Fasig-Tipton reported an 11% average increase after Day 1 of the Kentucky July yearling sale on Tuesday.  A total of 107 horses sold for an average price of $76,220.

As the opener for the North American yearling season, the July sale historically has had a high buy-back rate as buyers feel little pressure to go out on a limb with thousands of yearlings still to sell.  Tuesday’s clearance rate of 63% was almost the same as last year’s mark despite a tighter catalogue.

Just like last year, a yearling by Darley sire Medaglia d’Oro brought top price of US$450,000.  And, not surprisingly, Sheikh Mohammed was the buyer.

Sheikh Mohammed’s bloodstock advisor John Ferguson outlasted B. Wayne Hughes to secure the colt from Southern Equine Stable.  Ferguson went to $425,000 for a Medaglia d’Oro filly that topped the 2009 sale.

“The Medaglia d’Oro colt was correct and had a good attitude and showed very well,” said Joe Osborne, managing director of Darley’s Kildangan Stud in Ireland.  “John saw him several times and liked him all the way through.”

The session topper is from Beright (Gray Slewpy) who was sold for $275,000 at the 2007 Keeneland November Broodmare Sale.  She is also the dam of Principle Secret (Sea of Secrets) who won the 2006 Best Pal Stakes (G2) at Del Mar.

The first half of Day 1 at the July Sale was set aside for yearlings by first-crop sires.  Since the recession that hit in 2008, buyers have been less willing to speculate on new sires, and that trend continued.

Last year, average price increased 27% from Day 1 to Day 2 when yearlings by established sires dominated the offerings.  Fasig-Tipton President Boyd Browning Jr. is hoping for a similar trend this year.  “We have some nice horses on Wednesday,” Browning said.  “They are by proven sires and I see no reason for it not to be good.”