OBS Spring Propels American 2YO Sales Past $150 Million

With 1,221 juveniles cataloged—more than in all other U.S. 2-year-old sales combined thus far in 2019—any weakness in demand of this market would surely be exposed in the Ocala Breeders' Sales Spring Sale of 2-Year-Olds in Training.

And though the clearance rate from the catalog dipped slightly, from 57% to 55%, the sale was indeed strong: for 672 2-year-olds sold (according to preliminary sale company figures), the gross was up 6%, or $4.4 million, to $73,183,000, and the $108,093 average was up 10% over last year's average of $98,475. Three horses cracked the $1 million barrier, while there was only one last year.

Only 59 2-year-olds—less than a third of the 187 cataloged—sold at The Gulfstream Sale, Fasig-Tipton's March 27 boutique sale at Gulfstream Park, but those that did sell averaged nearly $500,000 ($493,475 to be precise) and included a $3.65 million Curlin  colt bought by M.V. Magnier and partners to be sent to Bob Baffert. Six 2-year-olds made seven figures at Gulfstream, of which Magnier's name was on three. At this point in the North American 2-year-old sales season, 11 have sold for $1 million or more; last year at this time there were four. 

But, for once, it hasn't just been at the very top where demand has been strong. With Fasig-Tipton sales in Maryland and California, and the OBS June 2-Year-Olds and Horses of Racing Age Sale still to come, there are still challenges for the U.S. juvenile market to sustain; but at this point in the proceedings, the metrics look good.

So far in U.S. sales, nearly 200 more 2-year-olds were cataloged than last year, and exactly 100 more (1,186 vs 1,086) were sold. That's a 10% rise in the number offered and a 9% rise in the number sold; the overall clearance rate from the catalogs is down fractionally but still—as it has been for the last four years—squarely in the 55% range. The combined gross is up 14% from 2018, a gain of $18.7 million, to a total of $154,851,000, according to figures compiled by Brianne Stanley of The Bill Oppenheim Group. The overall average for 1,186 2-year-olds sold so far is $130,566, a 4% gain from the corresponding 2018 average of $125,327.

As has been the case for the past several years, OBS continues to dominate the 2-year-old market. OBS March and April sales combined catalog 1,798 2-year-olds, or 83% of the 2,154 cataloged so far. The two OBS sales accounted for 985 sold, also 83%, of the 1,186 sold. The two sales have grossed $117,901,500, which is 76% of the $154.8 million total gross (Fasig-Tipton's Gulfstream sale accounted for only 5% of the number sold but 19% of the combined gross—that's what happens with a $493,475 average).

If Keeneland is the world's supermarket for yearlings, OBS is the supermarket for 2-year-olds, and it's testimony to the job they're doing for consignors and buyers alike that the 985 2-year-olds sold at the two OBS sales so far have averaged $119,697 and grossed nearly $118 million. That's a big marketplace.

A total of 17 North American stallions have had three or more 2-year-olds sell at all the 2-year-old sales to date (including Europe) and have averaged $200,000 or more. Seven have averaged over $375,000, headed by Curlin, who has averaged $1,158,000 for five 2-year-olds sold. Of course, when one of them sells for $3.65 million, it's going to impact the average, but even without that colt, Curlin's other four 2-year-olds averaged $535,000.

Three-time leading sire Tapit , who already has 15 black-type winners—six graded—this year, including a Kentucky Derby Presented by Woodford Reserve (G1) contender in Tacitus, had four 2-year-olds average $1.025 million. Medaglia d'Oro  completed the ultraelite triumvirate with seven 2-year-olds averaging $621,234. Both Tapit and Medaglia d'Oro, incidentally, come from the blockbuster North American sire class with first foals in 2006, which also includes Speightstown  (4/avg $442,500) and Candy Ride  (12/$255,157). 

Top first-crop sire American Pharoah , already with two winners and a placed runner from three starters, was inches behind Speightstown with a $442,045 average for 16 sold. Quality Road  had a $1 million filly at the OBS April sale and averages $416,667 for three sold; and the No. 1 sales sire by gross, Into Mischief , has had 25 2-year-olds sell for an average of $390,220 and gross sales just short of $10 million at $9,755,500.

In Europe, budding second-crop sire sensation Kingman has had four 2-year-olds average $484,601.

Among other European sires with three or more sold in a considerably smaller 2-year-old market, Darley's first-crop sire Night of Thunder, a son of Dubawi who was the only horse ever to defeat Kingman—in the 2014 QIPCO Two Thousand Guineas (G1)—has had five 2-year-olds average $298,726. Three of those were bought by Godolphin at Tattersalls' Craven Breeze-up Sale April 16-17.

Top French sire Siyouni (3/$233,803); No Nay Never (5/$231,943), another budding second-crop sire sensation; and the classy sprinter and sire Starspangledbanner (3/$200,790) also averaged over US$200,000.

Besides American Pharoah, among other North American first-crop sires, Liam's Map  had a blockbuster $1.2 million OBS Spring colt and has averaged $221,929 with 14 sold; Carpe Diem  has had 16 juveniles sell for an average of $208,673; and Sky Kingdom , a two-time grade 3-winning son of Empire Maker  at 12 furlongs, had a colt bring $875,000 at Fasig-Tipton's Gulfstream sale and has averaged $211,400 for five sold.

For articles by Bill Oppenheim, APEX ratings for both Northern and Southern Hemispheres, Brianne Stanley's Weekly Sales Ticker and more, please visit www.billoppenheim.com