OBS Spring Sale Wraps Up With Record Trade

Over the past four days of selling, a strong market was seen at the Spring Sale of 2-Year-Olds in Training at Ocala Breeders' Sales. The final day saw a filly by Munnings   bring $1.6M after selling to OXO Equine's Larry Best, the fifth horse to shatter the seven-figure ceiling for the sale, creating a new record for the sales company.

"It was a heck of a horse sale, we had gains on all fronts, and a record gross was made," OBS director of sales Tod Wojciechowski said. "It was the first time we have ever sold a million-dollar horse each day.

"You can't say enough about the quality of horses the consignors brought. The buying bench showed up with international and domestic buyers across the board. We had great participation on all fronts."

After selling Friday, during the fourth session, OBS reported 159 horses changed hands of the 200 through the ring for gross figures of $18,775,000. The final session saw an average price of $118,082 and a median of $60,000. There were 41 horses that failed to meet their reserve to represent an RNA rate of 20.5%.

Comparatively, last year during the final session, 167 horses were sold of the 195 on offer for final receipts of $19,063,000 for an average price of $114,150 and a median of $65,000. The 28 horses who failed to sell represented a buyback rate of 14.3%. These figures include post-sale prices.

"The beauty of this sale is similar to the Keeneland September Sale; there is something here for everyone. Everybody comes," consignor Eddie Woods said. "There have been some great horses sold out of this sale, and it will continue to be that way. People want product and to be able to shop. Like I was telling someone earlier, 10 or 12 years ago, if you had told me we would have million-dollar horses in the April Sale, they would have laughed you out of the place."

Eddie Woods, agent, consigned the day's leading lady as Hip 1174. She breezed a fast :09 4/5 over an eighth, to be the co-fastest of the day during the under tack preview. Out of the Private Vow  mare Tensas Harbor, a multiple stakes winner in Louisiana, the daughter of Munnings was bred in Kentucky by the Cantrell Family Partnership and initially sold at the Keeneland September Sale by Woodford Thoroughbreds for $250,000.

Larry Best, a client of Woods, was not on hand to sign for the juvenile. Agent Christina Jelm did the honors, commenting on the market, "It's been really tough, a tough sale. She was the only one I bought at the sale."

Woods closed out session four as the leading consignor selling six head for gross receipts of $2,492,000 at an average price of $415,333. Second-leading consignor Ciaran Dunne's Wavertree Stables sold 14 horses for final figures of $2,231,000 at an average price of $159,357. De Meric Sales completed the sale as top consignor selling 35 individuals for final figures of $9,308,000.

Cumulative figures for the Spring Sale came in with 706 horses of the 837 on offer selling for final figures of $91,940,000, a 24% increase over 2021. The sale ended with an average price of $130,227 and a median of $66,000. There were 131 horses who failed to meet their reserve to create an RNA rate of 15.6%. These figures could change with post sale transactions.

Last year, a total of 723 horses of the 833 through the ring sold for gross receipts of $73,907,900 with an average price of $102,224 and a median of $50,000. The 110 horses who RNA'd represent 13.2%.

While total sales figures trended upward, most industry stalwarts use the median price as an indicator of the market's health and how horses at all price points are getting moved.

"The problem with more good horses gravitating to this sale is it hurts the middle market, whereas this was a sale predominantly in the past where we had our select sales, and we could come here and move the middle market product," Dunne said. "It's great that the top end is so high here, but we also need a spot for the middle market and I'm not sure where that is going to end up."

Friday's results show five fillies brought above $500,000 to five distinct buyers.

"I have been coming to this sale longer than I care to admit. I do some pinhooking in Europe at the breeze up sales, and the same thing is true everywhere in the world ... people want horses," said bloodstock agent Chad Schumer. "We are coming out of COVID-19 now, and we are getting back to life; people want to enjoy themselves. They want to spend money in America, and the prices are well justified by the purses on the racetrack."

Schumer was the day's leading buyer after purchasing seven juveniles for final figures of $1,815,000. He also closed out the sale as the top buyer after sourcing 15 horses for total receipts of $3,030,000.

"There have been people for all prices of horses today; we are bringing up horses with $35,000 reserves and they are bringing $100,000," Woods said. "It's our year. Between April and March we have had a fantastic year. When everything goes right, it goes right, but if it's wrong, it all goes wrong. It's been fantastic."

The demand for middle-market horses has gone up as part of the April Sale's evolution over the last 10 years, with higher-quality offerings and a more diverse buying bench. Two-year-old consignors are getting better at their craft.

"I think it's (Spring Sale) proved itself; the horse record, if you will, of April has proved itself repeatedly," Wojciechowski commented. "Graduates go all over the world and win, on different surfaces. This sale offers an array of different levels to shop."

"An advantage of a buyer coming to the 2-year-old sale is not only are there more data points, but they are also buying the expertise of the consignors who are preparing these horses, and they do a heck of a job getting these horses ready to run."