The Fasig-Tipton Digital Platform launched in March 2022, with 10 lots selling for $856,000, topped by a share in the stallion Almanzor (Fr) that made $250,000. Suffice to say that 33 months later, the platform has found its footing and has increasingly gained acceptance in the marketplace.
The just-concluded December Digital sale looked a whole lot different than that inaugural event, as better than 400 horses were reported as sold, resulting in turnover of over $10 million, believed by sales officials to be the highest-grossing sale of its kind anywhere at any time.
Year-end statistics further confirm the foothold the Fasig-Tipton Digital platform has secured in the broader sales arena. During 2022, the auction house reported sales on 277 horses for roughly $9.9 million. With the buying public a bit more accustomed to the process in 2023, gross sales increased by 9.1% to $10.8 million, while the raw number of horses that changed hands grew to 465. When bidding closed Wednesday evening following the first digital sale to be held across multiple sessions, a total of 1,417 horses found new homes for annual turnover of $45.5 million. And with that, the Fasig-Tipton Digital Platform seems to have well and truly arrived, both during their monthly sales as well as the pop-up or 'Flash' sales when the situation dictates.
“This has been the year of real buy-in from the market,” said Leif Aaron, director of digital sales for Fasig-Tipton. “Every sale we have new buyers participating which is growing the game. We had 85 buyers in this sale that had never bought previously from Fasig-Tipton.
“This is a massive benefit to breeders and owners. We are increasing demand, growing the market and providing the same top-class service that we always have.”
Aaron paid tribute to his fellow team members who helped facilitate the December Digital Sale in pretty short order.
“I'm very proud of our team for what just happened,” he said. “We put this sale together in two weeks–two weeks. Let that sink in, 650 horses from all over the country needing pedigrees, vetting, stallion service certs, vaccinations, questionnaires, past performances, advertising, sales tax laws. It is a massive undertaking and the traditional consignors continue to prove their worth.”
The utility of regularly scheduled bloodstock sales needs no real explaining, and the Fasig-Tipton Digital platform has become a primary outlet for those looking to capitalize on race results, pedigree updates and other factors that could contribute to asset appreciation.
Case in point: the 2-year-old Good Magic filly Cruz Ramirez, previously sold for $165,000 at the Fasig-Tipton October Sale, won her maiden as the odds-on favorite at Laurel Park on Dec. 8 for NET Racing and trainer Brittany Russell. Looking to quickly cash in on that success, the bay was entered into Tuesday's second session of the December Digital Sale and was sold on to owner George Barnes for $260,000. ELiTE sales consigned.
“From a timing standpoint, the horse broke her maiden on a Sunday, we did what we do to get her vetted and all that and the horse sold on the following Tuesday. That's how digital platforms can be best utilized,” said ELiTE's Bradley Weisbord.
But to every action, there is always opposed an equal reaction–so says Newton's third law–and in the case of digital sales, that has the potential to lead to supply-chain issues.
“There is no doubt this is going to affect in-person sales,” Aaron commented. “Keeneland has its smallest January [Horses of All Ages] sale in history, it will effect the Fasig-Tipton [Kentucky Winter Mixed Sale in February] numbers also.”
Aaron sees it as a balancing-out of the marketplace.
“It's what the market is demanding and we are going to provide services to our customers that fit their needs,” he said. “Online is not for all horses and we will continue to work hard in the brick-and-mortar market.”
Aaron also believes there can be a trickle-down effect from the success of digital sales.
“Growing the regional markets at this point is very important,” he said. “The whole industry needs growth and I feel like Digital has been and will continue to be a huge part of that. It makes assets more liquid and gives everyone more action.”
The heights reached by the Fasig-Tipton Digital Platform after just a bit more than 2 1/2 years notwithstanding, Aaron is focused on not getting complacent or taking the success for granted.
“2024 has been an incredibly exciting year for us and I am very proud of the Fasig team, our consignors our buyers and sellers,” he said. “We are still working on improving the process, getting better all the time with every sale and doing the best job we can do for our clients. We are rolling out 10 scheduled sales for 2025 and I expect another year of exponential growth.”
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