The North American 2-year-olds in training season got off to a solid start during the Ocala Breeders' Sales March 2-Year-Olds in Training Sale held March 11-13.
A BloodHorse MarketWatch analysis of the sale by deciles shows the top 40% of horses sold by price produced stronger results than horses in the top four deciles of the 2024 March sale.
The top decile's average price of $635,140 got an extraordinary boost from a record-setting $3 million purchase by Zedan Racing of a Gun Runner colt out of the Liam's Map winner Tynan from the Eddie Woods' consignment. Bloodstock agent Donato Lanni signed the ticket for the colt that worked :09 3/5 during the under tack show. The colt was an equally extraordinary pinhook, having been bought for $200,000 by St. Clair Stables out of the Keeneland September Yearling Sale.
If the $3 million purchase is taken out of the mix, the average for the top decile falls to $597,262, which seems a significant drop from the 2024's top decile average of $617,444. But last year's top decile average got assistance from a $1.8 million daughter of Ocala Stud's Win Win Win who became grade 3 winner Nooni. If the top price of 2024 is taken out, then the adjusted average becomes $590,568—only 1.1% off from this year's adjusted top decile average.
Including the record-setter, the top decile produced seven sales of $1 million or higher compared to the 2024 sale that produced four seven-figure sales. Also, the top decile showed growth at the lower end of the decile's price range, which was $385,000 compared to 2024's top decile base price of $325,000.
The second decile of the sale—those selling for $220,000-$385,000—produced the strongest results, with its average price rising 18% to $307,209, up from $261,444 for the same decile of 2024. The bench was considerably deeper for horses representing this decile, with the 2025 sales including 28 horses that sold for $300,000 and up compared to the second decile of 2024 that included 13 horses that sold for $300,000 and up.
The weakest section of the sale was predictably in the sixth through ninth deciles that saw declines in average price ranging from 8% to 16%. This segment of the market represents 2-year-olds that sold from $70,000 down to $18,000. Surprisingly, the bottom decile, representing horses in the $1,500-$18,000 range, actually produced a 5.2% increase in average price to $11,739. The top price in the bottom decile dropped to $18,000 from $20,000 last year, but the number of horses within the decile for this year that sold for $15,000 or more increased to 19 from 16 in 2024.
While the market overall continues to deliver its strongest results at the top, the lower end of the market did have a silver lining with the private sales. If a horse fails to meet its reserve in the ring, but a deal gets done back in the barn area while the horse is still on the grounds, then the sale is reported as a private sale. For the sixth through 10th deciles, 52 horses were later reported sold as private sales. The market should be encouraged to see that buyers were on the grounds to make deals and not go home empty-handed.
