I'm here in Saratoga at the Fasig Tipton Selected Yearling Sale, which takes place tonight and tomorrow.
It's basically the top 235 one-year-olds at auction.
Not surprisingly, at a Fasig Tipton sale just last month, gross revenues were down 26 percent as compared to a year before, the average price for a horse was down 15.8 percent, which was actually better than expected.
The subplot here is interesting because given the 11-month gestation period, the stallion contracts for these horses were negotiated in 2007 at the height of the market. So there is the very real possibility that some of these owners may now be "underwater" on their horses, like the housing market.