b'salesY e a r L I N G S|Quality comesthe strength of the 2018 yearling sales was a perception that the crop on offer was of better quality than seen in recent years.at a price In the end, it has to be the horse, said Geoffrey Russell, Keenelands director of sales operations. There are external factors such as By Ron Mitchell a strong economy and stock market and new tax laws that obviously help raise the bar. But if As the bellwether for the health of thethe horses arent top quality, buyers arent going Anne M. eberhArdtThoroughbred breeding and sales industries,to pay extra money for them just because they the U.S. yearling market in 2018 soared to itshave it in their pocket.highest level since the global recession of 2008. Browning said there is nearly insatiable Underscoring the yearling demand, thedemand for the top yearling prospects.$543.8 million gross receipts were the highestJohn Sikura consigned the sales-topping Its the same old storythere is a tremen-since 2006, with a record average of $84,442War Front colt. dous push for quality, Browning said. Buyers for the 6,441 yearlings reported sold and asale established a record for gross sales, saidcrave quality and are willing to pay for it. Every median price of $23,000just off the 2013- Fasig-Tipton president Boyd Browning Jr.crop is different, whether its how the climatic 14 high of $25,000. The quality of horses we had on the saleconditions affect how the horses are raised or Not unlike other auction sectors, yearlinggrounds was fantastic. whether its pure luck; it was a very good group sales of 2018 were driven by the top of theThose involved with breeding, selling, andof upper yearlings offered in 2018.market as more programsboth racing andbuying yearlings point to a number of factorsI thought it was a very good crop phys-those involved with buying to re-sellcon- behind the bull market, including the strengthically, said buyer Pete Bradley. The strong tinue to emphasize quality over quantity. Theof the U.S. economy and stock market andeconomy and more disposable income help, number of seven-figure yearling transactionsnew tax laws that make it more attractive toalong with the new tax laws. But I do think more than doubled, with 33 such individu- own horses. there was a better horse out there. als, compared with 16 in 2017. At the levelBut one of the most overriding reasons forAs Ive said before, were farmers raising just below the top, 48 were sold within the $750,000-$999,999 price range, up from 33 in 2017.Reflecting its status as the largest yearling auction in the world, the Keeneland Septem-ber sale led the way, with 2,916 horses selling for a gross of more than $377.1 million, fourth-highest in sale history and largest since 2007, and the cumulative average of $129,335 was a record.I dont know how we could have predict-ed it to be as successful as it has been, said Bob Elliston, Keenelands vice president of racing and sales. The Saratoga Sale, Fasig-Tiptons two-day boutique sale in Saratoga Springs, N.Y., that is a social event as much as a horse sale, Anne M. eberhArdtproduced record gross of $62.8 million, with a record-equaling median of $300,000 and an average price of $369,376 that was second-highest all-time.Im pleased to report the 2018 SaratogaGodolphin went to $2.2 million for a son of American Pharoah consigned by Woods Edge Farm.NORTH AMERICAN YEARLING SALESNortH americaN YearliNg salesNot%Gross Average MedianYear Offered Sold RNAs Sold Revenue Price Price $80,0002018 8,718 2,277 26.1% 6,441 $543,888,881 $84,442 $23,0002017 8,496 2,246 26.4% 6,250 $466,748,034 $74,680 $22,000 $70,0002016 8,734 2,535 29.0% 6,199 $404,200,550 $65,204 $20,0002015 8,538 2,28526.8% 6,244 $425,371,657 $68,125 $24,000 Average Price$60,0002014 8,722 2,206 25.3% 6,516 $412,366,193 $63,292 $25,0002013 8,062 1,645 20.4% 6,417 $411,128,630 $64,069 $25,0002012 7,786 1,810 23.2% 5,975 $332,807,758 $55,770 $21,000 $50,0002011 8,515 2,104 24.7% 6,411 $327,751,931 $51,123 $17,0002010 9,776 2,835 29.6% 6,941 $293,217,931 $42,244 $11,000 $40,0002009 10,411 3,225 31.0% 7,186 $307,286,001 $42,762 $10,0002008 11,707 3,636 31.1% 8,071 $447,744,889 $55,476 $15,000 $30,0002007 12,284 3,315 27.4% 8,969 $537,294,709 $59,906 $16,0002006 12,220 3,323 27.1% 8,897 $556,038,746$62,497$15,000$20,000 Median Price2005 12,197 3,259 26.5% 8,938 $551,402,996$59,454$15,000 2004 11,169 2,798 24.8% 8,371 $479,444,333 $57,274$15,000$10,0002003 11,699 2,856 24.4% 8,843 $425,251,514$48,089$12,000 $086 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 11_Sales_use.indd 86 3/20/19 4:47 PM'