For curiosity I looked through the sales results for horses that sold on the low end and here is one who went for only $1k.
http://apps.keeneland.com/sales/Sep16/pdfs/766.pdf
Why do some horses go for such low amounts? I imagine the vetting alone just to get in the sale exceeds that with all the physical exams, x-rays, et.
Generally because the vetting turned up something they didn’t like so they are cutting their losses but the reasons are limitless.
Select yearling sale
[QUOTE=SnicklefritzG;8849374]
For curiosity I looked through the sales results for horses that sold on the low end and here is one who went for only $1k.
http://apps.keeneland.com/sales/Sep16/pdfs/766.pdf
Why do some horses go for such low amounts? I imagine the vetting alone just to get in the sale exceeds that with all the physical exams, x-rays, et.[/QUOTE]
I was at the sale years ago and was told all yearlings are inspected for this sale. They have to have good confirmation, good movement and appealing to buyers. Some of ‘lower’ prices are due to the yearling (even though everything correct) are just not flashy or appealing to all buyers. For myself I usually like something to ‘catch’ my attention. The demeanour or presence of the horse. If the yearling is ‘smaller’ or ‘larger’ than the average that may be a reason as well but its like any auction, sometimes you get a bargain at the seller’s loss.
It was my understanding that several years ago, they stopped inspecting every horse. I could be wrong but thats what I thought.
The sale is definitely a buyer’s market. I’ve spent several days out there and horses I would have bid a lot more for, sold for way less than they should.
The low and middle are going to be tough for a long time.
Id go and pick one of these cheap ones up for a sport horse prospect. Just wish you knew ahead of time which ones are going to be the bargains like this so that you can check the horse over and watch it move before hand. With this many going through the ring; it would be next to impossible to pinpoint which ones will be dirt cheap to ensure you check them out before hand. clean slate!
“Select sale” horses are inspected, and Book 1, Book 2. After that, it’s cataloged solely by pedigree and consignor input. Big consignors have enough pull to get a lesser pedigree (but a nice physical) in a better book. It’s a balancing act, trying to place a horse where out will be seen by the best buyers (for that horse) and be a “standout” to get noticed and bring a good price.
[QUOTE=snaffle1987;8853173]
Id go and pick one of these cheap ones up for a sport horse prospect. Just wish you knew ahead of time which ones are going to be the bargains like this so that you can check the horse over and watch it move before hand. With this many going through the ring; it would be next to impossible to pinpoint which ones will be dirt cheap to ensure you check them out before hand. clean slate![/QUOTE]
It’s not too hard to know which ones will be cheaper: the last books, with weaker pedigrees. If it’s cheap (in the sport horse price range) before Book 4, chances are good you don’t want it for a sport horse either (it likely has major physical impairments- bad scope, bad xrays, wonky conformation, etc).
[QUOTE=snaffle1987;8853173]
Id go and pick one of these cheap ones up for a sport horse prospect. Just wish you knew ahead of time which ones are going to be the bargains like this so that you can check the horse over and watch it move before hand. With this many going through the ring; it would be next to impossible to pinpoint which ones will be dirt cheap to ensure you check them out before hand. clean slate![/QUOTE]
If you know the pedigrees buyers want (what’s hot and what’s not - especially with sires), it makes it easier. Looking at horses with later birthdays is also a good call because they’ll be smaller and even in the later books, people aren’t fans of small horses. Another thing you could do is see who RNAs for cheap/no bids then go talk to the consignor. A decent number of them will make deals to get the horse out of their barn because it makes their clearance rate look better and because they don’t want to take them home and either have to race them or put in the extra thousands of dollars to enter them in another later yearling sale (you can find earlier year RNAs at Fasig-Tipton October and such) or a 2-year-old sale.
But like EventerAJ said, if they went for very cheap in Books 1-3 they probably have problems you don’t want to deal with.
I’d love to have a couple of the nice old broodmares. I remember when they used to sell at the TB racing sales for $500. Slaughter prices.
Now just say “Tapit” and the price of any young horse goes up to 750,000.00.
Wowza, just saw that hip #454 sold for 3 million. I think this yearling is book 3 or 4. The consignor told his storey of watching this baby as he had such a fantastic walk. Sigh… oh to be so wealthy
Wealthy is one thing, wanting to risk that much on a yearling on the other hand… I’d need way more than the $3M so I wouldn’t care if they were The Green Monkey incarnate 
(i.e., showing not much on the track after a whopping auction price).
[QUOTE=Saddle Search;8855233]
Wowza, just saw that hip #454 sold for 3 million. I think this yearling is book 3 or 4. The consignor told his storey of watching this baby as he had such a fantastic walk. Sigh… oh to be so wealthy[/QUOTE]
That horse was in Book 1. Book 1 is the first 3 days of the sale, followed by a “dark day” to let buyers look at the next group of yearlings (Books 2 and 3). Each Book after Book 1 covers 2 days of the sale.
For many years I would be there (with horse trailer), looking for sport horse possibilities. I was able to buy some really nice horses, but they were all in the $5000 range. Believe me, you do not want anything that goes for less — they usually are poorly conformed and/or have bad x-rays.
