Market Boom Record-breaking demand fuels new benchmarks in 2-year-olds in training sale season
Article by Michael Compton
Despite an uncertain economy, the 2025 2-year-olds in training sale season wrapped up in June with an undeniable display of market power. Far from simply holding steady, Ocala Breeders’ Sales (OBS) and Fasig-Tipton broke numerous records across their major auctions. The market saw unprecedented top prices, and auction results demonstrated impressive leaps in gross revenue, average sale price, and median figures. The resilience in the marketplace sends a clear message: the demand for promising young talent is incredibly strong.
Buyer confidence drove significant year-over-year growth for both OBS and Fasig-Tipton. The 2-year-old sales, which ran from March through June, saw robust market activity. Out of 2,407 horses offered during the season, an impressive 1,955 (81 percent) changed hands, generating a total of $226,124,100 in gross sales. This performance marks a jump in gross receipts from 2024, when 2,137 out of 2,691 horses offered (79 percent) sold for $208,181,400.
New Benchmarks
The OBS March Sale made headlines with a record-setting renewal. A colt by Gun Runner, now named Brant, fetched an astounding $3 million. Donato Lanni, acting as agent for Zedan Racing, signed the ticket. Consigned by Eddie Woods—who retired after the OBS Spring Sale in April after 30 years as a staple at the 2-year-olds in training sales—Brant is out of the winning Liam’s Map mare Tynan, a half-sister to Grade 2 winner and multiple Grade 1-placed Pappacap and graded stakes winner Boppy O. Word was out on the precocious colt, who breezed a co- bullet eighth-mile in a blistering :09 3/5 at the under tack preview.
“The Gun Runner colt had a pedigree, and you don’t always see that kind of family and sire power at a 2-year-old sale,” Donato Lanni, a prominent bloodstock agent known for his sharp eye, said of the most expensive horse in OBS history. “He had everything, which is why we stretched a bit. He has a stallion’s pedigree. He could potentially do great things on the racetrack and be a stallion somewhere.”
Momentum continued at the OBS Spring Sale. The sale experienced year-over-year gains in gross sales and posted a record-breaking average price with nine horses bringing seven-figure prices. OBS June closed out the lucrative sale season with a booming renewal. In the final hour of the two-day auction, a filly by Curlin consigned by Caliente Thoroughbreds established a record price for the June Sale, selling to Randy Miles on behalf of owner Gus King for $975,000.
The Fasig-Tipton Midlantic Sale in Maryland saw a Girvin filly take the top spot, selling for $1,100,000. She was purchased by Kerri Radcliffe/Alex Elliott, as agents for Memo Racing and Amo Racing. The filly is out of the Broken Vow mare Scarlet Dixie and was one of four horses to reach seven figures at the sale, marking a milestone. It was the 11th consecutive year the sale produced a seven-figure topper, and notably, the first time in its history that multiple juveniles sold for $1 million or more. Overall, the Midlantic Sale defied the odds, setting new sale records for gross revenue, average price, and median price. The achievement occurred despite facing challenges: severe weather forced the two-day sale to be consolidated into a single marathon session. Excessive rainfall even led to the cancellation of the breeze show, with the remaining horses galloping over the Timonium track for prospective buyers.
“It was a very vibrant 2-year-old market this year, especially at the top end,” said Lanni, who as agent acquired the top-priced colt and second-highest price horse of the Midlantic Sale—a $1,050,000 Violence colt consigned by Top Line Sales. “I think it has been about the same the last couple of years. The market is strong. It was great to see that there were a lot of international buyers this year, especially at the Fasig-Tipton Sale. Fasig-Tipton did a great job of soliciting outside buyers to come to that sale. There were more international buyers there than I have ever seen.”
More Than Speed
Millions of dollars are exchanged at the 2-year-olds in training sales, creating a complex puzzle for buyers, consignors, and sales officials alike. The challenge lies in identifying prospects with the ideal blend of raw talent and potential. While speed is certainly a factor, it’s far from the only consideration for buyers. Some consignors are even opting to enter horses for gallop-only at breeze shows. This allows trainers to go a bit lighter on the horses earlier in their development, prioritizing long-term soundness over a fast workout time.
