Lexington Sales Reached More Than $29 Million

In order to assess the results of the recently-completed Lexington sales scene this fall, we need to study the history of the two, competing sales entities. Kentucky Standardbred was born 20 years ago when several disgruntled consignors left the Tattersalls sale in disgust after a bitter disagreement over contract terms.

Since that time, the two sales have competed heavily for consignors and buyers. The tone of the competition has never been friendly. It is an intense, often acrimonious, rivalry. However, for much of the past 20 years, each of the sales had spectacular results, managing to co-exist in spite of their differences. This year, however, marked the first time that one sale has totally dominated the other. Kentucky Standardbred did nearly as much gross sales this year as the two Kentucky sales did together last year, while Tattersalls had its poorest sale in memory.

The Kentucky Standardbred Selected Sale this year was, in a word--spectacular. And it must be viewed as such, in light of the discouraging sale at Tattersalls. However, despite the dramatic downturn at Tattersalls, the two sales, if viewed as a total market, reflected a significant increase in gross sales. In 1998, the combined gross of both sales was $25.68 million. This year, the combined gross was just past $29 million. Fewer yearlings were sold in Lexington this fall than at any time in the past decade, and some of the increase on the average price can be attributed to that factor, but there is no mistaking a vibrant, healthy market. This is a very encouraging sign for all breeders.

KENTUCKY STANDARDBRED HAD AN ALL-TIME RECORD WITH THEIR FIRST $20 MILLION AUCTION

Kentucky Standardbred (KS) was conducting its 20th annual auction this year, and celebrated the occasion with a record sale, which grossed in excess of $23.7 million. The previous best that KS had recorded in this decade was $18.7 million, set in 1998. This year’s sale reflects increases of nearly 27 per cent on the gross, and nearly 17 per cent on the average. The record gross of KS just misses the all-time gross sales mark recorded last fall by the Standardbred Horse Sales company, when the Pennsylvania-based auction sold more than $24 million worth of yearlings. However, KS sold nearly 200 yearlings less than Harrisburg last fall. So, this sale was a great success by any yardstick. The average price at this year’s Kentucky Standardbred sale just missed the $40,000 mark, averaging $39,356, as compared to $33,731 a year ago.

Across town, Tattersalls, the long-time sales rival of KS, sold earlier on the calendar than it had at any time in its history. The results were not good. Tattersalls experienced significant declines in gross sales. Tattersalls’ gross slipped from $7.8 million in 1998, to just over $5.2 million this year.

From an analytical point of view, it is problematic to compare Tattersalls’ or the Kentucky Standardbred sale this year with last, just as it is hard to make comparisons of any sale from one year to the next. The basic flaw in making these comparisons, of course, is that the same inventory is not offered. Among the many different variables that are at work are the fact that different stallions are represented, some mares have fillies instead of colts, there are different consignors, etc. Comparisons from one year to the next have always bothered me when it comes to sales results, for these reasons, and others. Tattersalls has seen an erosion, over the past decade, of its once-powerful consignor base. The balance of power that had tipped in favor of Kentucky Standardbred the past couple of years, is now complete.

COMPARING SALES RESULTS FROM YEAR TO YEAR IS DIFFICULT

The difference in one year from the last was truer this year than at any time in recent history, especially in Tattersalls’ case. Tattersalls’ catalog was much smaller this year (262 were sold this year—while nearly 340 were offered a year ago.) Kentucky Standardbred had a slightly larger catalog this year. This was the smallest catalog Tattersalls has offered at any time in recent memory.

It is unclear why Tattersalls chose to sell early before the Grand Circuit racing at Lexington. The combination of sales and racing had historically provided the synergy for much of Tattersalls’ success of the past 50 years. The racing at Lexington is so wonderful, and so exciting, and it has created the platform for many record sales over the entire post-war era. This was true even after Kentucky Standardbred came on the scene to offer competition. Tattersalls must have thought the early exposure to buyers was important enough that they took the calculated gamble of selling before the racing began. It was a gamble that did not work.

THIS WAS PINE CHIP’S THIRD YEAR

Another item that affected Tattersalls’ performance, of course, is that the get of Pine Chip comprised nearly one fourth of the entire auction. Even though Pine Chip leads North American trotting sires in the production of money-winning two and three-year-olds, there were some different dynamics at work in this year’s sale. This was the third crop for the sport’s fastest trotter, and everyone knows the quality of the third crop often does not match the first two years. Secondly, three young trotting stallions with wide following made for a much more competitive environment for the Pine Chip yearlings this year. The first two years that Pine Chip yearlings were offered, he had the advantage, not having strong competition.

Donerail’s first crop has raced well, and there were many good Donerail yearlings offered in both Kentucky books. In addition to Donerail, two new trotting stallions—Mr Vic and Lindy Lane—offered yearlings for the first time this fall. Both of these young horses were well received, benefiting from the overall good showing of the other sons of Valley Victory—Victory Dream and Donerail. All of this seemed to work against Pine Chip.

