Fasig-Tipton Gulfstream Sale's Average, Median Soar

Three seven-figure 2-year-olds, including two sold for $1.2 million each, bolstered the Fasig-Tipton Gulfstream sale March 28, as the auction posted the second-highest average and median in the sale's history, and the highest in both categories since the move to Gulfstream Park in 2015.

"It was an extremely strong marketplace at the upper end," Fasig-Tipton president Boyd Browning Jr. said. "There were multiple bidders on the horses that performed well, vetted well, made good videos, and that's the same environment we've lived in for a couple of years."

Hip 9, a Medaglia d'Oro  filly, got the bidding started early when she sold for $1,200,000 off a :10 flat work. By the sire of champions Songbird and Rachel Alexandra, she was purchased by Stonestreet Stables from the consignment of Niall Brennan Stables, agent. She is from the family of grade 1-winning millionaire Dream Supreme and grade 1-winning juvenile and proven sire Majestic Warrior.

Also dropping the hammer at $1,200,000 was Hip 77, a colt by popular juvenile sire Into Mischief . Purchased by OXO Equine from Eddie Woods' consignment, the colt also worked in :10 flat. His immediate family includes grade 1 winners Irish Smoke and Book Review.

Notably, 14 horses sold for $600,000 or more, up from eight in 2017.

"(There was) great attendance and distribution of the buying population across the board," Browning added. "All in all, I thought it was a strong horse sale. We continue to see selectivity in the marketplace. The market is healthy. It is not exuberant, it is not crazy."

Overall, 61 2-year-olds sold for a total of $23,495,000 compared to 74 sold for $25,115,000 in 2017. The average increased 13.5% to $385,164 over $339,392 last year. The median was up 9.3% to $295,000 from $270,000 in 2017. There were 30 horses that failed to meet their reserve, compared to 13 a year ago, for a 32.9% RNA rate. Last year's RNA rate was an unusually low 14.9%.

Browning said the decline in gross from a year ago was attributable to the higher RNA rate, not an indication of a weaker overall market.

"I think this year's results were more similar to what you'll find at the upper end of 2-year-olds in training sales," he said. "It is hard to value a horse whether you are a buyer or a seller. You need to be realistic in valuation and with yourself on how your horse has performed on the racetrack, physical conformation, appearance in the barn area, and how it vets."

Browning said that while  "a lot of nice horses didn't get sold or were scratched because of lack of interest," he predicted "a lot of private sales will be transacted in the next 24 hours, some through us, some through consignors."