Keeneland Down 45.6%
Sales director Geoffrey Russell, asked how long the slump might last, replied:
“I don’t know because I am not an economist. I would like to see this turn around as quickly as possible. Definitely in time for [the Keeneland] January sale [Jan. 12-17, 2009],” he said half-jokingly, knowing that is unlikely to happen.
Keeneland’s sales over the last 16 years show that as an asset class, thoroughbreds are high-strung and a bit jumpy. When the world’s economy catches a sniffle, the horseflesh market starts wheezing…. When the economy slowed in the early 1990s, Keeneland’s sales fell three straight years, slumping 40 percent from $372 million in 1989 to $225 million in 1992.
Oh. Sounds like the just concluded Keeneland November sale augurs a rough year or three ahead.
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