13 January 2009

Price Downturns -- Not Just for US Housing

Here's one of the lead stories at TheBloodHorse.com today: "Keeneland Opening Average Plummets 45.9%":

The results were grim, but not surprising, as Keeneland opened its January horses of all ages sale in Lexington during a time of worldwide economic downturns. The gross revenue Jan. 12 plummeted 44% from the auction’s first session in 2008 while the average price dropped 45.9%. The median price suffered the most damage, falling 50.9%.
Not surprising, indeed. But this sale shows the extent of the downturn since this is an upper-end racing stock sale:

The 202 horses that sold grossed $11,945,900 and averaged $59,138. The median was $27,000. Last year, 195 horses were sold during the first session for a gross of $21,325,900 and an average of $109,364. The median was $55,000.
So this is not where mom and dad go to buy a nice show hunter prospect for little Emily.

However, with high-end warmblood prices still holding up fairly well, I'm actually hearing some show people are starting to venture into the mid-range TB sales looking for show horse prospects.

And many sites, such as TheHorse.com, now have lists of free Thoroughbreds.

Free horse--an oxymoron if there ever was one.

I need to get one of those T-shirts with this text:

I do NOT need another horse.
I do NOT need another horse.
I do NOT need another horse.
I do NOT need another horse.