Stein On Lexington Selected Yearling Sale
The numbers from last week's Lexington Selected Yearling Sale are in, and Trot Insider has spoken with the sale's co-general manager, Geoffrey Stein, who aired his feelings on the five-day event
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A total of 800 yearlings were sold for a gross price of $27,829,000. The average worked out to $34,786. The average and gross from the 2008 sale -- the second most successful in the sale's history -- were $40,494 and $32.1 million, respectively.
"All of the feedback that we got back was very positive. Consignors were pleased and buyers were pleased as well. The buyers showed that the market is surprisingly strong," Stein explained.
"In spite of all of the problems facing the industry, people are still very willing to be a part of it. There are a handful of jurisdictions, including Ontario, which have very strong programs. There is a lot of money and opportunities in those jurisdictions to race for and owners want to be a part of the action."
The recent Keeneland September Yearling Sale for thoroughbreds took a well-publicized hit this year. That on its own is no big surprise given the global recession. What is a surprise, though, is that the median price from the Lexington Selected Yearling Sale ($25,000) was actually higher than that of the Keeneland September Yearling Sale ($22,000).
"The median this year ended up being higher than Keeneland," Stein said. "That can be looked at in many ways, but nonetheless I don't think it's ever happened. I never thought it would be better to be in the standardbred business than in the thoroughbred business, but at least now for a year it has."
The 2009 edition of the Lexington Selected Yearling Sale saw a total of 409 trotters bring in $14,889,000, while 391 of their pacing counterparts brought in a total of $12,940,000.
The 219 pacing colts sold garnered a total of $8,630,000, which worked out to an average of $39,406. Bidders plunked down a total of $8,081,000 for 217 trotting colts, which worked out to an average of $37,240. The average price for a trotting filly was $35,458, as 192 of them sold for a total of $6,808,000. There were 172 pacing fillies which garnered a gross of $4,310,000, which worked out to an average of $25,058.
"We thought that our average was going to be right around $35,000 and that's what we ended up doing," Stein said. "It was satisfying given all the market conditions. We sold less $100,000 horses, but I think that sort of thing is to be expected everywhere right now."
Stein went on to say, "the numbers from this sale reflected the numbers from the sale three years ago. I don't want to take anything away from this year's sale, but I think that it is hard to compare it to the sales of the past two years, which really were something else. The fact that the numbers produced last week are close to the 2006 numbers is very positive."
Yearlings by Rocknroll Hanover proved to be very attractive to those in attendance this year. The 2005 Pepsi North America Cup winner had 52 of his progeny go through the sales ring and attract a gross total of $3,130,000, which worked out to an average of $60,192. Mach Three only had two of his offspring go through the ring, but they proved very attractive -- the pair were sold for a combined $245,000. On the trotting side of things, Andover Hall's sons and daughters also attracted a lot of attention. A total of 40 of the stallion's offspring stepped through the ring and garnered $2,352,000, which worked out to an average of $58,800.
A total of one hundred fifty-two yearlings sold for between $50,000 and $99,999; thirty-five yearlings went for between $100,000 and $199,999, and eight yearlings sold for $200,000 or more.
"It doesn't matter what market you look at -- be it housing, automotive, etc. -- people have been very cautious with their money during these economic times," Stein said. "Last year we had a few horses that sold for $300,000 and $400,000. Right now, you're not seeing a top end like that in horse sales or anywhere. All of that given, for us to be able to put on a sale and gross close to $28 million with an average close to $35,000 we are very happy."
The Canadian presence at the sale was apparent yet again, something which didn't go unnoticed by organizers.
"The Canadian participation held very strong yet again. Roughly 20 per cent or $6 million of the sale's total gross came from Canadians -- the Canadian participation has been very solid."
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