LEXINGTON, Ky. - It has been almost two years since Fasig-Tipton and the Keeneland Association decided to set a $1,000 upset price, or minimum bid, at their horse sales as a way of discouraging slaughterhouse buyers from collecting cheap Thoroughbreds at their auctions. Both companies believe the change has made a difference.
Fasig-Tipton uses the $1,000 upset price for stock over 2 years of age and also has a $500 upset price for weanlings and yearlings. Keeneland's policy sets a $1,000 upset price on all stock, regardless of age.