Fasig-Tipton raises minimum bid to $2,500

Fasig-Tipton has announced that it will raise the upset price, or minimum bid, for all of its live and digital auctions moving forward.

The upset price for horses at Fasig-Tipton auctions will now be $2,500. The industry standard upset price across the major U.S. auction houses is $1,000. This price had been in place at Fasig-Tipton since 2000.

“The $1,000 upset price was instituted 25 years ago, and the time has come for it to be raised in support of our industry’s long-term commitment to Thoroughbred welfare,” Fasig-Tipton president Boyd Browning Jr. said in a press release. “The value of the dollar has certainly increased over time, and by raising our upset price we are better ensuring responsible horse ownership for years to come.”

As Browning alluded, Thoroughbreds sold at the lowest ends of the marketplace are considered to be more at risk of slipping through the cracks into an unsavory or unsafe situation.

The new upset price will go into effect at Fasig-Tipton’s next auction, its March digital sale, for which bidding is scheduled to close Tuesday.

There is likely to be a period of adjustment for buyers and sellers to the new figures, and buyback rates at upcoming sales will be scrutinized as a result. At Fasig-Tipton’s most recent live auction, the Kentucky winter breeding stock sale in February, 22 horses sold for prices lower than $2,500, with 10 selling for the low bid of $1,000. At the most recent digital sale in February, 21 horses sold in that price range, including three for the $1,000 upset price.

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