Ring to Racetrack - Sales CommentarySelect stallion books lead to more select sales Keeneland’s...
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All Inclusive Pedigree & Sales Analysis for Any Horse (No. 43pi) And for Upcoming Sale Horses... (No. 49a) Click Her e CLICK HERE To comment on this column or to send a let- ter to the editor of THOR- OUGHBRED TIMES TODAY, send an e-mail to copy@ thoroughbredtimes.com Ring to Racetrack - Sales Commentary Sid Fernando Sid Fernando is pres- ident of eMatings LLC and Werk Thoroughbred Consultants Inc. He is the former bloodstock editor of Daily Racing Form and has written for such racing publications as THOROUGHBRED TIMES, Pacemaker, Thorough- bred Daily News, Owner- Breeder, North American Trainer , New Zealand Thoroughbred, Turf Di- ario, and Racing Post. He blogs about racing and breeding at www.sidfernando.wordp ress.com and is on Twit- ter as @sidfernando. He resides in Brooklyn, New York. Select stallion books lead to more select sales Keeneland’s new select-session format with evening ses- sions on Sunday and Monday cataloging about 200 year- lings in total was a welcome departure from years of cataloging 600 select yearlings over two days of all-day sell- ing. The new format’s antecedent is the defunct Keeneland July select yearling sale, where the evening atmosphere, cosmopolitan crowd, and smaller catalog generated sparks in the ring and results on the track that truly defined the cream of the American yearling crop. Part of that feel was captured on Sunday night, when new buyer Benjamin Leon bid with impunity to knock off Bob Baffert and client Kaleem Shah and then Coolmore’s John Magnier to land the A.P. Indy colt out of Zenyatta’s Grade 1-winning half sister Balance for $4.2-million. With everything going for him, including an outstanding physique, hip #14 was a true select yearling and mo- mentarily brought the sizzle back to Keeneland Sep- tember with a large crowd in attendance to see a price that had not been seen here since a Kingmambo colt (later named Meydan City) brought $11.7-million in 2006. But there were not many more like him on Sunday night—at least not in the same price altitude—and com- paring 2010 to ’06 is about as dangerous as comparing night to day. First off, a huge recession separates the years like a great divide. Second, sire power—and pedi- gree—was at a higher level in 2006 than it is now, just as it probably was higher in ’02 than in ’06. In 2006, 163 yearlings sold on the first day of the se- lect session for an average price of $539,264 and a me- dian of $310,000 versus the 69 yearlings that sold Sunday night for an average price of $347,319 and a median of $250,000. The discrepancies in numbers are attributable in large part to the economy but, in some part, too, to a drop off in select quality, which started with expanding stallion books in the 1990s and culminated in overpro- duction a decade later. During this period, many of the best female families were taken out of the U.S. commer- cial arena by foreign purchases as well. As far as sire power goes, in 2006 the top seven sires in the first session by yearling average (two or more sold) were Storm Cat, Seeking the Gold, Unbridled’s Song, A.P. Indy, Vindication, Dynaformer, and Kingmambo. Of these, only Vindication was an unproven horse, with his first crop only yearlings in 2006, while the rest were mature, proven horses, with Storm Cat, Seeking the Gold, Dynaformer, and Kingmambo each having international appeal as well. The comparable session leaders on Sunday night were A.P. Indy, Bernardini (first crop is two), Distorted Humor, Street Cry (Ire), Empire Maker, Unbridled’s Song, and Giant’s Causeway. All are excellent sires, but in general they are a younger, less-proven group, with more domestic appeal. Europeans have been complaining for a while—well before 2006—that U.S. sires are not as good as their own, at least for their racing programs, which are on turf and at varying distances, including trips unheard of in the U.S. like the 1 3 / 4 miles of the classic St. Leger (Eng-G1). Ironically, on Saturday, Distorted Humor, who stood the 2010 season at WinStar Farm for an advertised fee of $100,000, got his first European Group 1 winner when two-year-old American-bred and -owned Pathfork won the Boylesports.com Vincent O’Brien National Stakes (Ire-G1). In a 12-to-1 upset the same afternoon, the U.S.