After the OBS March sale, juvenile sales calendar up in air

The show goes on at the Ocala Breeders’ Sales Co.’s March sale of 2-year-olds in training this week, as the two-day auction was poised to open the juvenile auction season in North America that will have a massively changed landscape due to the coronavirus pandemic.

As the Thoroughbred racing and bloodstock industry grapples with recommendations for slowing the spread of the virus, two boutique auctions at major racetracks have been canceled – the Fasig-Tipton Gulfstream sale, which had been scheduled for April 1, and the Keeneland April sale of 2-year-olds and horses of racing age, which had been slated for April 7. Gulfstream is conducting its races without spectators, and Keeneland announced it will run the first two weeks of its spring meet without spectators before reevaluating what to do.

Meanwhile, OBS, which was already under way with its breeze show, announced Friday that it planned to proceed with the March sale as scheduled. The sale company said it would ramp up its cleaning schedules; leave open doors that do not need to be locked for security in order to reduce the need for patrons to touch the handles; and would instruct employees to follow sanitary protocols and stay home if sick. Additionally, the company said it would increase phone-bid capacity for prospective buyers unable or unwilling to attend the sale.

“We are mindful of the nature of the situation, and continue to monitor circumstances that may force a change in our position,” OBS president Tom Ventura said. “Certainly there is heightened awareness of the importance of proper hygiene, and we are taking steps to follow recommended sanitary protocols.”

There were 681 juveniles cataloged for this season-opening sale, with 534 still scheduled to sell accounting for outs through Monday morning. Ten juveniles tied for the fastest furlong, the traditional yardstick for 2-year-old sales, on the all-weather Safetrack surface during last week’s breeze show. A colt from the first crop Anchor Down was among those to breeze in 9 4/5 seconds, along with colts by Ghostzapper, Kantharos, Orb, Run Away and Hide, The Factor, and Will Take Charge, and fillies by Liam’s Map, Overanalyze, and Shanghai Bobby. A filly from the second crop of Triple Crown winner and leading freshman sire American Pharoah stood alone with the fastest quarter mile of 20 2/5 seconds. The OBS March sale, which must establish momentum in a selective market, posted mixed results in its 2019 renewal. Topped by a pair of seven-figure colts, including the sale-record $2 million Chestertown, the sale posted a gain in gross compared to the 2018 edition and also had an improved buyback rate. However, the auction also posted double-digit year-to-year declines in its average and median sale figures.

This year’s renewal is likely to face a market showing restraint in the face of uncertainty, with the stock market dropping during the coronavirus pandemic, and with early-season 2-year-old racing where buyers might hope to recoup some of their investment an uncertain proposition. The buyback rate will be worth watching with respect to those dynamics, especially as pinhookers may be unwilling to resell juveniles without recouping their investment, and some sellers might be willing to race their horses as opposed to letting them go for below their perceived value. But with the rest of the juvenile sale calendar is in flux, other sellers may be eager to move stock rather than to be saddled with additional overhead costs for an indefinite period.

The cancellation of the Fasig-Tipton Gulfstream sale is a blow to the high-end market, as that auction sold the most expensive 2-year-old in North America last season. The beneficiary could be the Fasig-Tipton Midlantic sale, if held as scheduled May 18-19 in Timonium, Md. That sale has already been steadily growing in numbers and popularity and has produced seven-figure horses in five consecutive years, led by Gamine, the sale-record $1.8 million filly who helped the sale finish with record gross and average figures last year. Now, Fasig-Tipton says it plans to re-route the horses cataloged for the Gulfstream sale to the Midlantic auction.

OBS has not yet announced plans or contingencies for its spring sale, scheduled for April 21-24. June looks to be a busy, with the Fasig-Tipton Santa Anita sale scheduled for June 3, the OBS June sale scheduled for June 10-12, and Fasig-Tipton in the planning stages for a second Midlantic sale in late June to provide an additional sale venue for horses from affected auctions.

“This is certainly a unique set of circumstances, but we will always strive to make the best decisions that we can for the marketplace and our customers,” Fasig-Tipton president Boyd Browning said.

Those circumstances could continue to evolve. On Sunday, the U.S. Centers for Disease Control and Prevention recommended that no gatherings with 50 people or more take place for the next eight weeks, which stretches into mid-May.