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Big Bidders at the horse auction spend 16 million!!

posted by Horse Owner Today    |   August 10, 2011 07:16

The market for thoroughbreds seems immune to the down economy.

At least in Saratoga Springs, where horse owners spent more than 16 million dollars in just a few hours during the first night of the yearling sales.

While many of us were watching our 401-K’s drop yesterday, the world's rich and famous were shelling out an average of $330,000 for a thoroughbred horse.

Attendees of the annual Fasig-Tipton yearling sales are not a group that typically pinches pennies.

Tuesday afternoon, prospective owners were taking a sneak peak at the horses to be auctioned off.

On Monday, 49 horses were auctioned for more than $16 million.

Sheik Mohammed, the ruler of Dubai, spent more than $4 million on six horses.

The annual horse sales followed troubling economic news and a 634 point drop in the stock market.

But the company that runs the auction says buyers seem unfazed.

Terence Collier, Director of Marketing of Fasig-Tipton says, "It's a strange thing. I mean, they are willing to put down, two, three, four-hundred thousand dollars more on a fragile thoroughbred, mainly because they love the sport so much. And that's what this is really all about. This is not a market for savvy investors. They made their money being savvy investors, they're here to enjoy their money."

The sales resumed 7:00 Tuesday night.

 

http://wnyt.com/article/stories/S2234511.shtml?cat=300 

by Mark Mulholland


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