- based North Light (Ire), a Vodafone Epsom Derby (Eng- G1) winner by Danehill who stands at Frank Stronach’s Adena Springs Kentucky for an advertised fee of $10,000, was responsible for the Ladbrokes St. Leger Stakes (Eng- G1) winner Arctic Cosmos. Distorted Humor is one of the top sires in the countr y and now will get some respect from Europeans. How- ever, North Light’s St. Leger success actually underscores the concept of parity among sires these days, which is anathema to the select-sale concept that relied on an out- standing core of top-shelf stallions at any given point in the 1980s and ’90s, including Northern Dancer, Mr. Prospector, Danzig, and Storm Cat to name four. These days, young horses such as Birdstone, Pollard’s Vision, and Tapit, for example, have sired top-quality run- ners at low stud fees, and inexpensive yearlings such as Zenyatta ($60,000), Lookin at Lucky ($35,000 RNA), Blind Luck ($11,000), Evening Jewel ($8,000), Mine That Bird ($9,500), etc., have come from price ranges outside of the select perimeter and have questioned its raison d’etre. Simultaneously, the books of select-quality sires have been watered down by size and quality so that the statis- tical standards of measurement once used to gauge sire power no longer are the same as when select sires easily were identifiable. Any wonder, then, why the select mar- ket has lost its way, even ignoring the effects of recession? Keeneland’s decision to amend its select portion of the sale to about 200 yearlings instead of 600 actually is a nod to the times—that there are not enough true select- quality yearlings to sell—and a warning to commercial breeders that quality again must be cultivated. In time, this streamlining should create a market for the really select sires and pedigrees that once ruled the top of the market and shaped the game, horses such as A.P. Indy, for example. He was the sale topper at the 1990 Keeneland July sale at $2.9-million, won the Belmont Stakes (G1), became a leading sire, and is the sire of the $4.2-million colt. www.thoroughbredtimes.com Thoroughbred Times TODAY September 14, 2010 8
Transcript of Ring to Racetrack - Sales CommentarySelect stallion books lead to more select sales Keeneland’s...
All Inclusive Pedigree & Sales Analysisfor Any Horse (No. 43pi)And for Upcoming Sale Horses... (No. 49a) Click Here
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K H
ER
E
To comment on thiscolumn or to send a let-ter to the editor of THOR-OUGHBRED TIMES TODAY,
send an e-mail tocopy@
thoroughbredtimes.com
Ring to Racetrack - Sales Commentary
Sid Fernando
Sid Fernando is pres-ident of eMatings LLCand Werk ThoroughbredConsultants Inc. He isthe former bloodstockeditor of Daily RacingForm and has written forsuch racing publicationsas THOROUGHBRED TIMES,Pacemaker, Thorough-bred Daily News, Owner-Breeder, North AmericanTrainer, New ZealandThoroughbred, Tur f Di-ario, and Racing Post.He blogs about racingand breeding atwww.sidfernando.wordpress.com and is on Twit-ter as @sidfernando. Heresides in Brooklyn, NewYork.
Select stallion books lead to more select salesKeeneland’s new select-session format with evening ses-
sions on Sunday and Monday cataloging about 200 year-lings in total was a welcome departure from years ofcataloging 600 select yearlings over two days of all-day sell-ing.
The new format’s antecedent is the defunct KeenelandJuly select yearling sale, where the evening atmosphere,cosmopolitan crowd, and smaller catalog generated sparksin the ring and results on the track that truly defined thecream of the American yearling crop.
Part of that feel was captured on Sunday night, whennew buyer Benjamin Leon bid with impunity to knock offBob Baffert and client Kaleem Shah and then Coolmore’sJohn Magnier to land the A.P. Indy colt out of Zenyatta’sGrade 1-winning half sister Balance for $4.2-million.
With everything going for him, including an outstandingphysique, hip #14 was a true select yearling and mo-mentarily brought the sizzle back to Keeneland Sep-tember with a large crowd in attendance to see a pricethat had not been seen here since a Kingmambo colt(later named Meydan City) brought $11.7-million in 2006.