There is a repository for x-rays, but often the very cheap horses do not have them on file. Plus, when you find a prospect you often need to move quickly so you do not have time to find a vet to look at the x-rays.
Being an auction, you pretty much buy “as is”. There are certain issues which allow you to return a horse — neurological problems are one such problem. But you only have 24 hours to return the horse (and when it happened to me, I bought a (gorgeous) filly and bought her for a good price. It took me 22 hours to notice that something was wrong and 2+ hours to get cervical x-rays, so I was over the 24 hour window,
I called the consignor, who called the seller who offered to trade the horse for her younger sister (weanling). I agreed, only to find out that the sister had a fractured leg…
Lesson here: there are a ton of pitfalls when buying a cheap horse. 
Buying at auction is not for the faint of heart.
[QUOTE=Saddle Search;8855233]
Wowza, just saw that hip #454 sold for 3 million. I think this yearling is book 3 or 4. The consignor told his storey of watching this baby as he had such a fantastic walk. Sigh… oh to be so wealthy[/QUOTE]
Book 3 didn’t start until Hip 1408. Hip 454 is a half-brother to arguably one of the best mares this decade and by a young stallion who looked to be a future superstar before unfortunately dying suddenly in December at 11 years old. In horse racing, buyers always talk about ticking mysterious boxes (it changes for every buyer) and he definitely ticked most of the boxes any buyer would have. He’s headed to one of the best trainers in the world so he’ll definitely have the best chance possible to make back that $3-mil in purses and stud fees.
[QUOTE=gotpaints;8855877]
Book 3 didn’t start until Hip 1408. Hip 454 is a half-brother to arguably one of the best mares this decade and by a young stallion who looked to be a future superstar before unfortunately dying suddenly in December at 11 years old. In horse racing, buyers always talk about ticking mysterious boxes (it changes for every buyer) and he definitely ticked most of the boxes any buyer would have. He’s headed to one of the best trainers in the world so he’ll definitely have the best chance possible to make back that $3-mil in purses and stud fees.[/QUOTE]
And don’t forget he is also half-brother to hot young stallion Into Mischief.
There was a lot to like on the page and a great physical to go with it.
FWIW, most buyers have the same “boxes”. They want a great physical, a great pedigree, and perfect vetting.
Sales
[QUOTE=Lord Helpus;8855713]
That horse was in Book 1. Book 1 is the first 3 days of the sale, followed by a “dark day” to let buyers look at the next group of yearlings (Books 2 and 3). Each Book after Book 1 covers 2 days of the sale.
For many years I would be there (with horse trailer), looking for sport horse possibilities. I was able to buy some really nice horses, but they were all in the $5000 range. Believe me, you do not want anything that goes for less — they usually are poorly conformed and/or have bad x-rays.
There is a repository for x-rays, but often the very cheap horses do not have them on file. Plus, when you find a prospect you often need to move quickly so you do not have time to find a vet to look at the x-rays.
Being an auction, you pretty much buy “as is”. There are certain issues which allow you to return a horse — neurological problems are one such problem. But you only have 24 hours to return the horse (and when it happened to me, I bought a (gorgeous) filly and bought her for a good price. It took me 22 hours to notice that something was wrong and 2+ hours to get cervical x-rays, so I was over the 24 hour window,
I called the consignor, who called the seller who offered to trade the horse for her younger sister (weanling). I agreed, only to find out that the sister had a fractured leg…
Lesson here: there are a ton of pitfalls when buying a cheap horse. Buying at auction is not for the faint of heart.[/QUOTE]
How awful for you, and the other having a fractured leg. Talk about bad luck…
[QUOTE=LaurieB;8855896]
And don’t forget he is also half-brother to hot young stallion Into Mischief.
There was a lot to like on the page and a great physical to go with it.
FWIW, most buyers have the same “boxes”. They want a great physical, a great pedigree, and perfect vetting.[/QUOTE]
I’ve shadowed multiple bloodstock agents and each seems to have a bit different criteria for what they are looking for with the boxes. It’s always interesting to me to get down to the nitty gritty of exactly what they are looking for when talking about the “boxes” since overall it’s the same but the little differences of what they are looking for seem to play a big part in what kind of horses they ultimately end up with (dirt router, turf router, ect) even when they say they are looking for a horse to succeed in a different division.
This particular horse was understandably super busy showing through the weekend/week. Every time I went by that barn (way too many times), he was out and showing.
They all say they have a magic formula–which is why you should hire them rather than the next guy down the shedrow–and yet after they apply their criteria they all end up on the same horses.
[QUOTE=LaurieB;8856088]
They all say they have a magic formula–which is why you should hire them rather than the next guy down the shedrow–and yet after they apply their criteria they all end up on the same horses. ;)[/QUOTE]
The one I found the most entertaining was the one that said he was after Kentucky Derby types (aren’t we all) but all of the best horses he’s gotten are turf miler types.
Ugh turf…
In this country…
Based just on pedigree…
By submitting your email, you agree to our Terms of Service and Privacy Policy. You may also receive promotional emails from The Chronicle of the Horse. You can opt out at any time.
For Customers
Company
Terms of Use
