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Fasig-Tipton Saratoga Select: Average Down 20.7%
The opening yearling session of Fasig-Tipton's Saratoga Select on the US east coast was widely expected to pick up where it left off last year, however by close of business all figures were down starkly on 2011. The gross dropped 15.8% from US$16,155,000 for 49 yearlings sold in 2011 to US$13,590,000 for 52 sold in 2012. The average price was down 20.7% from $329,694 in 2011 to US$285,000 in 2012, and even more marked was the 29.8% fall in the median price from US$285,000 in 2011 to US$200,000 in 2012. At a press-conference after the 1st session closed, Fasig-Tipton president Boyd Browning urged caution in judging the sale until the 2nd session is completed: "We have high expectations, and we want to see positive results and positive momentum in everything we do. But I would caution myself and you all that it's only halfway through the sale. Last year the first night was stronger than the second night. Hopefully, in 2012, the second night will be stronger than the first night from a horse perspective and maybe we'll build a little bit more momentum in the auction arena as the result of having some good horses."