The Bull Market in Thoroughbred Horses is Running
Nearly 50 horses hit that benchmark in the 1st day alone, including a filly that went for $2.7-M to a group of Irish breeders.
And by the time the final gavel fell on the 2-weeks of fast selling auction, that number had climbed to 119. In total, 2,555 horses were sold for more than $300,000,000, setting an average price record of $120,487.
The market for Sport of King’s Thoroughbreds collapsed during the panic of the 2007-2008 global financial crisis.
Note: Lehman Brothers declared bankruptcy right in the middle of the Y 2008 edition of the Keeneland sale, as $500,000 yearling purchases fell to a post-crisis low of just 28 in Y 2010 before rebounding to 60 by Y 2013 and Y 93 last year.
“The horse business overall, is a luxury business, especially in top of the market,” Knightsbridge Bloodstock’s Chairman John Heffernan said. ” And over the last few years wealthy horse lovers and business people are coming out again, entering the ring and many are seeing healthy returns on their investments, as there is big money in breeding Thoroughbred horses.“
The return to the market last month has seen of some of the world’s big buyers including Dubai leader Sheikh Mohammed Bin Rashid Al Maktoum suggests to me that this the rally has just begun.
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