“The under tack previews are a part of the evaluation process,” said OBS President Tom Ventura. “They aren’t end-alls, but they certainly give the buyers another method in evaluating the horses. I think timed works are an important part of it. Whether they go in :09 4/5 or :10 or :21 flat, it’s the way they move that’s important. And the timed works are also for comparison. If the fastest time at a specific sale is :10 flat, then that’s the benchmark buyers will compare the other horses to.”
Despite the importance of timed workouts at 2-year-olds in training sales, the OBS March Sale introduced a new “Gallop Only” option this year, allowing sellers to designate horses in the catalog specifically for a gallop at the under tack preview rather than a full breeze. The new option proved successful. A bay colt by Curlin named I Did I Did (Hip 224), a half-brother to Grade 1 winner Sweet Loretta, sold for $300,000 to trainer Mike Maker. The colt’s dam is the stakes-placed Bluegrass Cat mare Ithinkisawapudycat. Hip 661 at the March Sale, a chestnut colt by Munnings out of the stakes-placed Tapit mare Ursula, sold to D.J. Stable LLC and Robert Cotran for $210,000. Both colts were consigned by Niall Brennan Stables, agent for Mt. Brilliant Farm.
“The Curlin colt we sold in the (OBS) March Sale for the owner-breeder, he was a May foal,” Niall Brennan said. “He was a big colt, very well bred and they didn’t want him breezing in January. He just did a strong gallop, and he sold well. Mike Maker bought him; He’s a sharp judge. Here is a horse with a pedigree and a physical, so we were able to do that. But I think the trend this season anyway, people are willing to look at those horses. It’s encouraging.
“Obviously, some of the 2-year-olds in training sales were built on buying horses with physicals, not pedigree,” Brennan added. “They had to separate themselves on the racetrack and go out there and work fast to show their talent. That won’t change. The horses that have pedigrees, especially a nice filly, why beat them up? Just breeze them like normal in spring and you come see them do that. And if you love them, you don’t need to see them go :09 and change. It’s not going to be a dramatic change, but this season we have seen a light at the end of the tunnel. We don’t have to keep going faster, and faster, and faster. We can present these horses in their own natural rhythm and not push them too hard.”
When it comes to the highly competitive sales environment, buyers are faced with a wealth of information to consider. Breeze times, overall performance, physical integrity, and even the ability to overcome minor issues can all play a role in a buyer’s decision.
“Timed breezes, gallop outs, and the manner in which they do it and come out of it is one big compilation of information that buyers have to process,” Lanni said.
In July, Fasig-Tipton announced a significant shift for its 2026 Midlantic May 2-Year-Olds in Training Sale. The sale company will no longer officially clock breezes during the under tack show, instead aiming to showcase the natural athleticism of the horses to draw in more buyers. This will place the focus on a horse’s inherent talent rather than raw speed. Additionally, use of the riding crop will be restricted. Riders may carry a crop for safety purposes but they are not allowed to strike the horses during workouts.
“These changes reflect our commitment to improving our two-year-old sales process,” said Fasig-Tipton President Boyd Browning. “We believe buyer focus has skewed too heavily toward stopwatch-based evaluations. This approach is intended to restore balance–emphasizing how a horse moves and presents itself on the track.”
Sprinters vs. Classic-Type Runners
The traditional focus at 2-year-old sales has been on finding horses with speed. However, there is a growing sentiment within the industry that this emphasis might be shifting with some buyers now prioritizing long-term potential and soundness.
“I feel like it was getting to the point where everyone was automatically thinking that they need speed and a horse to run right now,” noted Ocala-based consignor David Scanlon, who sold a $1 million Nyquist colt at this year’s OBS March Sale. “People now seem to be spending more money and wanting more time to develop Classic-type horses. More horses sold this year that just galloped (at under tack previews) and I think that might be a trend that we see more of in the future. The perception of the 2-year-old sales might be changing for the better. It’s positive, and it’s very encouraging.”