There is also the issue that 80 Pine Chip yearlings were sold at both sales. This had the effect of taking whatever market did exist, and spreading it out. Still, there was a lot of money available in this market for the best Pine Chip yearlings. The excellent colt from Act Of Grace sold for $290,000 at the KS sale. The full sister to Starchip Entrprise, also at KS, brought $100,000. At Tattersalls, the lovely filly from Delmary Hanover (dam of Personal Banner) sold for $125,000, and the filly from Winky’s Trophy (a daughter of Winky’s Gill) brought $150,000. There was nothing wrong with these values. What hurt Tattersalls’ overall numbers the most was that the venerable sales company did not offer a single trotting colt sold for anything near six figures. The Pine Chip yearlings at Tattersalls averaged more than $32,000. At Kentucky Standardbred, the average for Pine Chip, bolstered by the sale of the colt from Act Of Grace, was just past $48,000.

BRITTANY FARMS SET A NEW RECORD

Top selling colt or filly, and a new record for a yearling at any auction, was the sharp, Valley Victory colt from Feeling Great, that sold for $650,000 to trainer Ron Gurfein, as agent. The three-quarter brother to Self Possessed, the fastest racing trotter ever, bettered the old record of $625,000, established at Tattersalls in 1983 for the pacing filly, Laugh A Day. No trotting yearling had ever been sold for a price above $500,000 at any auction. Two trotters, one of them the successful race horse and sire, Supergill, had been sold for $500,000 at Tattersalls during the 1980’s. Brittany Farms bred, raised and sold the record-breaking colt. Brittany, who previously had sold the highest-priced trotter ever at the KS auction at $425,000, broke its own record with this sale. The folks at Brittany Farms also offered another terrific, Valley Victory colt in the full brother to Continentalvictory, which sold for $265,000. He was black, like his famous sister, and had much the same overall look. And like Continentalvictory, he was a good athlete in the field, even raising his tail in a manner similar to his famous sibling.

However, the Valley Victory colt from Feeling Great was a high-quality horse. The three-quarter brother to Self Possessed was seen as the mare’s best-looking foal to date. The colt is much more attractive at this stage than either Self Possessed or Take Chances, and is made very much like many of Valley Victory’s prominent offspring. He has good length, and showed good balance, extension and ability in the paddock. It was a foregone conclusion of most observers that he could be a record-setting yearling. He did not disappoint. Many of the same partners who had comprised the Self Possessed Stable are also part of the new colt as well, but he was also sought after by all major, trotting interests. It takes bidders to reach a record like this one, and there was plenty of interest on this colt.

The sale of the record colt helped Valley Victory record what is thought to be another new record for average prices. Valley Victory’s average of $150,846 on 13 head at Kentucky Standardbred is believed to be yet another record performance for the son of Baltic Speed. Buyers are aware, of course, that not many Valley Victory yearlings will be offered in the coming years, since his fertility continues to be uncertain.

There were a total of 24 trotting yearlings that sold for $100,000 or more at both sales. Nine of them were sired by Valley Victory. Four were from the aforementioned third crop of Pine Chip. Four were from the small, final crop of Victory Dream. Victory Dream had an interesting sale. Buyers were very eager to obtain a colt or filly from what is believed to be his final crop of foals, and were willing to accept flaws and still offer big money. Donerail also had four $100,000 yearlings. Mr Vic and Lindy Lane had two each, both at Kentucky Standardbred.

The reception for these latter two horses, Mr Vic and Lindy Lane, was very encouraging, and may be attributed to what has come to be known as “the V factor,” That, of course, is a reference to the presence of Valley Victory in their pedigrees. Mr Vic’s top seller was the dark chestnut, three-quarter brother to Muscles Yankee, which sold for $155,000. Top-selling Lindy Lane was a sharp colt from Sunkissed, which went for $120,000.

Trotting colts averaged $42,836 at Kentucky Standardbred, and the trotting fillies averaged $36,913. A total of 261 trotters were offered at KS, with 134 colts and 127 fillies. The combined gross on trotting yearlings was $10,428,000, or nearly 44 per cent of gross sales. This is very much in line with the fact that trotters represented 43 per cent of the entire offering. The combined average for all trotters, colts and fillies, was nearly $40,000, right on the mean for the whole sale.

At Tattersalls, 156 trotters were sold for an average of $26,312. Trotting colts at Tattersalls averaged $23,484 and trotting fillies did slightly better at just past $29,000.

MANAGERS OF THE TWO SALES HAD DIFFERENT FEELINGS ABOUT THE OUTCOME

Randy Manges, general manager of the Kentucky Standardbred sale, was overjoyed with the results. “We anticipated we would have a good sale. We hoped for a good sale, We expected a good sale. But no one could have predicted that we would have a great sale. We are very happy,” Manges said.

Bart Glass, consultant for Kentucky Standardbred, said that the sale featured what he called “a bumper crop” of yearlings. “We had more good individuals to sell this year from good mares with good pedigrees, than at any other sale.” Glass inspects nearly every yearling in the sale for Kentucky Standardbred and is well-qualified to pass judgment on the quality of this offering

At Tattersalls, general manager John Bradley was dismayed, and wholly perplexed. “I’m not really sure what happened here. Obviously, we were not pleased by the results, but I would have thought we would have done better. Pine Chip has done a great job, but they did not sell like they had in the past. We sold on different dates, and had a smaller book, but overall we are not pleased with the results.”