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Originally Posted by Cannon Shell
Eric
If you had been at Keeneland for books 6 and 7 you would have seen a lot of strength in the lower end of mares. The keys are being relatively young, having a blacktype in the 1st dam or good blacktype in the second. There is a huge interest in the secondary markets like PA, NM and some emerging foreign markets. It is not like these mares are being bought for 200% of value, but the ones who qualify are getting the right money.
One of the problems at that level is stud fees still being too high in KY. The problem in the regional markets is the lack of quality stallions period, regardless of price. I know people laugh at a horse like Noble Causeway but at $5000 he is actually not a bad play. At least his owner is going to support him with better quality mares than a typical $5000 stallion will get.
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I agree Chuck. What was the average for 6 and 7? And, perhaps more importantly, what was the median? I have always looked at the cost of bring a lower priced mare to the sale. From getting her to KY, farm (and I get good deals as many do), to sales prep, pre-sale fees, and so on, it sometimes is cost prohibitive if you sell a mare for $15k.
I was in action during the sale and I think a lot of those mares are not the $10k and $20k mares. I think they are higher priced and higher quality than that. There will always be buyers for them in the sales. But if I have a $10k or $20k mare to sell, it's not anywhere near as feasible to bring that mare to the sale.
But, for the right players, yeah, you are right, it's there. I just think for someone like me, when I have that mare to sell (especially in the off-season), it can be like ice in the winter. And, the sale is the sale, the rest of the marketplace is year 'round. I find the $30k and up market very strong. These are the mares that can sell yearlings in later books for strong money. Regardless, like Bob Fox has always said -- this is a business of self-expression.
Eric