But there were not many more like him on Sundaynight—at least not in the same price altitude—and com-paring 2010 to ’06 is about as dangerous as comparingnight to day. First off, a huge recession separates theyears like a great divide. Second, sire power—and pedi-gree—was at a higher level in 2006 than it is now, just asit probably was higher in ’02 than in ’06.
In 2006, 163 yearlings sold on the first day of the se-lect session for an average price of $539,264 and a me-dian of $310,000 versus the 69 yearlings that sold Sundaynight for an average price of $347,319 and a median of$250,000. The discrepancies in numbers are attributablein large part to the economy but, in some part, too, to adrop off in select quality, which started with expandingstallion books in the 1990s and culminated in overpro-duction a decade later. During this period, many of thebest female families were taken out of the U.S. commer-cial arena by foreign purchases as well.
As far as sire power goes, in 2006 the top seven sires inthe first session by yearling average (two or more sold)were Storm Cat, Seeking the Gold, Unbridled’s Song, A.P.Indy, Vindication, Dynaformer, and Kingmambo. Of these,only Vindication was an unproven horse, with his first croponly yearlings in 2006, while the rest were mature, provenhorses, with Storm Cat, Seeking the Gold, Dynaformer,and Kingmambo each having international appeal as well.
The comparable session leaders on Sunday night wereA.P. Indy, Bernardini (first crop is two), Distorted Humor,Street Cry (Ire), Empire Maker, Unbridled’s Song, andGiant’s Causeway. All are excellent sires, but in general
they are a younger, less-proven group, with more domestic appeal.
Europeans have been complaining for a while—wellbefore 2006—that U.S. sires are not as good as their own,at least for their racing programs, which are on turf andat varying distances, including trips unheard of in theU.S. like the 13⁄4 miles of the classic St. Leger (Eng-G1).
Ironically, on Saturday, Distorted Humor, who stoodthe 2010 season at WinStar Farm for an advertised feeof $100,000, got his first European Group 1 winner whentwo-year-old American-bred and -owned Pathfork wonthe Boylesports.com Vincent O’Brien National Stakes(Ire-G1). In a 12-to-1 upset the same afternoon, the U.S.-based North Light (Ire), a Vodafone Epsom Derby (Eng-G1) winner by Danehill who stands at Frank Stronach’sAdena Springs Kentucky for an advertised fee of $10,000,was responsible for the Ladbrokes St. Leger Stakes (Eng-G1) winner Arctic Cosmos.
Distorted Humor is one of the top sires in the countryand now will get some respect from Europeans. How-ever, North Light’s St. Leger success actually underscoresthe concept of parity among sires these days, which isanathema to the select-sale concept that relied on an out-standing core of top-shelf stallions at any given point inthe 1980s and ’90s, including Northern Dancer, Mr.Prospector, Danzig, and Storm Cat to name four.
These days, young horses such as Birdstone, Pollard’sVision, and Tapit, for example, have sired top-quality run-ners at low stud fees, and inexpensive yearlings such asZenyatta ($60,000), Lookin at Lucky ($35,000 RNA), BlindLuck ($11,000), Evening Jewel ($8,000), Mine That Bird($9,500), etc., have come from price ranges outside of theselect perimeter and have questioned its raison d’etre.
Simultaneously, the books of select-quality sires havebeen watered down by size and quality so that the statis-tical standards of measurement once used to gauge sirepower no longer are the same as when select sires easilywere identifiable. Any wonder, then, why the select mar-ket has lost its way, even ignoring the effects of recession?
Keeneland’s decision to amend its select portion of thesale to about 200 yearlings instead of 600 actually is a nodto the times—that there are not enough true select-quality yearlings to sell—and a warning to commercialbreeders that quality again must be cultivated.
In time, this streamlining should create a market forthe really select sires and pedigrees that once ruled thetop of the market and shaped the game, horses such asA.P. Indy, for example. He was the sale topper at the 1990Keeneland July sale at $2.9-million, won the BelmontStakes (G1), became a leading sire, and is the sire of the$4.2-million colt.
www.thoroughbredtimes.com Thoroughbred Times TODAY September 14, 2010 8
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