AbonnéBusiness
Yearling Sales: A Global Market Driven by Irrationality
The international yearling market (thoroughbred horses) has just taken another leap forward. In August 2025, Deauville, Saratoga, and Magic Millions all recorded historic results, confirming the strength of a sector that, despite economic uncertainty and the decline in horse betting, continues to attract more and more wealthy investors.
€3 Mio
The highest price achieved at Deauville for a mare
$4.1 Mio
The highest price for a foal at the Saratoga sale
$1 Bn
The annual European thoroughbred market
From August 16 to 18, 272 yearlings were presented at the Arqana August Sale. 217 found buyers—nearly 80%—for an average price of €266’576, a record and a 23% increase compared to 2024. Turnover reached €59.98 million, up 17%. Eight foals exceeded the million-euro mark, including four that sold for more than €2 million. The top price of €3 million was paid by AMO Racing for a daughter of Night of Thunder and Prudenzia, a sister of Magic Wand and Chicquita. “She is truly priceless. To build a dynasty, you need to acquire this kind of horse,” explained her buyer, Alex Elliott.
Godolphin, a loyal participant, invested heavily: €2.25 million for a son of Frankel, €2 million for a daughter of Dubawi. Other million-euro bids included a son of Camelot at €1.2 million, a sister to Audubon Park at €1.2 million, and a sister to Vespertilio at €1.1 million.
For Olivier Delloye, CEO of Arqana: “We broke records and exceeded our own expectations. The market has become more selective, more demanding. The very best foals command very high valuations, but it is sometimes difficult to cover production costs. This success must be widely shared: this year, many different breeding farms signed spectacular sales.” He added: “We operate in a volatile environment, with buyer activity fluctuating from year to year. But the constant presence of Godolphin, Coolmore, American, Japanese, and Gulf investors confirms Deauville’s global reach.”
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Saratoga: America Overheats
Just days earlier in Saratoga, Fasig-Tipton recorded the best sale in its history. The 104th Saratoga Sale totaled $100.7 million, up 22.6% compared to 2024. The average price reached $629’469 (+18%), the median $450’000 (+5.9%), and the buyback rate dropped to 12.3%, the lowest since 1981.
The highlight: a colt by Into Mischief sold for $4.1 million to Coolmore & White Birch Farm, the highest price at Saratoga in over 20 years. Another Into Mischief went for $3 million, and a son of Gun Runner for $2.9 million. In just two evenings, no fewer than 25 yearlings passed the million-dollar mark.
Boyd Browning, president of Fasig-Tipton, summed it up: “We experienced two incredible days. At times like these, everything comes together as if by magic.”
Saratoga illustrates the same logic as Deauville: a “boutique sale” paired with a summer racing meet, where clients are as enchanted by the setting as by the horses on offer.
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