March 28, 2018 October 27, 2020 SPECIAL .COM OCTOBER The Art And Science Of Setting Stud Fees By Joe Nevills

As the November mixed sales approach and mares start With four first-season stallions expected to enter to the getting booked to stallions, practically all of North Ameri- breeding shed in 2021, WinStar Farm has had to walk ca’s significant stud farms have released their advertised that tightrope on a large scale. fees for the 2021 breeding season. “You look at their race record and pedigree,” WinStar Each advertised fee is the end result of a decision-making Farm’s Elliott Walden said. “It’s a bit of an art, it’s not a process that can vary from farm to farm, whether a stal- science to get it right. There’s quite a bit of comparative lion’s fee is being decided for the first time, if it’s being analysis with horses that have had a similar body of work raised or lowered, or if it’s holding steady from the previ- that have gone to stud in the past, or this year.” ous year. The intention behind a stallion’s direction can also factor in There are few concrete “sliding scale” indicators when it the decision on an initial stud fee and beyond. comes to setting or moving a stallion’s fee. They certainly help, but a Grade 1 victory on the racetrack or a fashion- A syndicate built with “breed to race” operations who plan able pedigree are no guarantee of a sky-high introductory to wait on the foals to prove themselves on the racetrack fee. The only hard and fast rule is that supply and demand might be less swayed by the whims of the marketplace, as should guide the ship, or else it might take on water. opposed to syndicates comprised of commercial breeders. Continued on Page 6 For Bill Farish of Lane’s End, setting fees means an ex- tended series of feedback, starting with internal meetings, then picking up the phone to hear from outside breeders.

“I try to keep it pretty open in our organization,” he said. “Jill McCully, Levana Capria, Chance Timm, David Ingordo, we all talk about it pretty extensively, and then come up ’s Only G1 2YO At Stud. with it. I make the decision, but it’s a collaborative effort, because if everyone’s not comfortable with it, it’s not going to work. TREMENDOUS “We try to get a good feeling internally where we all are,” FIRST YEARLINGS: Farish continued. “We talk to a lot of people that breed $270,000 | $160,000 with us and get a feel for where they are, and to make sure we’re not way off with our thinking. You want to touch $140,000 | $140,000 etc. base with those that are going to be buying seasons. Gen- erally, we’re in the same ballpark with them, anyway, but we do have informal polling with them.”

Setting fees for incoming stallions presented a unique challenge for the 2021 breeding season. An increasingly fickle marketplace still responds positively toward first- crop sires at auction, giving them a unique premium in that first book of mares.

However, the bloodstock industry has been rattled by the shrinking foal crop and economic uncertainty inside and outside of the business. Practically all of Kentucky’s stallions except for the ones on meteoric rises saw decreased fees for the upcoming season. Most stal- lions will never stand for a fee as high as they do in their Look for more at F-T October first season, but in a year where the purse strings stand to be especially tight, setting that price too high might turn breeders off. Page 2

Stallion Spotlight Darley’s Darren Fox On Astern By Joe Nevills

breeders have leaned into his speed ASTERN with speedier mares and others B. h., 2013 Medaglia d’Oro have used him to inject speed into x Essaouira, by Exceed And Excel their mares. Race Record: 9-5-2-0; $884,734 Advertised Fee: $10,000 I do think Astern, crossed over stouter-bred mares with some of What is Astern’s strongest selling the Medaglia d’Oro coming through, point as a stallion? would produce some horses you wouldn’t be surprised to see go a Darren Fox: Astern scores high route of ground. marks in every category a stallion is critiqued on, so it is difficult to pick For those who might not be famil- one, but his sheer athletic prowess DARLEY PHOTO iar with Astern’s Australian form, and brilliance demonstrated on the Astern do you have races you can draw racetrack cap a stacked resume in to as parallels for the races he terms of looks, sire power and an exceptional female family. won, or perhaps a horse with a similar career arc? Astern is Medaglia d’Oro’s highest rated son anywhere in the world with a 126 Timeform rating which illustrates the Fox: His marquee win came in the G1 Golden Rose, which is point. Australia’s top seven-furlong 3-year-old race, so the equiva- lent of our G1 Allen Jerkens Stakes. He is rated the best- How does Astern compare and contrast physically to his ever winner of that race, which is a key stallion-making race sire Medaglia d’Oro, who also stands at Darley? in Australia.

