The trend was not positive leading into the 15-day Keeneland November Breeding Stock Sale for thoroughbreds, which wrapped up Monday, November 17. When the final results came in they were not positive.
According to a story on courier-journal.com the sale produced its worst numbers in 30 years.
The numbers of horses sold (3,019) was down over 10% from 2007. Gross dropped a whopping 45.6% to $185.6 million from the '07 numbers. The average settled at $61,462, the lowest since 1996. The drop in average -- a massive 39% -- was the largest decline since 1990.
"There's no confidence in any market at all," Keeneland sales director Geoffrey Russell was quoted as saying on courier-journal.com. "There's a lack of consumer confidence worldwide. There's a lack of cash because the banks don't have any money to lend. We have a strong U.S. dollar. But given all those factors, we still just completed a 15-day horse sale where there was tremendous trade that went on, though at a lower level, I'll admit."
To read the article in its entirety, click here.
(With files from courier-journal.com)