Association between the purchase price of Thoroughbred yearlings and their performance during the 2- and 3-year-old racing seasons.
Abstract: OBJECTIVES Describe the association between the purchase price of Thoroughbred yearlings sold in Australia and racing performance as 2- and 3-year-olds. METHODS Race performance data of 2773 Thoroughbred yearlings sold at auction during 2003 were collected. Associations between purchase price and the probability of starting, the number of race starts and the prize money earned were examined. RESULTS In total, 2206 (79.6%) horses started a race. The mean number of race starts was six and the mean prize money earned was A$24,420. A total of 1711 (61.5%) horses earned prize money, 402 (14.4%) earned more than their purchase price, 312 (11.2%) earned more than A$40,000, the estimated cost of training, and 142 (5.1%) earned A$40,000 more than their purchase price. There was a positive association between purchase price category and the probability of starting, number of starts, earning prize money and earning greater than A$40,000 (P < 0.001). Purchase price category was negatively associated with the probability of earning greater than the purchase price (P < 0.001). The proportion of horses earning greater than the purchase price plus $40,000 was significantly different (P = 0.03) among the five price categories. CONCLUSION Yearling purchase price was positively associated with all race performance outcomes measured and researchers examining the race performance of yearlings purchased at sales should consider including purchase price when modelling. The Thoroughbred yearling market in Australia behaves in a similar manner to the United States market; owners pay a premium to enter the sport of racing and an additional premium in the quest to own a champion.
© 2011 University of Melbourne. Australian Veterinary Journal © Australian Veterinary Association.
Publication Date: 2011-09-22 PubMed ID: 21933166DOI: 10.1111/j.1751-0813.2011.00829.xGoogle Scholar: Lookup
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- Journal Article
- Research Support
- Non-U.S. Gov't
Summary
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This research investigates the correlation between the auction purchase price of Thoroughbred yearlings in Australia and their subsequent performance in races at 2 and 3 years old. Findings reveal a positive link between higher purchase costs and improved race performance, though earning more than the purchase and training investment was less likely with pricier horses.
Methodology and Data Collection
- The research analyzed performance data from 2,773 Thoroughbred yearlings sold at auction in 2003.
- The study examined the correlation between the horses’ purchase prices and various performance parameters, such as the likelihood of starting a race, the number of starts, and the prize money earned.
Findings
- Of the total horses, 79.6% started a race. The average number of race starts was six, and the mean prize money earned was A$24,420.
- 61.5% of the horses earned prize money, and 14.4% earned more than their purchase price. 11.2% collected more than A$40,000, an amount estimated to be the cost of training, and 5.1% earned A$40,000 over their expenditure (purchase price+training costs).
- A positive correlation was observed between the purchase price and the likelihood of starting a race, number of race starts, earning prize money, and making more than A$40,000 (P < 0.001, which indicates a statistically significant result).
- A negative association was noted between the purchase price group and the likelihood of earning more than the purchase price (P < 0.001).
- There was a significant difference (P = 0.03) among the five price categories in the percentage of horses earning more than their expenditure.
Conclusions and Recommendations
- Yearling purchase price positively correlates with all measured racing performance outcomes.
- Researchers studying the race performance of yearlings obtained at auctions should consider including the purchase price in their models.
- The Thoroughbred yearling market in Australia behaves similarly to the US market. Owners pay a premium to participate in racing, and additional premium for the chance of owning a winning horse.
Cite This Article
APA
Jackson M, Vizard A, Anderson G, Clarke A, Whitton R.
(2011).
Association between the purchase price of Thoroughbred yearlings and their performance during the 2- and 3-year-old racing seasons.
Aust Vet J, 89(10), 388-393.
https://doi.org/10.1111/j.1751-0813.2011.00829.x Publication
Researcher Affiliations
- University of Melbourne, Werribee, Victoria, Australia.
MeSH Terms
- Age Factors
- Animals
- Commerce / economics
- Commerce / statistics & numerical data
- Costs and Cost Analysis
- Female
- Horses / physiology
- Male
- Physical Conditioning, Animal / economics
- Physical Conditioning, Animal / physiology
- Sports
Citations
This article has been cited 2 times.- Hardwick JL, Ahern BJ, Crawford KL, Allen KJ, Anderson BH, Rose KJ, Franklin SH. Yearling laryngeal function grades II.2 and below are not associated with reduced performance. Equine Vet J 2025 Jul;57(4):953-966.
- Arango-Sabogal JC, Mouncey R, de Mestre AM, Verheyen K. Date of birth and purchase price as foals or yearlings are associated with Thoroughbred flat race performance in the United Kingdom and Ireland. Vet Rec Open 2022 Dec;9(1):e43.
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