The market for two-year-old Thoroughbreds can be a dynamic environment, often influenced by various factors, from economic trends to the perceived quality of the horses themselves. Despite challenges, prominent figures in the industry remain optimistic about the demand for top-tier prospects.
“We still have a good marketplace for the 2-year-olds,” said Brennan. “When you look back at OBS March and April and Fasig-Tipton Midlantic with the weather playing a factor there, we’re still seeing that what is perceived as quality sells very well. There is a market for these horses and people have shown they want to buy them, including racing partnerships. We still see foreign money at OBS in March and April and at Fasig-Tipton. Where we are struggling is the middle market. Ultimately, there is a volume of horses that there are just no buyers for because we have too many and there aren’t the same number of people buying horses at that level. It’s just a fact. There is a smaller turnout for the 2-year-old sales compared to the yearling sales. If there has been a real positive this year, it was evidenced in March and April and especially in Maryland where we had no choice and a lot of horses did a strong two-minute lick, technically a gallop because it wasn’t timed against the clock.
“We’ve been worried about this trend at the 2-year-old sales: How fast are they going to have to go? Will :09 flat be the next standard? Or :20 flat? That’s crazy. All of us—buyers and sellers, alike—can admit that is crazy,” Brennan continued. “We need to see the trend going more toward taking care of these young horses to continue their development so they can realize what they are bred to do. They are not supposed to be Quarter Horses. Speed is speed, and we know here in America some people want that and want to see them go fast. But there are a lot of good horses that don’t go in :10 flat that go on to win the Kentucky Derby and Kentucky Oaks.”
Buyers at the top end of the market are consistently seeking horses with the potential for major wins, rather than immediate speed.
“I think in all segments of the marketplace the emphasis continues to be on those horses that can win big races—whether it is a colt or a filly,” said Browning. “There are very few people shopping, particularly at the upper end, for a horse to win going five (furlongs). They are looking for Classic-type horses or horses that are going to win going a mile or further because that’s where the money is in terms of purses and long-term value. It’s a trend we’ve seen evidenced in racing and it’s evidenced at the 2-year-old sales and in the yearling sales. People are looking for the more two-turn type horses.”
While the landscape for 2-year-olds in training sales is constantly evolving, a slight shift in philosophy is influencing how some horses are evaluated. This is leading to a more nuanced approach to identifying future stars.
“I think it is changing a little bit,” Brennan said. “We have a lot of smart, educated people and very good agents that are looking for prospects at these sales. They are doing their homework, and they know what they are looking at. They are looking for something sound, something sustainable, and long term. They are not looking for a horse that is going to run five furlongs next week and that’s it. They are trying to buy horses for the long term. And I think that’s why they are willing to look at horses that two-minute lick down there and looked very good doing it.
“You can tell a good mover just as easily as you can tell a bad mover,” Brennan added. “A bad mover is just a bad mover. He isn’t going to breeze good or gallop good. But if a horse has a nice pedigree, like a proven pedigree, and then you look at that horse and he is a great physical, now you can say, ‘I would buy this horse as a yearling in a heartbeat.’ There is a market for that type of horse. But there will always be trainers and buyers who want to try to buy the fastest horses in a sale. After all, it is American racing, and it’s about speed. There are many people in the business who can’t get out of their own minds, and the clock rules.”
What is Driving the Marketplace?
The overall health of the marketplace is linked to the allure of the racetrack. High purses can significantly influence the willingness of individuals and partnerships to invest in young horses. Purse money, coupled with changing ownership models and new avenues for promotion, are contributing to a more vibrant and enticing marketplace.
