Is it time to buy a thoroughbred?. Already, auction prices for racehorses are sagging badly, having been nailed by the weak economy and the strong dollar — keeping foreign buyers at bay. The total take at a Keeneland auction last month was down 45% from last year. The price of the average horse was off 40%. As the wealthy tally up their losses this year, the horse may be one of the first indulgences to go, especially since horses need money for food, training and shelter all year round. Very few are profitable.
And now a big glut is set to hit the market in one fell swoop. Fairfied Greenwich partner Jeffrey Tucker, a big-time horseman who owns 25 thoroughbreds, is looking to liquidate the entirety of his equine portfolio, after his firm becamse the biggest Madoff loser:
Albany Times Union: The losses have caused all construction on Tucker’s vast farm to grind to a halt, and the properties’ manager says Tucker will soon sell his horses. “It’s going to be tough financial times,” manager Dennis Brida said in an interview this week.
He said that rumours about the farm closing and laying off its 50 employees are false. But Tucker plans to carefully evaluate the farm and make necessary changes, Brida said, including unloading his 20 to 25 horses, some of which ran at Saratoga Race Course, in the coming months.
So the great equine unwind is upon us. Hope you’ve got your latest copy of The Blood Horse.
Horse Prices Fall 40%
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