Fair and Balanced Marketplace at F-T July Sale

The ball got rolling July 11 at the Fasig-Tipton July Sale, getting the yearling sales season off the mark with fair and balanced results. The day was bolstered by a filly from the first crop of 2020 Horse of the Year and champion 3-year-old colt Authentic  , realizing $475,000 from Alex and Jo Ann Lieblong.

Taylor Made Sales Agency consigned the filly on behalf of her breeder Spendthrift Farm. The April-born yearling is half sibling to two winners and from the family of multiple grade 1 winner Paradise Woods  and stakes winner Forest Chatter .

"I thought we had an excellent start to the 2023 yearling sales marketplace," Fasig-Tipton's president and CEO, Boyd Browning Jr. said Tuesday evening. "The average declined slightly from last year, the median declined slightly, and the RNA rate was slightly up. Frankly, those were probably the expectations that most of us had going into the marketplace."

Fasig-Tipton reported 207 horses of the 304 to go under the hammer sold for gross receipts of $20,507,000, a 5.8% decrease over the previous year. The average price decreased by 14% to $99,068, and a median of $77,000, down 14.4%, was recorded. There were 97 horses who failed to meet their reserve, representing an RNA rate of 31.9%.

During last year's sale, 189 horses of the 248 on offer were sold for a gross of $21,763,500. An average price of $115,151 and a median of $90,000 were recorded. An RNA rate of 23.8% represented the 59 yearlings that failed to sell.

"I thought it was a fair market," Browning said. "I don't think there were any great surprises. I don't think anybody's euphoric, and I don't think anybody thinks the marketplace is terrible."

The top five yearlings sold for $300,000 or more to five distinct entities. By sire, they are: Authentic (Hip 174—$475,000); Good Magic   (Hip 175—$370,000 and Hip 276—$330,000); Blame   (Hip 289—$310,000); and Not This Time   (Hip 312—$300,000). Twenty-one yearlings sold for $200,000 or more.

"The buyers were complaining they couldn't get what they wanted to buy and had to pay too much for the ones they bought," Browning said. "The sellers are saying it was hard for us to sell our horses, and we wish we could have gotten more money, so it's a pretty fair and balanced marketplace. We all recognize that we were coming off almost a euphoric 2022 yearling marketplace when we saw significant increases across the board."

Trainer Kenny McPeek made seven purchases on behalf of various clients for a gross of $995,000, at an average of $142,143 per head, to be the sale's leading buyer.

Browning added, "I think today we got a little bit of a reality adjustment. We saw that coming in the 2-year-old marketplace this year. It's still a very healthy marketplace. Today indicates to consignors and sellers that you have to bring a quality product, be very realistic about your reserve and vetting, and know that there's plenty of money for a lot of horses. For some horses, you better be careful when you set your reserve."

The Taylor Made Sales Agency sold 26 yearlings Tuesday for a gross of $3,304,000 and an average of $127,077 to be the leading consignor by gross.

"There have been a few soft spots, but overall it's been terrific," Mark Taylor, president and CEO of Taylor Made Sales, said. "We sold an Authentic filly for $475,000, a Malibu Moon for $200,000, and a few Vekomas as well. The first part of the sale, the new-sire showcase, took a little while to warm up, from what I can tell, but the good horses are selling well. As always, at this sale, vetting is important because the perception is, 'I have a lot of horses coming in front of me for the rest of the year, and I don't need to buy anything with an issue right now.'"

The first 109 hips through the ring Tuesday accounted for the Freshman Sire Showcase, which slowly saw horses traded but remained a bit spotty, contributing to Tuesday's increase in RNA rate over last year. For the showcase an RNA rate of 40% was made with 55 of the 92 offerings selling. As a group, according to some horsemen, this year's first-crop sires may not be perceived as commercially marketable as the previous year.

"It's a little sticky in some places, but overall when it's good, it's great," Four Star Sales managing partner Kerry Cauthen said. "It's an early sale, and sometimes buyers know there is much more to come (later in the year). That's the nature of this sale; you have the horse's buyers land on and like, and you do well. The others that don't sell, I don't mind. I had a Maximus Mischief that didn't get to its reserve, and I love the horse. We will bring it back in October."

The next sale for Fasig-Tipton takes place in New York at the Saratoga Selected Sale of Yearlings, Aug. 7-8, followed by the New York-Bred Yearlings Sale, Aug. 13-14.