“Purses ultimately are the reward and then the super successful horses are rewarded at the breeding end,” said Ventura. “When young horses are running for $100,000 maiden races, you don’t have to compete at the very elite racetracks any longer to get high purses. That has been important in helping to keep things moving in the right direction. Despite the economic uncertainty and other outside influences going on, I think the result has been the people that are buying horses at the moderate level will have a chance to get a return by taking them to the races. High purse levels have not just helped the 2-year-old market but also the yearling sales, and all the way through. Hopefully, that trend continues, because purses are at the point now where stables can justify their participation. And we do have more participation due to partnerships and syndicates gaining more appeal.”
On-Track Performance and Buyer Retention
The continued vitality of 2-year-olds in training sales also hinges on the success of sale graduates at the racetrack. The proven success of sale graduates creates a powerful incentive for buyers to return and for new participants to enter the market.
“We also have to make sure we get repeat buyers based on the success that they have (with sale graduates), as well as attract new buyers,” Ventura shared. “Ultimately, 2-year-old sale graduates have been successful at the racetrack. No matter what statistics you use, 2-year-old sale graduates as a group have been more productive at the racetrack than any other group. We see it repeatedly, these horses competing at the highest levels. Moving forward, we always look for ways that we can improve the (sales) process, whether its rules regarding the use of the whip or other medication-type rules that we put in place. Those are always ongoing conversations, and I see that continuing with us tweaking things a little bit. But for the general model, I don’t see any major upheavals.”
Attracting and retaining buyers is vital for the health of any market. The 2-year-olds in training sales are no exception. While top-tier horses will always command high prices, there is a significant segment of potential buyers who operate with a more moderate budget. The challenge lies in making the sales more appealing to them. Brenning offers his perspective on how to broaden the buyer base, particularly by adjusting the expectations around timed workouts.
“The one thing that can be done is to attract owners to the 2-year-old marketplace,” Brennan related. “There are many people at the racetrack claiming horses. They would be ideal middle market buyers, but they need to feel like they have a shot. They can’t afford the horses that go in :09 3/5 or :09 4/5. They need to be able to come to a 2-year-old sale where they feel like they have a chance to buy horses in their price range. Maybe we need a way to level the playing field for them. If it’s not the clock, they might have a chance if there are a bunch of horses just doing a strong two-minute lick. And then they are in the same boat as everyone else. It will take time, but I have spoken to people this season and they have been very adamant about the fact that if we did that (more gallop only as opposed to timed breezes) that they would come back to the 2-year-old sales. If there are just a few horses galloping, that is not worth their time to attend a sale, but if there are 20 or 30 horses doing that, they will come to a sale.”
International Buying Bench
Fasig-Tipton has gone to great lengths to attract international buyers to its Midlantic 2-Year-Olds in Training Sale in May. Expanding the global reach is a strategic imperative for many in the industry, and targeted international outreach has proven particularly fruitful for Fasig-Tipton. Building relationships and understanding the specific needs of foreign markets can lead to significant increases in participation and investment. Browning highlights Fasig-Tipton’s dedicated efforts and the positive impact of international buyers, especially from the Middle East.
“There is no question that we have made significant investments in time, money, and more importantly in personnel in terms of being active in recruiting efforts abroad,” Browning said. “Anna Seitz has been our key person involved in recruiting and Michael Adolphson has been a representative that we have had in the Middle East for a few years. The timing of the (Midlantic) sale works very well with their racing calendar in the Middle East. The dirt (surface at Timonium) is also a positive factor as the majority of horses that race in the Middle East compete on a dirt surface. It’s a combination of all those efforts.
“There has been a significant increase in 2024 and again this year in 2025 in participation from buyers in that sector,” Browning added. “And they are having good results at home with horses they are buying in the United States. It suits their racing product very well. We hope those trends continue and increase in future years.”
The 2-year-old sale market is clearly in a period of evolution, adapting to economic shifts, changing buyer preferences, and new opportunities. From the introduction of “Gallop Only” options to strategic international recruitment and a renewed focus on long-term potential over immediate speed, the industry is finding innovative ways to attract and retain buyers. The sustained success of sale graduates on the racetrack, coupled with increasing purse levels at the racetrack, and accessible ownership models signals a hopeful outlook for this vital segment of the Thoroughbred industry.