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| Staff Writer |
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The Thoroughbred horse sales industry is experiencing a transformative shift towards digitalisation. Technological advancements are not only making the process more efficient and accessible but also opening new opportunities for international buyers and sellers. In a recent interview with Ten Furlongs Magazine, leading Fasig Tipton consignor, Clovis Crane highlighted the immense change that's taking place in the industry, with more and more people relying on digital tools and online sales platforms to make informed decisions
Crane pointed out that the traditional approach of attending sales and physically inspecting horses is becoming less common, as buyers and sellers alike are embracing the convenience and efficiency of online platforms.
"I see immense change in the business right now. There are so many people that are more reliant on the videos and all the information that they can get.
“And there are so many fewer people actually attending the sales because people are becoming more and more comfortable with the technology," he explains.
"People are relying on the slow motion cameras for the breeze videos and they are relying on the walk videos, and pictures for physicals,"
"And then they simply send an agent and veterinarian to check the horse out." he said.
One striking example of this trend is Crane's experience with a high-value sale.
"I sold a horse for US$350,000 last sale and the buyer relied on the information online. I've sold lots of horses similarly," he notes.
Crane believes that the shift towards online sales is not only changing the way business is conducted but also opening up new opportunities for buyers and sellers from around the world.
He has noticed a significant increase in interest from Middle Eastern buyers, and he thinks that this is because online platforms offer a great opportunity for them to find what they like or don't like, and then ask for a more detailed inspection and opinion.
The data supports Crane's assertion. Fasig-Tipton, one of the leading horse sales companies, has reported that their online digital sales are generating more revenue than their traditional sales.
This trend is likely to continue, as technology continues to improve and provide more accurate and efficient ways to evaluate horses.
Crane reiterates that this is what drives him, stating , “At the end of the day our goal is to identify horses with potential to be successful. It is then my job to develop and resell those horses for a profit."
By embracing technology and expanding their reach, horse sellers, buyers and horse enthusiasts can work together to achieve this goal.
In a world where speed and agility are the ultimate currencies, Crane, as a stalwart of the industry has consistently demonstrated his acumen in spotting potential, transforming underdeveloped horses into champions.
He shares the story of how he helped a remarkable filly, Hip 276, blossom into a stunning horse. The filly, purchased by Pedro Lanz, agent for King Abdullah Bin Abdulaziz Sons's KAS Stables, was sold at the Fasig Tipton Sale (Midlantic May Two-Year-Olds in Training).
Crane recalled that when he first acquired the filly, she was immature and underdeveloped. However, with his guidance and expertise, she grew and matured into a beautiful horse.
"She had all the right parts," he said, "and every step of the way from the time that they bought her until we took her to the sale, she just grew and blossomed into a beautiful horse."
His approach to training involved significant mental effort to help the filly mature and reach her full potential.
"She was really easy and really smart. Her maturity, and her mental capacity were very high." he said.
He employed various techniques, including dressage work, to help her develop good riding habits and improve her overall demeanor. He also emphasised the importance of this foundation in predicting her longevity and potential success in racing.
Crane believes that she had the potential to excel in middle-distance work or even sprinting.
"She looked to be a sprinter to me," he said, "she looked to be a turf sprinter. But obviously she worked awfully well on dirt."
He summed up that the sky's the limit for this talented filly.
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Success in horse sales is often measured by the ability to identify and acquire top-notch talent. Crane travels to every sale he can get to. He is always on the move, attending sales and auctions, and seeking out the most promising young horses.
His dedication to his craft is evident in his impressive track record, with 19 Graded stake horses coming from his farm.
"I travel to all the major sales, predominantly Keeneland September, but I also shop the Fasig Tipton Sale in Saratoga and the Saratoga New York bred sale." he said
He amplifies the importance of the Fasig Tipton Mid Atlantic October sale, noting that there's "always a lot of trade to be had" at this event.
Crane's business is focused on buying horses, developing them, and reselling them.
He believes that buying horses with potential is crucial, but making money with those horses is a different challenge.
"If you gave me a million dollars, I promise you I can buy four or five horses great horses," he stated.
"But whether I make money or not with those horses, that's a different trick."
His expertise lies in buying horses that are underdeveloped. He cited the example of Arcangelo, a horse who Crane short listed for client Jon Ebbert that was broken in at Crane Thoroughbreds after his purchase. Arcangelo went on to win the Belmont Stakes (2023) and Travers Stakes (2023). He was also won the Eclipse Award for 3-Year-Old.
Crane stresses the importance of physical appearance as a major factor in his approach to buying horses.
"We're looking for physicals number one," he said. "And number two, then pedigree just makes you figure out how much you got to pay for." He noted that pedigree is important, but it's not the primary factor in his decision-making process.
Crane also touches on his consulting work, noting that while he has done some consulting in the past, it's not a primary focus of his business. He accentuates that his family's business is focused on trading thoroughbreds, and their hobby is buying and selling riding horses.
Sharing his insights on the Timonium sale, Crane says, "I've been looking at this sale since 2008. And off of our farm, there's been 19 graded stake horses to this point." He underlines that his family's focus is on finding the next successful horse, rather than dwelling on past successes.
Crane praises the quality of the sale catalogue this year stating, "I think it was amazing. This year's Miami sale did not take place, and it appears that many of the dirt horses that were usually entered in the Miami Gulf Stream sale instead came to Timonium rather than OBS to breeze. The Timonium thus has a large number of high-order pedigrees."
Crane reveals that he has a small group of horses scheduled to go to the June Mid Atlantic sale at Timonium. The draft including an exciting Munnings filly out of Roadrunners Honor (Hip 30) that will be breezed in preparation for the event.
Looking ahead, the future of horse sales appears firmly rooted in technology. The horse sales industry stands poised to enter a new era, one characterised by global participation, informed decision-making, and a focus on equine potential, all facilitated by the power of technology.