Fox: Astern is a neater version of his sire, coming in right Astern was also a debut winner at two early on in the at 16.1 hands. They are very similar through their head season and won the G2 Silver Slipper (prep for the Golden and shoulder. Astern has a lovely length of body although Slipper) also as a 2-year-old, which could be compared to probably not quite as long as his sire. Astern has a good hip. the G2 . PRS Both are extremely good-looking horses with an abundance of quality apparent. Astern’s win in the G2 Run to the Rose is the equivalent of the G2 Fountain of Youth Stakes early on in the 3-year-old season. Domestically at least, Medaglia d’Oro is known more for his routers than his sprinters. As a horse that did his best work sprinting, how does that change the way breeders have looked – and should look – at Astern com- pared to other sons of Medaglia d’Oro at stud?

Fox: I think the best lines that have worked with Medaglia d’Oro will also work with Astern, so it is nice that we have an extensive body of work on which to judge what works best with VIRGINIA-CERTIFIED Medaglia d’Oro and thus funnel high impact matings to Astern. EQUALS MID-ATLANTIC

FOR WINS IN THE I am particularly excited about Astern’s speed and precocity MID-ATLANTIC blended with the typical two-turn American dirt mare. I think MONEY that could be a potent combination. So, to that end, some Send your weanlings and yearlings to board YOUR CHANCE TO OWN A UNIQUE or train in VA for a least 6 months and PIECE OF HISTORY! EARN 25% MORE Bidding starts at 12:00 noon October 29th and ends at 7:00 p.m. November 1st when you win in the Mid-Atlantic Auction Preview will Begin October 26th RAISING THEM IN VA REALLY PAYS OFF! CLICK HERE or go to https://BGFC.givesmart.com FOR FULL DETAILS GO TO VABRED.ORG NEW FOR 2021

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BREEDERS’ CUP BUZZ What Memory Sticks With You From The 2015 Breeders’ Cup? By Joe Nevills

“ winning the “American Pharoah putting on a Classic was awesome. He was show in the final race of his ca- doing something that will probably reer, and destroying the field. He never done again in many years, was just a magical horse. I was a if ever.” big fan of his, and to watch him go out to Keeneland and dominate the way he did, and the recep- tion he got, it was just a special, NYRA PHOTO NYRA CANTERBURY PARK PHOTO CANTERBURY special day.” Valorie Lund Carlos Martin Trainer Trainer “Donegal Racing had over 125 “Selfishly, we had a runner that people at the races that day, and year in the Distaff, Curalina. She I think that was my biggest memo- put up a really game effort to be ry. It was the year Keen Ice won third behind Stopchargingmaria PHOTO NYRA the Travers, beating American Aron Wellman and . That was my Eclipse Thoroughbred Pharoah, and we, of course, were most vivid memory.” Partners hoping that he’d repeat that feat

ERIC KALET PHOTO in the Classic. That wasn’t meant “I had two and a half hours to get Jerry Crawford to be, but it was still a very excit- from Lexington, Ky., to Shelbyville, Donegal Racing ing summer and fall of racing.” Ind., to make it from the end of American Pharoah’s Classic win to Bucchero’s first stakes win as a 3-year-old in the To Much Coffee at Indiana Grand. I’m a big planner, and I was sitting next to my partner saying, ‘I don’t think we Harlan Malter can wait until American Pharoah Ironhorse Racing Stable crosses the finish line.’ We had to make a beeline to the car because other people would be trying to leave. I had so much excitement for American Pharoah’s race, and I thank him for winning it so convincing- ly, because we legitimately headed into the tunnel when he passed us, and we were able to get to the car. We arrived in Shelbyville as Bucchero was walking into the paddock. It was the first stakes win for Ironhorse.” About

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ASK YOUR VETERINARIAN PRESENTED BY Placentitis By Dr. Maria Schnobrich

