. "It's an old-style approach in terms of breeding, raising, and prepping horses. They raise a really sold horse, with plenty of time outside and plenty of time to develop bone and maturity. Buyers have come to respect that and buy there for that reason."

"Consignors have a lot of confidence in the Midlantic marketplace and have supported the sale with increased sire power and quality," said Paget Bennett, the Midlantic sales director. "With 10 different state-bred programs represented in the catalog, the sale provides great opportunities for both national and regional racing stables."

Consignor Stuart Morris said he hopes that the auction's location within close proximity to Mid-Atlantic and Northeast racing centers would enable more owners and trainers, especially from New York, to attend than were on hand at the Kentucky yearling sales as a result of COVID-19 restrictions.

"At the time of the (Selected Yearlings Showcase), there was a severe quarantine on guys from New York going to the state of Kentucky, and it's my understanding it's not in place for the state of Maryland," he said. "We're hoping all those guys that usually are at the sale in Saratoga and couldn't be there in September due to the restrictions will be here to support this group. That's the hope."

Except for the most-desired offerings, there is a paucity of buyers at yearling sales this year, Morris said.

"I think the buyer base is reduced for obvious reasons," he said, citing buyer uncertainties brought on by COVID-19 and the upcoming presidential election. "For many horses, there is no one there."

COVID-19 health and safety protocols will be in effect at the sale, with seating in the pavilion limited to less than 75% of capacity. Also, screening measures, including temperature checks and health screening questions, will be in place to gain admittance to the sales grounds for all staff, participants, and attendees; cloth face coverings are required in accordance with Centers for Disease Control and Prevention recommendations; participants will not be allowed to congregate and at least six feet of distance must be maintained between people; no food service will be available in the sales pavilion; and valet parking will not be available.