F-T New York-Bred Sale Boasts Gains Across the Board

While this year's Fasig-Tipton New York-Bred Yearlings Sale in Saratoga Springs, N.Y., lacked the record-setting prices that have been common in recent years, buyers from New York and elsewhere turned out in force to pick up yearlings to race or re-sell, an enthusiasm reflected in the gains over 2019.

In an Aug. 16 second session that was steady rather than spectacular, 141 horses sold for gross receipts of $12,069,000 compared to 120 horses for a total of $10,227,500 in 2019, the last time that the sale was held. The average of $85,596 rose marginally from that in 2019, which was $85,229. The median price of the second session rose 9.1%, to $60,000 from $55,000 in 2019.

The number of horses that failed to meet their reserve fell from 49 in this session in 2019 to 35 this year. 

"We hit the superfecta," said Boyd Browning Jr., president and CEO of Fasig-Tipton. "Gross, average, and median were all up, and RNAs were down."  

The two-day sale compared favorably to the totals from 2019 as well. Gross receipts rose 14.6% with 203 horses selling for $18,556,500, while in 2019, 186 horses brought $16.2 million. This year's average price rose 5%, from $87,097 to $91,461. The median price of a yearling was up 16.7% from $60,000 to $70,000, while RNAs dropped 31.3%, to 55 head from 80 two years ago.

Leading the second session was a Munnings   filly out of New York-bred Freudie Anne  (Freud  ), who nearly six years ago to the day won the Statue of Liberty division of the New York Stallion Stakes Series across the street at Saratoga Race Course. The session topper, Hip 419, was bred by Fergus Galvin, Marc Detampel, Jayne Johnson, and Adrian Wallace and consigned by Galvin's Hunter Valley Farm. The chestnut filly was purchased for $350,000 by GMP Stables, Vekoma Racing, West Paces, and Oracle Bloodstock, agent. She previously sold for $130,000 at the Fasig-Tipton Kentucky Winter Mixed Sale to Cherry Knoll Farm. 

"It's a big thrill for a daughter of Freudie Anne to bring the money she did," said Galvin. "Peter Pugh bought her for a client and asked the partnership to stay in, so we stayed in for a little piece each, so we still have a little part of the action.

"Her price today exceeded our expectations," he continued. "She was very popular at the barn with a ton of vet work. We set a reserve pretty reasonable and just let the market take care of her. We definitely got a nice surprise, but I think she warranted the price."

"I thought she was one of the top three fillies in the sale," said Oracle's Conor Foley. "We're tickled to get her. She'll go to the races and be trained by Danny Gargan. Hopefully in about a year she'll be walking into the winner's circle at Saratoga." 

The highest price overall in the sale came on Sunday with Hip 341, an Uncle Mo   filly out of the Distorted Humor   mare Averymerrymoment consigned by Thomas J. Gallo III Sales Agency. The filly sold for $495,000 to Dream Maker Racing, of which Gallo is the managing partner.

Emerging as the leading buyer was Joseph Migliore, who attended his first New York-bred yearling sale as a bloodstock agent. Migliore was active in both sessions, purchasing seven horses that together cost $1.07 million for a variety of clients that include Robert Masiello, Matt Cutair, and Steven Rocco. The leading consignor was Denali Stud, agent, who sold 18 from 23 offered over the two days for gross receipts of $1,792,000.

"Like any sale, if you're on one of the horses that's on 'the list,' you're going to have to stretch a little bit to get them," Migliore said. "I think it's a healthy market. I actually think there is a decent amount of depth to it as well. Even that kind of middle $50,000 to $125,000 range is pretty tough. A lot of pinhookers here, a lot of end users here. It's a testament to the strength of the sale that Fasig puts on and has developed over the years."  

Taylor Made Farm's Thoroughbred adviser Stuart Angus offered a similar historical perspective.

"I've been with Taylor Made for 15 years, and I've been coming to this sale for 10," he said. "The boss let me bring a few horses every year, and we built it up and built it up. I think people are hungry to buy horses, and we have a really good bunch of horses up here. We scratched a couple that weren't getting some action, but I think people are paying. It's a seller's market." 

Highlighting Taylor Made's consignment was the sale of hip 528, purchased for $300,000 by DJ Stable. The Constitution   colt out of the Medaglia d'Oro   mare Rare Medal was, said DJ's Jon Green, the No. 1 horse on his list, and he had to go beyond his budget to secure him.

"I'm surprised that the sale is so strong, all the way through," he said. "There are really good athletes here. Usually when you come to a New York-bred sale, you don't expect things to be quite so aggressive on the pricing side. We had 11 horses on our list, and this was only the second one I even got a bid in. That's how strong the sale has been."

Trainer Chad Brown, no stranger to pricey racehorses, expressed a similar sentiment. He bought Hip 508 for Klaravich Stable, a Practical Joke   filly out of Orient Moon (Malibu Moon) from the Indian Creek consignment, paying $250,000. 

"That was my last bid," Brown said. "The market is tough for the good-looking ones that check all the boxes. We got some nice horses out of here and Fasig did a great job. I've heard from my team and other people who have worked the sale that I respect, that this is as good a group of physicals in the New York-bred sale that they've seen in a long time."

Browning expressed relief and satisfaction that the sale was able to return to Saratoga Springs. Last year due to the COVID-19 pandemic, Fasig-Tipton consolidated The July Sale, The Saratoga Sale, and the New York-Bred Yearlings Sale into the Selected Yearlings Showcase, held in September in Lexington.

"It's nice to be able to restore the marketplace for New York breeders and buyers," he said. "Any time you have a disruption, it's difficult, so it's reassuring to be able to continue what we're doing with confidence. This is a heck of a marketplace for them, and I think this sale will continue to grow and grow."