03-24-2014, 07:02 PM
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Steve Byk
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Join Date: May 2006
Location: Greenwich, NY
Posts: 44,075
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Fasig-Tipton: High buyback rate depresses trade at Florida sale
By Joe Nevills
http://www.drf.com/news/fasig-tipton...e-florida-sale
After a pair of strong sales to start the juvenile auction season, the Fasig-Tipton Florida select sale of 2-year-olds in training could not continue the momentum on Monday, with nearly half of the horses offered failing to meet their reserves.
Fasig-Tipton reported 47 horses sold during the one-day sale for revenues of $13,370,000. That marked a 10-year low in gross sales and a 25 percent drop compared with last year, when 46 juveniles were sold for $17,725,000.
The average sale price dipped 26 percent, falling from $385,326 to $284,468. Meanwhile, the median price of $180,000 was the third-lowest since 2004, and marked a 40 percent drop from $300,000 last year.
The buyback rate continued to climb at the Florida sale, rising to 45 percent after finishing last year at 41 percent. It was the highest rate of horses not sold since 2005, also 45 percent, and marked the second year in a row above 40 percent after four renewals at 35 percent or lower.
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