Analysis of the 2024 Brazilian Yearling Sales Market during First Semester

This year's sales season, running from early March to late June, comprised a total of 12 auctions offering yearlings born in 2022. The results offer valuable insight into the current state and dynamics of Brazil’s bloodstock market.

A total of 691 yearlings from the 2022 foal crop were cataloged, reflecting a 6% increase over the previous year. Out of these, 541 horses were successfully sold (282 colts and 259 fillies), with a median price of R$58,500, representing a 15% increase compared to 2023. Meanwhile, 136 yearlings (20%) failed to meet their reserve prices, a higher percentage than the previous year. Eleven lots were withdrawn after being offered in pairs, and three horses did not receive any bids.

Colts achieved, on average, sale prices 25% higher than fillies, indicating a narrowing of the gender-based price gap compared to 2023. The distribution of sale prices was consistent with past trends, with five horses selling for more than R$300,000, 123 sold between R$200,000 and R$290,000, and 103 between R$100,000 and R$195,000.

The sires with the highest number of offspring sold were Can The Man (Into Mischief) (47 head; 27 colts and 20 fillies) with an average of R$113,585, and Sangarius (Kingman) (41 head; 26 colts and 15 fillies), who reached an average price of R$116,000, an increase of 17% compared to 2023. Verrazano (More Than Ready), Wired Bryan (Stormy Atlantic), and Tiger Heart (Scatmandu) followed with 29 progeny each.

The top-performing sire by average price was Drosselmeyer (Distorted Humor), whose 20 horses sold for an average of R$133,350. His advanced age and established legacy likely contributed to the strong demand for his fillies, reflecting a clear market trend toward preserving his bloodline in local broodmare populations.

The market maintained strong demand for Can The Man (Into Mischief) despite his absence from the breeding shed, while Sangarius (Cracksman) solidified his reputation after his first crop showed promise on the track. Noteworthy individual sales included Heliostatic (Galileo), Olympic Jhonsnow (Agnes Gold), and Arrocha (Pounced), each represented by a single horse sold above R$100,000.

Sangarius (Kingman) winning a Listed Stakes in Doncaster for Juddmonte with Ryan Moore.

Stud H&R, recently renamed as Haras Legacy, led all buyers in both volume and price, acquiring 46 horses at an average exceeding R$160,000. Their aggressive acquisitions reflect the scale and ambition of their “Legacy Project”, a transformative investment that is reshaping the Brazilian racing and breeding landscape.

Among consignors, Haras Nijú (49 head), Ponta Porã (36 head), and Santa Rita da Serra (32 head) recorded the highest numbers of completed sales. Out of 77 breeders active in the sales, only 20 achieved average prices above R$70,000, and seven surpassed the R$100,000 mark, two fewer than in the previous year.

The broader market context was marked by a mixture of optimism and structural challenges. While three of Brazil’s main racetracks are under solid administrative leadership and poised to benefit from online betting expansion, the Jockey Club of São Paulo continues to face internal struggles and municipal pressure over its land. This environment remains a critical area to monitor.

From a bloodstock perspective, Drosselmeyer’s enduring appeal is rooted in the strength of the Mr. Prospector line, represented here through Forty Niner and Distorted Humor. Despite market enthusiasm, some skepticism remains around Can The Man (Into Mischief), whose track record and limited impact as a sire do not fully justify current price levels. In contrast, Sangarius (Kingman) has begun to meet expectations and holds potential for further growth.

Regional highlights included the Sprint Sales in Carazinho, held in April, which achieved an average price near R$100,000, an impressive figure by domestic standards. Additionally, Fazenda Mondesir and Haras Santa Rita da Serra posted strong performances, averaging R$150,000 and R$144,000 respectively. A special acknowledgement goes to Dr. Adriano Quadros for his ongoing contribution to the sprinting division and his dedication to industry development.We look forward to continued growth and innovation in the second half of the year.