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Fasig-Tipton CEO on The Sport of Kings

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  • Description

    Fasig-Tipton CEO Boyd Browing weighs in on this year's thoroughbread auction.

  • Duration 3:47
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Airports.

With thoroughbred racing bring in an almost two billion dollars and just prize money last year it is no wonder big time investors are looking to get in on that action two billion dollars -- -- facility in Saratoga.

In not New York where some of the horses -- already sold at auction for over 200000 dollars -- And Connell and they -- their arm.

More horses for sale tonight we're halfway through the sale does point horses like this -- behind you're -- to be once -- on the auction block tonight we're at the fast attempt in self.

It is one of the world's most exclusive.

Most premier.

Race auctions of horse auctions excuse me this store -- -- are going anywhere believe they're not 2000 up to over a million dollars we have to thoroughbreds last night.

The both went for over a million dollars -- -- action continues tonight -- the company.

That's -- -- and takes 5%.

A each horses sale that's a big chunk a change and -- Browning is the CEO.

A spastic -- joins me now here on your grounds and -- you had a heck of a night last night.

The expectations for the sell it last night were pretty high revenue isn't quite -- like they'd expected you're betting tonight's gonna be a better night why.

Well we think overall -- catalog might be a little stronger tonight preliminary interest from from prospective buyers.

The feedback that we got from there wasn't -- a little bit better -- -- -- run the second night tonight rather than last night but that's not a pretty good night last night is what a great night last night.

Okay fair and that you know last year when the things that kind of pressured the sale and many things of course around the world when it comes a thoroughbred racing tracks.

Was the S&P downgraded of the United States a lot of the investors last you're talking about that they were a little.

Nervous about pulling the trigger when.

What are the buyers telling you this -- about how they're feeling about the economy overall.

You know I think people have a some of the angst has gone from the marketplace.

There's not a great deal of confidence Elvis really anxious gone I think people are still conservative.

Think we saw some of the conservative.

That behavior last night and -- people were bidding they're bidding with restraint.

From an auction perspective you what who you would prefer -- -- with emotion.

Without any restraint but -- -- bidding still interest but it said established levels and stick until pretty close.

A lot of big gains walking around these grounds -- -- -- that are behind you last night I mean this was a scene.

Last night believe it -- not mean this was this was packed full of folks.

About the types of people the most common type of person you see investing is it -- tech person is a Wall Street -- The shake from -- behind measure most common buyer.

All of the about.

That's what -- such an instant businesses that -- you attractive for wide variety people from a wide variety of areas.

We had buyers last night bidders last -- from the United States from Dubai Japan Europe.

And so forth.

And each one of them -- can have a different story of how they got involved in the horse business they might be very competitive person may have gone a races as a young child.

It may have had a friend or family would have an interest but it really there's no -- discipline -- set stereo -- as you can use for for racing enthusiasts -- horse owner.

You know what -- you talked about people that -- love the horses and there were kids -- -- those people is -- light on what holiday get McConnell what think you very much that obviously is gonna be coming up but the next hour of markets now he was twelve years only used to -- to attract here's habitat -- -- -- witness father.

He is now here.

We got to talk to him exclusively he told us about why he is here.

Making his bets and -- that's a win on thoroughbred horses also we're gonna have Terry family now how -- average person get in.

To an investment angles of horses Terry -- runs one of the biggest syndicates.

In North America he's going to be joining us -- tell you what home could actually bad -- is not as much money they get McConnell.

As you that you're going to be surprise we'll see you are a little bit.

Cheryl thank -- we'll hang out here at the -- markets now for the next hour as well see more from shelters.

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