08/08/2014 1:23PM

Fasig-Tipton: New York-bred sale arrives on a wave of momentum

Email
Barbara D. Livingston
Fasig-Tipton has seen revenues rise dramatically at its New York-bred preferred yearling sale in recent years.

The upward trend of purses and statebred incentives has not been lost on the buyers and sellers of New York-breds, as noted by a record number of entries in the Fasig-Tipton New York-bred preferred yearling sale.

The two-day sale will be held Aug. 9-10 at the Humphrey S. Finney Pavilion in Saratoga Springs, N.Y., with sessions beginning at 7 p.m. Eastern.

This year’s renewal of the New York-bred preferred yearling sale features a 316-horse catalog, the largest in the event’s history. The record interest in the auction by sellers is easy to understand, considering that the average yearling price for a New York-bred rose 102 percent in the past four auction seasons, from $25,861 in 2010 to $52,293 in 2013.

The upswing was even apparent from 2012 to 2013, when the number of horses who sold for six figures at the New York-bred auction more than doubled, from 20 to 43.

“We’ve seen dramatic increases overall in the last 24 months,” said Fasig-Tipton president Boyd Browning Jr. “In 2013, I would have thought it’d have been hard to build on the success of 2012, and yet we did.

“I think it gives people confidence, whether you’re breeding or buying New York-breds, that there is real money available out there,” Browning added. “We saw a continued increase in the overall quality of horses, both in the pedigree and physical individuals during the inspection process in 2014, and we’re as bullish as we could be going into the sale this year.”

The catalyst for the New York market’s uptick stems from the opening of Resorts World Casino New York City at Aqueduct in late 2011. Gaming revenue from the casino has fueled significant purse increases in New York racing, and those, in turn, have further incentivized rewards tied to the state’s breeding program.

The 2014 crop of yearlings was the first group bred after the long-awaited opening of the Aqueduct casino, as they were conceived in the spring of 2012. This makes them the first crop of New York-breds planned and produced within the new environment of lucrative purse increases and stronger breeding incentives, placing them at the forefront of a robust increase in breeding activity during 2012 that has revitalized New York’s Thoroughbred industry.

Last year’s New York-bred yearling sale posted across-the-board gains, with 196 horses bringing revenue of $14,206,000. That marked a 65 percent increase from 2012, when 138 yearlings sold for $8,632,000. The average sale price rose 16 percent, from $62,551 to $72,480, while the median price jumped 10 percent, from $50,000 to $55,000. The buyback rate finished at a much-improved 25 percent, down from 38 percent in 2012.

The 2013 sale was led by a Tapit filly out of the stakes-winning More Than Ready mare Miss Challenge, purchased by Steve Young as agent for Gary Biszantz of Kentucky-based Cobra Farm for $430,000. Named Full Tap, the filly made her debut July 18 at Saratoga, racing for co-owners Biszantz and Gainesway Stable and finishing third in a 5 1/2-furlong maiden special weight race.

The Fasig-Tipton New York-bred preferred yearling sale will be streamed live at DRF Breeding.

To access a catalog, click here.