Finding Value at the Sales

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Saratoga offers not only world-class horse racing for six weeks out of the year; they also have the Fasig-Tipton Sales. This week it was the Selected Yearlings, and if you wonder just how select, check out the prices they brought.
The amazing part of all of this is just how this energy becomes translated so many different ways. For the breeders, sellers and purchasers it's about potential; what kind of race horse is the yearling capable of becoming and what might his or her residual value be.

How many of you have stopped to evaluate all of the other things that transpire in these tension-filled days? There are literally dozens of photographers clicking away and hundreds of others are taking a shot here and there. Every trade journal has a representative recording the facts and accessing the possibilities. Mare owners are carefully screening the offspring of individual sires to see what they can learn about the type of horse each is producing. You'll hear in the background comments like, "Storm Cat mares cross well with Unbridled Song and especially if you have some Damascus blood in there too."

Stallion owners/managers are evaluating the yearlings, and their receptiveness to the buyers can alter stud fees for next season or even dictate where the horse may stand or if he should shuttle to the Southern Hemisphere during that breeding season. A lot of people in and out of the industry are taking special note of individuals they want to follow. The reasons are as varied as are the people compiling them. It's not unusual for a racing fan to begin interest in the sport right here at the sales grounds--it's not unusual for a neophyte to make the decision to become an owner of race horses right here.

The sales are as exciting as the races themselves, and the wagers and rewards are often times much larger. There are no purses in the entire world as large as the sums top-priced horses bring at the sales. Like all facets of racing, it takes courage to enter this arena.

The sales catalogs are printed in a consistent format and updates are provided at sales time. New happenings in the family such as a newly minted stakes winner or an impressive win by a two-year-old can cause arms to wave at the auctioneer in animated fashion. A truly outstanding physical specimen draws a crowd like a magnet. The best mare bred to the hottest sire does not spell success--the individual has to show quality. In a horse race we know the outcome very quickly, but in the sales game the wait is long.

For those of us who have played the game we know how important every little detail is and at the same time we know that it isn't necessarily the perfect horse that wins races--it's the horses with ability, heart, and courage which are prepared for racing in a way that suits the individual. That's where the Funny Cides and Mine That Birds come from. Funny Cide sold at Fasig-Tipton's New York-bred sale for $75,000 and Mine That Bird at their Kentucky Yearling Sale in October for $9500. As Warren Buffet says, "Price is what you pay, value is what you get." At Fasig-Tipton this week and next there are a lot of people hoping to find value.

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