Fasig-Tipton July sale

[ELA]

Originally Posted by Cannon Shell

There are plenty of people to buy those $40000 horses but not many sellers willing to let them go for that. I will never understand the logic that it is somehow the buyers fault that the sellers arent realistic with prices.

That's the problem with the marketplace, vis a vis an inefficient market. Everyone would like to believe it's an efficient market, but far too many sellers turn deaf ears to the reality. There will be a major fallout, a market correction so to speak, and we'll see a cleansing of the market.

Unfortunately, like you said, there aren't sellers to accomodate that part of the market. All the sellers are looking to sell big money horses. There are only so many sellers and horses who can deliver the product that the top end buyers are looking for.

More importantly, in today's market -- today -- who new has come to the table to play the game at that level? Interesting observation. You see a Bob Lewis pass away, Sanan back off, a friction between Coolmore and Darley/Godolphin/et al, Melnyk back off, and so on. A new player comes along -- like Einsidler -- plays a bit and then backs off. Zayat comes along, plays in the big leagues, but not enough to make up for the losses. For the few truly hot horses -- there are just a few major players. The rest of the market is weak due to the sellers, the economics, etc.

Eric