Records Shattered at The Saratoga Sale

Boyd Browning Jr. stood on the second floor of the Humphrey S. Finney Sales Pavilion in the aftermath of a blockbuster edition of The Saratoga Sale, Fasig-Tipton's selected yearling sale in Saratoga Springs, N.Y., and offered up this concise analysis: "We've shattered every record known to mankind for this sale."

The Fasig-Tipton president and CEO was wrapping up a two-day span where 14 yearlings broke the seven-figure ceiling, with market indicators posting double-digit gains.

Cumulatively this year, 143 of the 179 yearlings on offer sold for final figures of $66,955,000, an increase of 21.3% year-on-year and bettering the record of $62,794,000 set in 2018.

An average price of $468,217 was posted, a 14.6% increase over 2021, exceeding the $411,459 record set in 2019.

The $375,000 median marked a 7.1% increase, surpassing the $350,000 median established in 2019 and matched in 2021.

Thirty-six horses failed to meet their reserve, representing an RNA rate of 20.1%.

Last year, the two days of selling saw 135 of the 180 go under the hammer to sell for final receipts of $55,155,000, at an average price of $408,556 and a median of $350,000. Forty-five horses failed to meet their reserve to represent an RNA rate of 25%.

"I'm blown away by the results," Browning said. "It's gratifying to see the work that our people put in, that the breeders put in, the consignors put in, and honestly, that the buyers put in to see it all come together in a 4-5 day period of time. The energy and excitement feels so good from an industry perspective."

The second day of selling accounted for 74 of the 93 yearlings under the hammer selling for gross receipts of $38,025,000, an increase of 27% over 2021's session. The average price jumped 11.8% to $513,851, and the median grew to $375,000, an increase of 6.6%. An RNA rate of 20.4% represents the 19 horses who failed to meet their reserve.

During the second selling session in 2021, 65 yearlings sold of the 84 through the ring. An average price of $459,615 and a median of $400,000 was established. An RNA rate of 22.6% represents the 19 horses who failed to meet their reserve.

"The statistics are phenomenal; (an) average over $500,000 tonight, 10 horses over seven figures," Browning remarked. "It's a really, really good feeling but not just for us. It's a good vibrancy for the industry, and it gives people confidence." 

"I think people realize, when they see the big events all across the country, and see how much fun it is," West Point president and CEO Terry Finley said. "Right down the line of Triple Crown events, Del Mar, Saratoga, and the Breeders' Cup, I think people want to play at a high level and crave the ability to get to those big days. To get to those big days, you improve your chances (when) you buy horses like this." 

The sale was topped by a strapping son of Gun Runner  , sold on the second night from the Gainesway consignment as Hip 202. A partnership of White Birch Farm and M.V. Magnier saw the colt to his $2.3 million price tag. The colt was bred in Kentucky by Debby Oxley and is out of the Malibu Moon mare Heavenly Love , winner of the 2017 Darley Alcibiades Stakes (G1).

Buyer Aron Wellman, president and founder of Eclipse Thoroughbred Partners, reflected on the market. 

"It is a roar out here. We certainly live in a bubble in general. When you get here for the select sale, it becomes even more accentuated," Wellman said. "As usual, Fasig, their team, and Boyd have done an incredible job putting together a catalog of exceptional equine athletes with all the tools. We found our spots, and we've swung and missed, but that's what this is all about. I think there's something for everybody and it is strong. It's a vibrant market out here. I don't think it's any less busy (at the end of the second day) than when Hip 1 went through the ring. Kudos to the sales team at Fasig for putting on the show."

Leading buyer Donato Lanni purchased four yearlings for gross receipts of $3,500,000 at an average price of $875,000 per head.

Taylor Made Sales Agency, which brought more horses than in years prior, sold 27 of their 34 through the ring for a gross of $11,710,000 at an average price of $433,704.

"When you get a really small group of horses that are handpicked for conformation, then they also have a certain level of pedigree. That's the most insulated part of the market," said Mark Taylor, CEO of Taylor Made Sales Agency. "I think this year, in particular, I've heard over and over that they just had a banner crop. I think that's what you're seeing in the marketplace, a lot of really good physicals. It's been solid; we've only had a couple of RNAs."

All eight yearlings by two-time Horse of the Year Curlin   sold to make him the sale's leading sire, his offspring selling at an average price of $1,071,875 and accounting for gross sales of $8,575,000.

Browning added: "I think if you're in the Thoroughbred industry at whatever level in the U.S., Saratoga is the epitome at the racetrack and I hope in the yearling sales arena. It energizes everybody, the annual dose of hope and excitement, which is why we do it. You can see people smiling on the sales grounds this week and interacting with buyers and sellers, sales companies, van companies, and veterinarians."