Veterinarians at Rood and Riddle 5. here seems to be little resistance to commonly-used Equine Hospital answer your questions antibiotics when isolates from the disease were tested for about sales and healthcare of Thor- susceptibility in vitro. Doxycycline and TMS/SMZ were in- oughbred auction yearlings, weanlings, credibly effective when isolates from 2020 placentitis cases 2-year-olds and breeding stock. were tested in the lab. 6. Research from Gluck’s Dr. Carleigh Fedorka demonstrat- QUESTION: We saw an increased ed that some treated cases actually had a worse outcome number of nocardioform placentitis than untreated cases. Additionally, the only treatment which in the 2020 foaling season. Why are seemed to have a positive effect on pregnancy outcome some years worse for placentitis was Firocoxib (Equioxx), an anti-inflammatory. Dr. Schnobrich than others? Nocardioform placentitis continues to be a sporadic but DR. MARIA SCHNOBRICH: The University of Kentucky’s significant issue for the Thoroughbred industry. Discussion Veterinary Diagnostic Laboratory reported that this was the with your veterinarian and farm manager about screening second worst year for nocardioform placentitis on record. and treatment is recommended as it is a complicated issue Nocardioform placentitis is associated with isolation of a without a clear recipe for management. slow-growing, gram-positive family of bacteria that are found in the placenta after delivery or abortion. These bacteria are Dr. Maria Schnobrich graduated Magna Cum Laude at thought to originate from the soil. Frustratingly, we do not Brown University followed by attending veterinary school know how the disease process starts or why it develops in at the University of Pennsylvania. She is a Diplomate of the some mares and not others. This type of placentitis usually American College of Theriogenology. PRS causes lesions in the placenta where a mucoid plaque devel- ops and causes the placenta to be disrupted and may limit or severely compromise fetal development. The outcome for mares affected with this type of placentitis can range Want Strong, from abortion to normal foals and does not always corre- late to the severity of the lesions. Resilient Bones?

Due to the increased incidence of this disease this year, TM veterinarians, farm managers, owners and researchers Get BoneWise worked together to collect and compare data. The UK Gluck Equine Research Center’s Dr. Barry Ball is currently • Research-proven. compiling data from this past year, some of which has been released. • Supports optimal Here’s what we know: bone strength 1. The incidence of Nocardioform placentitis seems to be and formation. associated with weather. When conditions are hot and dry there is an increase in disease. When conditions are wet and cold, we see a decrease in this type of placentitis. 2. Nocardioform placentitis does not occur only in Kentucky, as we previously thought. There are cases reported and diagnosed in animals that have never been in Kentucky, though we in Kentucky at the moment seem to have the highest incidence. 3. Natural cover is not required to produce the disease -- cases have occurred in mares bred by artificial insemina- tion and even embryo transfer recipients. 4. Screening for the disease remains problematic. Diag- nostic tools that may aid the owner and veterinarian in Developed by: identifying affected patients include: clinical signs such as premature udder development, and rarely vulvar discharge; transabdominal and transrectal ultrasounds which may identify lesions before they become advanced; evaluation of Sold through veterinarians only. KPPvet.com, 859-873-2974 estrogens and progesterone levels. Paulick 2020 Page 6

