09/25/2002 11:00PM

Three Chimneys cuts some fees


The stud fee for 2001 Horse of the Year Point Given and four other stallions at Three Chimneys Farm in Kentucky will be lowered for 2003, Three Chimneys officials said Thursday, citing weakness in the yearling sale market.

Point Given will stand for $75,000 next year, down from $125,000 for his first year at stud. War Chant will stand for $60,000, down from $75,000, and Rahy will have his fee reduced from $100,000 to $80,000.

"The market for the higher-priced yearlings tells us that we need to adjust stud fees at those levels," said Three Chimneys general manager Dan Rosenberg. "So we're adjusting."

The other two stallions who will stand for reduced fees are Atticus and Fly So Free. Atticus will stand for $10,000, down from $20,000. Fly So Free's fee will be reduced by $2,500 to $7,500. Three Chimneys' five other stallions - including Dynaformer ($50,000) and Silver Charm ($25,000) - will stand for the same fees in 2003 as 2002.

Three Chimneys is always one of the first farms to announce stud fees, and its decisions serve as a bellwether for prices in central Kentucky, home to the vast majority of costly stallions.

Receipts this year at the boutique yearling auctions have been off by a third. At the recently concluded Keeneland September yearling sale, gross sales declined 17 percent, and the average declined 18 percent.