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Originally Posted by Cannon Shell
Sales was off almost $20 million from last years session from 163 horses sold for $87.9 million last year to 171 sold for $67.4 this year. There were no really high dollar horses with the exception of the Dynaformer. On first glance you may think that the overall market is way down but the reality is that Sheik Mo's totals alone were what propped up last years sale to record levels as he spent $29.6 million for 16 horses on last years 1st day versus $13.9 for 13 this year. That $16 million difference is 80% of the drop from last year.
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The sales have been off across the board all year long, and were expected to bere here as well. Whether it be a 10% "correction" or a 20% "slide", to whatever extent -- even if it's off big-time, I think you'll see a lot more in the way of reality.
First, from what I gather, there were no $10m horses in this sale. There are some nice horses, but I think people have gotten spoiled. The top will be much lighter, the high-end will be lighter as well. As far as the middle market, I think that will also depend on the buy-backs, RNA's, etc. and what the seller's mindset is.
This is a good thing, although the commercials breeders will say it's blasphemy, LOL.
Eric