Demand off at Fasig-Tipton Saratoga yearling sales
August 5, 2010SARATOGA SPRINGS, N.Y. (AP) - A sharp drop in demand for high-end thoroughbreds offered at the Fasig-Tipton Saratoga sale of select yearlings is being attributed to weak a global economy and tight credit markets.
The two-day auction concluded Tuesday.
Gross receipts declined by 38.3 percent and the average price was down 15.6 percent from 2009. The '09 sale, the first since Fasig-Tipton was acquired by Dubai-based interests, was strongly supported by sales to the Emirate's leader, Sheik Mohammed.
He returned to Saratoga this year but was a less extravagant buyer. The sales topper was a colt by A.P. Indy that sold for $1.2 million Tuesday to Besilu Stables. The colt was the only horse sold for seven figures at the sale, down from five in 2009.