Horse Auction Sales Are Lower
Posted on October 26, 2008
Day 2 of the most recent Lexington Fasig-Tipton horse auction sales came in lower than last year. 387 horses sold for a combined total of $5.32 million. This is roughly half of what was seen in the previous year. The highlight of the day was the $310,000 purchase of Giant’s Causeway which is from the Summerfield consignment. This raised the 2 day average per per horse was almost $14,000.
Approximately 1/3 of the horses that were up for sale, didn’t meet the reserve prices that their owners held on the horses. This is a big increase from the 20% figures of horses that didn’t sell in the previous year.
So, overall the slowing economy seems to be affecting a great many persons beyond just the real estate industry. Persons are being more cautious with their investments. One positive upspin on this is that only the very best horses in the industry are going to be purchased and bred. This should ensure a banner crop of outstanding contenders in the coming years in the next generation and may prove to be a real boon of stronger bloodlines and quality of horses competing within the horse industry.
» Filed Under Kentucky Horse Events and Clinics, Kentucky Horse Farms and Real Estate Tips
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