10/25/2017 7:49PM

Fasig-Tipton October: Medaglia d'Oro colt fuels continued momentum

Email

The Fasig-Tipton Kentucky fall yearling sale continued to pick up steam during Wednesday’s penultimate session, pushing the auction’s cumulative gross past last year’s final figure with a day to go.

Demand for perceived quality at the top of the market continued to fuel strong figures. A $700,000 Medaglia d’Oro colt lifted the bar at Wednesday’s session, taking over the sale lead from a $500,000 colt by Medaglia d’Oro’s son Violence sold Tuesday. They are the most expensive horses sold at this auction since 2013.  

At the end of three sessions, a total of 728 horses had sold for revenues of $25,698,600, up 0.03 percent from last year’s final three-day gross of $25,691,500. The average sale price tracked 7 percent ahead at $35,300 from $33,065, while the median was down 17 percent to $12,000 from $14,500. The buyback rate was 24 percent, compared with 25 percent in 2016.

While Fasig-Tipton president Boyd Browning was pleased that trade was active enough to surpass last year’s final gross, he said the time for celebration wasn’t for another 24 hours.

“We’ve got to do a good job tomorrow,” he said. “The only thing we’re concerned about right now is selling the other 25 percent of the catalog. It’s nice to be a little bit past last year, but it really doesn’t matter because we’ve got a responsibility and obligation to everybody that’s got a horse selling or wants to buy a horse tomorrow to do the best we can. The results at the end of the day will take care of themselves.”

Gross and average sale prices have improved steadily during the three days, while median has either improved or remained steady each day. Browning said part of the growth has been due to a higher concentration of quality offerings as the sale progressed, as evidenced by each day’s session-topper drawing a higher price than the one before. Like any multi-day sale, each session brings its own intangibles that can influence trade, as well.

“Yesterday and today felt better than Monday,” Browning said. “I don’t know if it was just getting started or the weather [Monday’s session featured all-day rain]. You can never tell. There are certain ebbs and flows in every sale. Monday, it seemed hard to get everybody energized. There’s been a better energy on Tuesday and Wednesday, and we hope it continues on into Thursday.”

Wednesday’s third session produced 261 horses sold for $10,804,100, up 6 percent from last year’s third and final session, when 280 horses brought $10,222,400. Wednesday’s trade finished with an average sale price of $41,395, up 13 percent from last year’s figure of $36,509.

The gross and average finished higher on Wednesday than during any session of last year’s sale, but the median was down 40 percent to $12,000 from $20,000. The day three buyback rate went unchanged at 20 percent.

At the top of the market, 12 horses met or passed the $200,000 threshold on Wednesday, bettering the seven to do so during last year’s third session. Six-figure transactions rose to 35 from 32, while horses sold for $50,000 or more dropped to 56 from 57.

Trainer Mark Casse bought the session topper, a $700,000 Medaglia d’Oro colt, as agent for a partnership that was still developing after the fall of the hammer.

The dark bay or brown colt is out of the stakes-winning Seeking the Gold mare Broadway Gold, who is the dam of six winners from seven runners. He is a full-brother to Grade 3 winner Golden Lad and a half to Grade 2 winner Broadway's Alibi and Grade 1-placed stakes winner R Gypsy Gold. 

Broadway Gold is a half-sister to Dialed In, a Grade 1 winner and the leading freshman sire of 2016.

Third dam Eliza, a champion juvenile, is the pivot point for runners including Grade 1 winner Dinard, Australian Group 1 winner Foxplay, and Grade/Group 2 winners Spacy Tracy, Benner Island, and Samuel Morse.

"It's a good pedigree,” Casse said. “Obviously, with Medaglia d'Oro doing so well with the horse in California [Bolt d'Oro] and the horse in New York [Elate], and now Violence [a son of Medaglia d'Oro at stud] is doing so well. When you find that package, it gets a bit expensive.”

The colt was bred in Kentucky by SF Bloodstock and was consigned by Baccari Bloodstock. He was offered at this year's Keeneland September yearling sale, but finished under his reserve with a final bid of $475,000.

"He has a very big pedigree, very big physical,” consignor Chris Baccari said. “With that type of horse, he's the kind where if he becomes useful on the racetrack, he's worth $10 million to $15 million. The people that were wanting to buy him today, I think that's what everybody had their eye on, the future of him and what he could become.”

Wednesday's transaction made the colt the first yearling out of Broadway Gold to sell at public auction. Many of her pre-racing-age foals were offered at 2-year-olds in training sales, and others were well-received as broodmare prospects. Broadway's Alibi, a daughter of Vindication, is at the top of that list, selling in foal to Smart Strike for $2.15 million at the 2013 Keeneland November breeding stock sale.

SF Bloodstock bought Broadway Gold with this colt in-utero for $950,000 at last year's Keeneland November sale.

Along with the $700,000 Medaglia d’Oro colt for the developing partnership, Casse also signed for Tuesday’s $500,000 Violence colt for client John Oxley. The duo are the most expensive horse sold at the Fasig-Tipton October sale since 2013, when Borges Torrealba Holdings went to $800,000 for a Smart Strike filly, now the unraced broodmare Bilboquet; and Conquest Stables bought a Distorted Humor colt for $500,000, the winning Conquest Hot Humor.

The Fasig-Tipton October sale concludes Thursday, with the final session beginning at 10 a.m. Eastern.

For complete sale results, click here.