It is safe to say that the global economy has seen better days. The same can be said for horse sales. Therefore, this year's edition of the Keeneland September Yearling Sale had lower expectations heading into the two-week event
.
According to a report by kentucky.com, the sale ended yesterday with its lowest overall gross since 1998.
Total receipts of $191,859,200 were down 41.5 per cent from the $327,999,100 generated in 2008, while the average of $60,734 was a drop of 33.2 per cent.
"We are going through a painful correction, and no one is exempt," Geoffrey Russell, Keeneland's director of sales, was quoted as saying in the article "I think the major problem with our industry right now is the lack of available capital. The lines of credit have dried up and ... this is a cyclical market. You have up years and bad years."
To read the kentucky.com article in its entirety, click here.
(With files from kentucky.com)