'Bullish' Market Leads Up to Fasig-Tipton HORA Sale

Boyd Browning Jr. has seen his fair share of star power light up the auction ring, so when the Fasig-Tipton president and CEO speaks about the upcoming edition of the auction house's July Selected Horses of Racing Age Sale, it is worth noting his enthusiasm.

"I think this is the best catalog we have ever had (for this sale); we are very excited about it," Browning said on a recent morning at the company's Newtown Paddocks near Lexington, where the July 12 HORA sale is set to follow the new Fasig-Tipton July Breeding Stock Sale that begins at 2:00 p.m. ET.

Initiated in 2013, Fasig-Tipton's July HORA sale has quickly become North America's one-stop shop for buyers looking to restock their stables. The calendar date attracts both horses well into their campaigns and lightly raced 2-year-olds.

From over 9,400 starts to date, the sale has produced 96 stakes wins and a bankroll of more than $50.3 million in earnings. In recent years the sale has produced grade 2 winners Fast Boat , Cross Border , and Fearless  (entered this year as Hip 642), along with grade 3 winners Biddy Duke  and Cool Arrow . Last year the sale saw 81 horses change hands for gross receipts of $5,072,000 , with an average price of $62,617 and a median of $30,000. The sale-topper was eventual stakes winner County Final , purchased by West Point Thoroughbreds, L.E.B., agent, for $475,000. 

This year's catalog drew 175 racing prospects, with 111 set to sell as of Sunday evening. While age ranges from 2 years old to 7 years old, sophomores are the most popular with 93 entered. 

The ready-to-run auction has become known for its success both at the sale and on the track, giving trainers a refresh heading into the summer meets. 

"When we started the HORA sale in 2013, we thought it had a great spot on the calendar, a perfect time of the year for people to trade horses," Browning said. "You have the Saratoga Race Course and Del Mar meets starting. You have many of the major stables that have had the opportunity to run horses throughout the year and figure out where things fit in their portfolio. Lots of interest from both sides of the equation in buyers and sellers. It's worked really well since its inception. I think it has a solid niche created in the marketplace and an excellent standing. 

"People have to have confidence; for any sale to be successful, both buyers and sellers have to have confidence. There is excitement from both sides going into the sale, and people are excited to get back in the game. There have been a lot of success stories; sellers have gotten fair prices for horses."

Browning said he expects the strength seen earlier in the year in the 2-year-old market to continue on, not only to the HORA sale but to The July Sale, Fasig-Tipton's selected sale of yearlings in Kentucky, which takes place July 13. 

"I think consignors generally are very positive on the marketplace, and we saw strength in the 2-year-old sales—not only strength, but activity," he said. "We saw the activity at all levels in the marketplace. I think one of the surprises or shocks was how strong the lower end of the 2-year-old market was. I think people are bullish in the marketplace right now."

The HORA catalog this year features graded stakes winners in the aforementioned Fearless and grade 3 winners Rotation  (Hip 543), A Thread of Blue  (Hip 597), and Forty Under  (Hip 646). Stakes winners include Spectacular Gem  (Hip 552), Stilleto Boy  (Hip 557), Raintree Starlet  (Hip 541), Ocean Atlantique  (Hip 663), Trickle In  (Hip 574), Josie  (Hip 501), Cave Hill  (Hip 613), and Front Run the Fed  (Hip 674).

"One of the hardest things in the world to do right now is to value a horse in the private marketplace," Browning said. "It's impossible to appraise a horse accurately; what a horse is worth is what two people, particularly, are willing to pay in the marketplace. As a seller, you can sleep at night knowing you exposed your horse to every potential buyer, and as a buyer, you can say, 'I paid a fair price because that is what the marketplace told me it was worth.' It provides confidence on both sides."

Back this year with a consignment of 20 horses is ELiTE Sales, the agency that has made selling horses of racing age its specialty.

"I feel like we have a strong consignment; we have been very well supported by our core group of clients (Klaravich Stables, Peter Brant, SF Bloodstock, Brad Cox, Todd Pletcher, and WinStar Farm)," said ELiTE's Liz Crow. "We have a diverse group in some turf fillies, dirt colts, turf colts, horses with conditions left, horses ready to go right into stakes. 

"There is a little bit of everything for everybody, and we have a pretty good record with this sale. I think we have a good black-type record, a lot of the horses people have bought have gone on to win stakes out of this sale, and people have done well buying off of our consignment, and that's our goal. We get a lot of pride selling horses that go on to do well."

Vinery Sales brings forward 17 hips, and co-owner Derek MacKenzie is anticipating a vibrant market. 

"It's always a good sale; it seems like they bring premium across the board," he said. "It's always amazing to me that a horse might be running for a claiming tag for less than a week ago and sell more here. Radiographs and scoping help, and people get to see the horse and know that they vet so they are more confident to buy them.

"It seems like the market is going to be vibrant. You can see the 2-year-old people did well this year, a lot better than last year, and I think with no July (yearling) or (Saratoga) August sale last year, everybody is excited to get started early."