Continued from Page 1 This will also affect the types of mares sent to a particular slightly in recent years due to The Club’s 140- stallion, both by syndicate breeders and outsiders. mare limit for stallions born in 2020 or later. No stallion standing today will see their books limited in any way going “The commercial market is a driver, but it’s not the main forward, but the foals they conceive will be born with that driver for me,” said Mill Ridge Farm’s Headley Bell, who ceiling, should they warrant stallion careers in the future, manages the syndicate for stallion Oscar Performance. which could be perceived as a limit on how much money a “That’s where the syndicate fell into place. We made the potential colt could make in his lifetime. price of the shares attractive enough to get a really good syndicate. That’s the foundation of the horse. Then, I think Realistically, only a sliver of any given foal crop is retired the market ends up seeing that and it provides them confi- to stud, and an even smaller sliver of that group would dence, as well. be enough of a commercial success to threaten the stud book limit. Of all the factors that do go into a stallion’s fee, “We’re not just sitting there relying on a commercial mar- Farish said the stud book cap on the ensuing foals was not ket that’s going to be there the first year, and then they’re on the list. going to leave you,” he continued. “This is a long-term project, so we try to manage him accordingly, as far as his “Not in the slightest,” he said. fee goes, and the number of mares. We’ve tried to put the horse first in what we’re doing.” As if balancing a stallion’s public value in his own ecosys- tem wasn’t harrowing enough, there can be the issue of Because of the long-term strategy behind Oscar Perfor- how the stallion and his fee interacts with those around mance’s syndicate, the stallion’s fee has not changed him. At many larger Kentucky farms, veteran stallions will drastically over his first three seasons. He debuted at have sons or grandsons on the same roster, or farms $20,000 in 2019, and his fee was unchanged in his will double down on horses by the same sires or similar second season when many others in his class see at least female families. a mild drop. In his third season, typically a difficult one to drum up interest, Oscar Performance was lowered to Presumably, these stallions would be drawing from a simi- $15,000. lar pool of mares that match their general pedigrees and physicals, which could create some tough decisions for Moving a stallion’s fee up or down can be a delicate both the breeders and stud farms. process. For one on the rise, it signifies a ringing public endorsement, but one that has to be tempered so as not In some instances, the pricing system can offer breeders to scare potential breeders away. For ones going down, entry into a particular sire line at different price points. the line has to be tiptoed between correcting supply and demand while still protecting the commercial reputation of For example, Lane’s End stands cornerstone sire Candy the stallion and the investment of breeders. Ride for $75,000. His son Twirling Candy stands at the same farm for $40,000, while newcomer Game Winner, “If it’s a horse that’s in the process of making it, you don’t also by Candy Ride, enters stud for $30,000. Fellow Candy want to go too high and snuff out the positive demand,” Ride son Unified is advertised for $10,000, while Gift Box, Farish said. “If it’s one that’s on the fence and not really a grandson of Candy Ride through sire Twirling Candy, will making it, it’s a tough decision because you don’t want also stand for $10,000. to cut them too much and hurt them in the eyes of the breeders. There were a bunch of mares that were bred at “You don’t want one to hurt the other, so you try to price a higher fee on those kinds of horses, so you don’t want to them to where they’d benefit from being in the same drop them too far, because that goes into it, as well.” place,” Farish said. “Occasionally, they do get into each other’s way, but that can be tricky.” Walden expanded on that point, noting that even lower- ing a stud fee contains a certain degree of gatekeeping to Bret Jones of Airdrie Stud said he preferred to price hors- keep the number of unhappy customers to a minimum. es with similar pedigrees based on their individual merits, even if the price points are close, and let the breeders “Raising or lowering – That’s the trickiest, I think,” he said. decide which option works best for them. “There is a very interesting dynamic between supply and demand. Obviously, you want good demand. You want “At the end of the day, I don’t know that you can get too people to want your stallions, and you need to meet the caught up in that when it comes to standing a similar- supply. But, you also don’t want to have 500 applications bred stallion,” he said. “The Portland Trailblazers passed and have to turn a bunch of people away. You want to get on Michael Jordan because they already had Clyde it right where you have more demand than supply, but not Drexler, so I think you can outthink yourself sometimes to an extreme amount.” when it comes to stallions with similar pedigrees. I think you have to believe in the stallion on their individual merit, Whether it’s a newcomer or a veteran stallion, the ideal and price them however you think you can generate busi- outcome of a Thoroughbred mating has changed ever so ness.” PRS Page 7

Second-Crop Sire Watch Fasig-Tipton October By Joe Nevills

Stallions whose second crops of yearlings are represented in the Fasig-Tipton Kentucky October Yearlings Sale, includ- ing the number of horses cataloged and the farm where the stallion is currently advertised.

Air Force Blue – (9) Ashford Stud, Ky. Anchor Down – (9) Gainesway, Ky. Big Blue Kitten – (1) Calumet Farm, Ky. Brody’s Cause – (15) , Ky. California Chrome – (8) Arrow Stud, Japan Cinco Charlie – (5) Spendthrift Farm, Ky. – (24) WinStar Farm, Ky. Firing Line – (6) Crestwood Farm, Ky. Flintshire – (7) Hill ‘n’ Dale Farms, Ky. Frosted – (15) Darley, Ky. Harry’s Holiday – (9) Southern Indiana Equine, Ind. Hit It a Bomb – (3) Spendthrift Farm, Ky. Ironicus – (1) , Ky. Java’s War – (1) Darby Dan Farm, Ky. Laoban – (8) WinStar Farm, Ky. Majestic Harbor – (2) Harris Farms, Calif. Mosler – (2) Country Life Farm, Md. Mshawish – (9) Taylor Made Stallions, Ky. Not This Time – (17) Taylor Made Stallions, Ky. Nyquist – (17) Darley, Ky. Outwork – (11) WinStar Farm, Ky. Producer – (1) Calumet Farm, Ky. Protonico – (2) Castleton Lyons, Ky. – (19) Claiborne Farm, Ky. Speightster – (14) WinStar Farm, Ky. Street Strategy – (1) Lake Hamilton Equine Center, Ark. Tamarkuz – (3) Shadwell Farm, Ky. Texas Red – (5) Crestwood Farm, Ky. Tourist – (5) WinStar Farm, Ky. Upstart – (11) Airdrie Stud, Ky. Vancouver – (12) Coolmore Australia V. E. Day – (6) Buck Pond Farm, Ky.