Two seven-figure lots lead Fasig-Tipton yearling showcase

LEXINGTON, Ky. – A pair of seven-figure yearlings led the way at the one-off Fasig-Tipton selected yearling showcase in Lexington, Ky., which also represented the belated start to the major-market North American yearling sale season.

With the coronavirus pandemic pushing back the juvenile sale season earlier this year, and travel and gathering restrictions due to the ongoing crisis, Fasig-Tipton was forced to reimagine its summer schedule, which typically consists of three summer selected yearling sales. The selected yearling showcase represents a consolidation of the company’s July selected yearling sale in Kentucky, which typically begins the North American season; the boutique Saratoga selected yearling sale, which was to have celebrated its 100th edition in August; and its New York-bred yearling sale, also in Saratoga. The company expects those three sales to return to their traditional dates in 2021.

In the meantime, a $1.5 million filly by Quality Road sold during Wednesday's opening session and a $1.25 million colt by American Pharoah sold in Thursday's finale topped the two-day showcase sale, which concluded with a selective marketplace that more than one shopper described as "spotty." Led by those two, Fasig-Tipton reported 348 yearlings sold over two days for gross receipts of $61,765,000. In addition to bidding on the sale grounds and an expansion of the longstanding phone-bidding program, horses could be purchased via an online bidding platform that was introduced to Fasig-Tipton sales in June, which is now integrated into live auctions. Although statistics on the number of horses sold online were not immediately available, Fasig-Tipton president Boyd Browning, Jr., said "a number" of horses changed hands via the online platform.

"There was certainly participation," Browning said. "It wasn't like every other horse [sold online] by any stretch of the imagination. ... But I think when we started this process, my goal was to be able to lay my head down tonight and say we tried everything amongst our own organization, everything that we can."

The sale's average price finished at $177,486 and the median was $120,000. Although there are no truly comparable year-to-year figures to hold this particular market segment up against, looking at Fasig-Tipton's 2019 sale results indicate that these figures are more than respectable. The 2019 July sale finished with an average of $92,183 and median of $75,000; the blockbuster 2019 Saratoga sale averaged $411,459 with a median of $350,000, both sale-record figures; and the New York-bred sale finished with an average of $87,097 and median of $60,000.

Browning was emotional at the close of the sale, crediting a large part of its success to the breeders, owners, and consignors who entrusted their yearlings to a new sale in a turbulent marketplace.

"Our commitment to those men and women was that we were going to do everything we possibly could to create the most viable marketplace under the circumstances that we could, and I hope and think for the most part we did that. We demonstrated that there is viability in the marketplace. It's not easy - I'm not going to kid you. There's frankly nothing in the world that's easy right now. But the demise and, quote unquote, "death" of the marketplace has been greatly exaggerated. There is activity. There's a viable market. It's selective - it's been selective, and you've heard me say that [for years] ... but there is viability, and there is hope."

The cumulative buyback rate in what was indeed expected to be a selective marketplace finished at 34 percent, improving significantly after a slow start on Wednesday. Many of the New York-breds in the catalog were grouped together at the start of the session in what was dubbed the “New York-bred preferred section.” They were tasked with the unenviable position not only of selling outside of their home market, but with selling early in the day as the market established itself. Of the first 10 horses through the ring, four sold, and the New York section finished with a buyback rate of 47 percent. Browning didn't attribute those results entirely to the pandemic.

"Traditionally, if you look over the last 10 years, the New York-bred sale has probably the highest RNA rate of any of our select or major sales, because there's so many racing opportunities for the New York breeders," Browning said. "So there's kind of less pressure on them from the outset. . . . [But] certainly the group that got probably the toughest hands in terms of a marketplace would have to be the New York breeders."

Robbie Medina, acting as agent, signed the ticket for the sale-topping Quality Road filly on behalf of Joseph Allen. Medina, a longtime assistant to Hall of Fame trainer Shug McGaughey, is now the general manager of Blackwood Stables.

"She's a beautiful filly and you can't get a better pedigree," Medina said.

The filly is out of Irish 1000 Guineas winner Marvellous, a Galileo mare who is already the dam of stakes winner Fort Myers. Marvellous is a full sister to multiple European classic winner Gleneagles, Group 1 winner Happily, group stakes winners Coolmore and Taj Mahal, and Irish classic-placed Vatican City. Their dam, Group 2 winner You’resothrilling, is a full sister to champion and leading sire Giant’s Causeway.

