Economy a factor for sale

Despite the economy, this year’s Lexington Selected Yearling Sale might generate good results. The reason is simple: Purse money. Thanks to expanded gaming at racetracks in several racing areas, there is more purse money available today than three years ago. Here’s an example of how much money is out there: Through Sept. 30, 126 two year olds had earned $100,000 or more this season, with their total money-winnings a whopping $19.3 million.

 

Although the national economy has stabilized, the conservative economic atmosphere leads most observers to expect weaker demand for yearlings this year.

 

Last year’s opening night was a lively session with multiple bids on horses. With a $415,000 sale topper in the opener, the first session finished with the average up 2.3 percent over the 2007 opener.

 

The final average price of $40,494 put the Lexington Selected Sale in solid territory despite the fact that it got underway at the beginning of the worldwide economic meltdown. The U.S. stock market tanked 600 points the Monday before the sale, so the $40,494 average price for a yearling—a 10.1 percent decline from the previous year—was considered a strong performance.