The 2008 edition of the Lexington Selected Yearling Sale concluded Sunday, and this morning Trot Insider spoke with co-general manager Geoffrey Stein, who was very pleased with the results, given the factors in the current marketplace.
"Heading into the sale, I thought it would be strong -- not as strong as last year, because that was our best to date, but strong nonetheless," Stein said about the sale, which took place at the Fasig-Tipton Sales Pavilion in Lexington, Kentucky.
"This year we didn't have the first-crop sires that we did last year, and last year the [United States] dollar was at an all-time low. There was a Scandinavian conflict this year and a few other foreign issues. As everyone is well aware of, the markets were up and down significantly all week, especially in North America. We thought the high-end market would be solid again and any negative impact would be seen in the mid to low end."
Stein told Trot Insider that heading in to the sale, people thought numbers would be down significantly, but that after the first couple of sessions people started to realize the world wasn't falling. The first session actually saw the average rise 2.3 per cent from the '07 opening-day average -- $89,846 compared to $87,824. The second session average was down 10.6 per cent from that in 2007 -- $61,605 compared to $68,915. The first two sessions combined were only down 5.7 per cent in average from the same period in the record 2007 sale.
"Our averages for the final day (Sunday) were up from last year ($16,861 compared to $15,419), which is a very positive sign," said Stein, referring to the 9.4 per cent increase in average from the 2007 Sunday session. "At that point the demand for horses at that level was still there, which is a great sign. The results speak for themselves."
The overall average for this year's sale was down 10.1 per cent from the 2007 edition, where the average settled at $45,068. Although, this year's numbers for average and gross ($40,494 and $32.1 million, respectively) were up from those of 2006 (average - $39,117; gross - $30.7), making the 2008 edition of the sale the second-most successful in its history.
A total of 799 yearlings were sold at this year's edition of the sale, eight more than the 791 sold in '07.
Stein told Trot Insider that the crowd at this year's sale was the largest it has been, with seating at a premium and standing room at three-deep a common sight.
"The people involved deeply in this industry are a very passionate core," said Stein, "and even in these times they have shown that they are committed to this industry."
Sale-topper Capo Dolce, a Muscles Yankee half-brother to Ontario sensation Bella Dolce, was sold to David McDuffee for $415,000 during the first session. He is the second foal out of Pizza Dolce, who was 14-for-23 in her racing career with earnings of over $660,000.
To view the results of the Lexington Selected Yearling Sale, click here.