The filly, who was bred in Kentucky by Orpendale, Chelston, and Wynatt, was consigned by Hill 'n' Dale Farm, as agent.

A day later, the American Pharoah colt topped the seven-figure threshold as bloodstock agent Marette Farrell secured him on behalf of Peter Fluor and K.C. Weiner's Speedway Stables. The colt will be sent to Bob Baffert, who trained Triple Crown winner American Pharoah, a leading freshman sire in 2019.

"A really lovely colt - delighted to get him!" Farrell wrote on her Twitter account. "Here’s hoping he’s another superstar for Speedway Stable."

The May colt was consigned by Denali Stud as agent for breeders Bayne and Christina Welker. He is out of the stakes-winning Victory Gallop mare Swingit, whose most successful foal is multiple Grade 1-placed Neolithic, third in both the Pegasus World Cup and Dubai World Cup. Italian Oaks winner and champion Carnauba, champion and millionaire Housemaster, European highweight Shaanxi, and Grade 1 winner Smart N Slick all appear on the catalog page.

This colt got a catalog update when his juvenile half-sister Travel Column won on debut at Churchill Downs last Friday, giving Swingit five winners from as many starters. Those sort of catalog updates, leading to increased interest in certain yearlings, were what sales officials were hoping for in this unprecedented season, with the first major yearling sales positioned the week following the postponed Kentucky Derby and its major surrounding events.

Other yearlings getting updates were those by newly minted classic sire Into Mischief, the sire of Kentucky Derby winner Authentic. The Spendthrift Farm resident, the nation's reigning leading sire, had four yearlings in the top 10 prices, and averaged $396,765 from 17 sold overall.

“What’s left to say about Into Mischief, right?" Spendthrift general manager Ned Toffey said. "He’s done all the talking."

In addition to watching yearlings by its stallions, some bred at the farm, sell, Spendthrift purchased four yearlings for a total of $1.2 million. Three were in partnership with MyRacehorse, the micro-share partnership that holds a stake in Authentic.

"It's a little spotty," Toffey said of the market. "We've sold some that we've been really happy with. Had one we RNA'ed where we thought we were reasonable with our reserve that we were a little disappointed not to get sold. But we sold some very well, and thought the prices were fair on [those] that we bought."

The two seven-figure yearlings at the top of the market and Spendthrift's purchases were part of domestic domination of the marketplace - as was expected, given global travel restrictions as a result of COVID-19. Fasig-Tipton and Keeneland - which is set to conduct its bellwether September yearling sale from Sept. 13-25 - as well other industry groups and Kentucky elected officials, had been working to grant special travel waivers to international shoppers for the sale, but the plans of some to attend were likely stymied by post-travel quarantine restrictions upon returning to their own countries.

"I think it's unrealistic to expect broad participation internationally this year," Browning said. "The walking videos have been done, the internet bidding's been done, the expanded phone bidding - but the reality is that the 2020 yearling sales are going to predominantly rely on our domestic buyers."

Among the most active domestic shoppers at the sale was trainer Ken McPeek, who signed tickets on 13 horses for various clients. Starlight Racing purchased nine horses, alone or in partnership, while its offshoot StarLadies was in on another five horses in partnership. A number of other major North American-based farms or owners made multiple purchases as well.

"I think if you have the right horse, you see what happens. I think if you have an average horse, it's a little more difficult," said Ernie Retamoza, Jr., manager for Don and Donna Adam's' Courtland Farms. That farm purchased four horses for a total of $1.47 million, including a pair of $500,000 fillies. "It's a little spotty, but not for the better ones."

Domestic pinhooking outfits such as DeMeric Sales, Cary Frommer, Hartley/DeRenzo Thoroughbreds, Gulfstream Gallop, Pick View LLC, Pike Racing, Q Bar J, Quarter Pole Enterprises, Scanlon Training and Sales, and SGV Thoroughbreds were also on the board during the sale, perhaps indicating optimism for next season's juvenile marketplace.

A handful of high-profile international buyers did find a way to make their presence felt on desired lots. M.V. Magnier of the international Coolmore group, working with bloodstock agent Ben McElroy, purchased a pair of fillies. Japanese trainer Hideyuki Mori purchased four horses.

"The resiliency of our industry was on display," Browning said.

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