Fasig-Tipton Midlantic sale posts solid numbers in turbulent market

In a topsy-turvy sale season filled with uncertainty, the Fasig-Tipton Midlantic 2-year-olds in training sale couldn't match last year's record renewal, but still turned in a strong performance.

Led by a $1.1 million colt by young classic sire Uncle Mo, the sale finished with an improved buyback rate and average and median figures that compared favorably to other recent editions of the sale.

The Midlantic auction, conducted at the Maryland State Fairgrounds in Timonium, has grown in numbers and popularity in recent years, evolving beyond a solid regional sale into a marketplace that has produced seven-figure horses in five consecutive years. Even with that growing reputation, the outlook was uncertain this season as the global coronavirus pandemic upended the juvenile sale season in North America, pushing the Midlantic auction from its traditional May dates following the nearby Preakness Stakes to late June.

The Thoroughbred market often shows restraint in times of economic uncertainty, and with the stock market plummeting and unemployment rates skyrocketing, that trend came to fruition in the juvenile auctions able to be held in North America so far this year. The Ocala Breeders' Sales Co.'s March auction, held as the pandemic began to expand in the United States, posted steep declines. The Florida company essentially restarted the season with its postponed spring sale earlier this month, which also posted declines, although it was chasing a record renewal in 2019.

Although the market trends led to caution, there also was hope for the Midlantic sale as a standout among the fewer opportunities to buy juveniles at public auction this season. Some juveniles intended for other boutique auctions, such as the canceled Fasig-Tipton Gulfstream sale, were rerouted to the Midlantic sale. A strong catalog delivered, with the seven-figure Uncle Mo colt, an $875,000 Candy Ride colt, and a $650,000 Not This Time colt leading the way, showing that there was still demand for quality stock.

At the close of Tuesday's second and final session, Fasig-Tipton reported that a total of 303 horses had changed hands for gross receipts of $23,572,500. At the 2019 renewal of the auction, 326 horses sold for a record gross of $29,374,000. This marked the first time online bidding was available for a Fasig-Tipton auction. The company reported that more than 50 horses received online bids and approximately 15 were sold online.

The sale's average price finished at $77,797, dropping 14 percent from last year’s record of $90,104. While leaving the record to stand, the sale compared favorably with other recent editions, as the 2018 renewal of Fasig-Tipton Midlantic averaged $74,680 and in 2017 the figure was $76,476.

The median was $40,000, a decline of 7 percent from $43,000 in 2019. That figure was the second-highest in sale history, finishing behind only the $45,000 figure from 2015. The median finished at $38,000 in 2018 and at $35,000 the year prior.

The cumulative buyback rate was a very strong 19 percent in a selective market, improved from 23 percent last year.

The 2019 renewal of the Fasig-Tipton Midlantic auction was led by future Grade 1 winner Gamine, who sold for a sale-record $1.8 million to Michael Lund Petersen, with Donato Lanni acting as agent. Petersen and Lanni struck again with this year's sale-topper by Uncle Mo, selecting him from the consignment of Pike Racing, as agent, during Monday's opening session. The Virginia-bred colt worked a furlong in 10 seconds flat during last week's under-tack preview show at Timonium, making him one of a dozen juveniles tied for the fastest work at that distance.

The colt is out of the winning Mineshaft mare Miss Ocean City, dam of the Grade 2-winning juvenile Azar. Miss Ocean City is a half-sister to Grade 3 winner Woodlander and to stakes winner Admiral Alex, as well as to Miner's Secret, dam of Grade 2 winner Coal Front and stakes winner Conquest Titan. This is the extended family of Belmont Stakes winner Go and Go, as well as Grade/Group 1 winners Casual Conquest, Emerging Talent, Media Puzzle, Refuse to Bend, Summer Love, and Twilight Agenda.

A Candy Ride colt sold for $875,000 to bloodstock agent Gary Young during Tuesday's closing session to top the day's trade and to finish as the second-highest price of the sale overall. Consigned by Ciaran Dunne's Wavertree Stables, as agent, the colt had worked a furlong in 10 1/5 seconds during the breeze show.

The colt is out of the winning Giant's Causeway mare Causara, whose only starter is the winning gelding C C Rider, a full brother to this colt. Causara is out of Grade 3 winner Lady Belsara, and Grade 1 winner Capote Belle appears on the catalog page.

Rounding out the top three prices was the $650,000 Not This Time colt, who continued an outstanding season in the sale ring for the freshman sire, who recorded a seven-figure sale earlier this month at OBS spring.

Bloodstock agent Lauren Carlisle purchased the Maryland-bred colt from the consignment of Classic Bloodstock, as agent. The colt, who worked a furlong in 10 1/5 seconds last week, is the first foal out of the winning Indian Charlie mare Sanctissima, a half-sister to Grade 2-placed Flying Private.

Also sold for prices of $500,000 or more were a Florida-bred son of Flatter, purchased by Mike Machowsky, acting as agent, for $600,000; and a $500,000 filly by leading sire Into Mischief, with Carlisle signing the ticket.

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