
It's Derby Week in Louisville and that means that nobody in town is working. They are too busy attending the parades, boat races, bed races, human races, rodent races, waitress races, concerts, parties, bowling matches, volleyball games, celebrity sightings and the myriad of other events that make Derby Week (which is now actually about 2 1/2 weeks) one of America's best parties. Nevertheless, the focus of the week remains on the Derby and nowhere else does an entire city talk about thoroughbreds for as long or as much as Louisville does during Derby Week.
It's a part of that discussion that caught my eye this week. There was an
article about what happened to the highest priced colt ever bought at public auction - a colt with the unfortunate name of The Green Monkey. He was
bought last year for $16 million as a two year old, by the Irish based partners of Coolmore, which include Michael Tabor, John Magnier and Derrick Smith. Tabor owns two Derby entrants Circular Quay and Scat Daddy, both of which are trained by Todd Pletcher and which should have fairly short odds on Saturday.
Pletcher has been given The Green Monkey to train as well. Demonstrating the vagaries of the racing business, the horse has yet to reach the track, despite having been bought at a two year old in training sale and being conditioned by what is probably America's leading trainer. Injuries and bad luck have plagued him. It is a curse that has followed the highest price colts throughout recent times, it seems.
The record was previously held by a colt named Seattle Dancer, bought in 1983 for $13,1 million. He won 2 races in 5 starts but the races were of little account and he
earned only about $150,000. He did go on to
sire about 30 stakes winners, including Pike Place Dancer, winner of the Kentucky Oaks, so he may have recouped at least a good portion of his purchase price at stud.
The next couple on the list are either too young to have made it to the track or are complete busts like Snaafi Dancer, the first yearling to ever sell for more than $10 million back in 1983. He was unraced and a complete bust at stud. The list of winners is small but headed by Fusaichi Pegasus, the winner of the 2000 Derby and a $4 million yearling purchase at the 1998 Keeneland July sale. Not only did he win the Derby, he finished second in the Preakness and then was
sold to Coolmore for $70 million to stand at stud. With recent success at stud, his stud fee in 2006 was $125,000 a pop, so Coolmore is doing just fine on its investment.
The moral of the story is that these highly priced thoroughbreds at the very top of the sale are a ridiculously priced gamble. Racing is a risky enough proposition and the likelihood of success with any animal is difficult enough that a dice roll at that price point seems foolhardy at best. The history of success at the sales top is not encouraging but Coolmore and Sheik Mohammed, the ruler of Dubai, who are the only two buyers at that level, seem to be continually willing to try. Unlimited funds tends to breed unlimited risk. It doesn't necessarily breed unlimited success.
Labels: Coolmore, Kentucky Derby, Sheik Mohammed, Thouroughbreds