Despite the sale of multiple graded stakes winner Miss Isella for $1.085 million, Keeneland’s recently concluded January Horses of All Ages Sale witnessed declines in average, median and gross that reflect global changes in the economy according to sale officials

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Cumulatively, the five-day sale, held January 11-15, totaled $23,895,100, down 27.20 percent from last year’s six-day gross of $32,824,000. Average price of $24,333 dipped 0.81 percent from $24,532 posted in 2009. The median of $8,000 was down 15.79 percent from last year’s $9,500. A total of 982 horses were sold compared to 1,338 a year ago.

“The January sale strongly underscores the market re-set that is taking place, both within our industry and the larger global economy,” said Keeneland Director of Sales Geoffrey Russell. “Buyers are understandably discriminating in their purchases and that’s been reflected in the results throughout the week. Quality continues to sell, as demonstrated in a seven-figure sale and several high six figures.

“However, as others have pointed out, in this economy where credit continues to be significantly constricted, buyers are being extremely careful as they make decisions about how much or whether to spend dollars,” Russell continued. “I think that’s to be expected and is simply a reflection of continued anxiety over the state of the larger economy and the adjustment taking place to a new market reality within our industry.

“Whether our marketplace – or the larger economy – has completely re-set is difficult to determine at this point,” he added. “As we indicated at the beginning of the week, it is difficult to compare January to January, given the diversity and mixture of horses at play in this sale traditionally. What we can draw from this week is that there is a market for quality; people want to buy horses, as clearance rates were, on balance, good; but buyers are being very careful and discriminating as they make decisions about how to invest their dollars during a turbulent and still fluid time for our industry and the macro economy.”

(with files from Keeneland)