by T.J. Burkett, managing editor, Hoof Beats
Columbus, OH — When the Lexington Selected Sale wrapped up Sunday night, sales manager Geoff Stein let out a sigh of relief.
Just two weeks earlier, the Keeneland September Yearling Sale had faced a devastating downturn, watching their median tumble 40.5 percent to $22,000. There was some trepidation that prices for Standardbreds in Lexington would plummet just like their Thoroughbred counterparts.
Luckily for Stein, prices held, and the $25,000 median for the Lexington Selected Sale’s 792 yearlings actually topped the median for the 3,195 sold at Keeneland this fall.
“It’s always been my belief that the Thoroughbred market is not based on economics,” said Stein. “It’s been wildly inflated as long as I can remember. The fact that it is finally getting into some sense of economic realism — that’s all that happens.“That market — the stud fees were crazy, the prices for yearlings were crazy — it just didn’t make any sense. The Standardbred market, for better or for worse, for richer or for poorer, is based on real economics.”
One of the biggest surprises of the Lexington sale was the strength of the pacing colts, which averaged $39,406 for 219 head. The pacing colts were led by Rocknroll Hanover, whose 31 head averaged $66,645. Trotters were led by first crop sires Glidemaster and Chocolatier, whose yearlings averaged $64,429 and $60,462, respectively.
The price for this year’s sales topper, a Gildemaster-Pizza Dolce colt that sold for $270,000, couldn’t quite reach the $400,000 and more being commanded for the highest yearlings of years past.
“It’s just a sign of the times,” said Stein. “The days of wild spending have temporarily passed us. Those yearlings that bring $400,000 are yearlings with terrific potential, and I don’t think they just come around every year. When it happens, it’s special, but it just doesn’t happen every year. If someone spends over $25,000 for a yearling, it’s still pretty good.”
In these uncertain economic times, Stein has a “positive feeling” after last week’s sale, and can, for the moment, hold his head high among sales managers in the Sport of Kings.
“I never thought it would be better to be in the Standardbred business than in the Thoroughbred business, but at least for a year it is,” he quipped.
- Encouraging start to Lexington Selected Sale (Thursday, October 08, 2009)
The Lexington Selected Sale Company kicked off its yearling sale with an encouraging first session on Wednesday night.
- ‘Rock Solid’ second session in Lexington Selected Sale (Friday, October 09, 2009)
The Lexington Selected Yearling Sale had a ‘Rock Solid’ second session on Thursday night.
- Steady performance in third session of Lexington Selected Sale (Saturday, October 10, 2009)
The Lexington Selected Yearling Sale continued with its third session on Friday night, having a steady performance.
- Penultimate session held in Lexington Selected Sale (Sunday, October 11, 2009)
Saturday evening, following the conclusion of Grand Circuit racing at The Red Mile, the Lexington Selected Yearling Sale held its penultimate session.
- Lexington Selected Sale concludes on Sunday (Monday, October 12, 2009)
The Lexington Selected Yearling Sale concluded with a lengthy session on Sunday, in which 233 youngsters sold for an average price of $12,322.