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| Staff Writer |
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Thoroughbred auction house Fasig-Tipton is doubling its minimum bid requirement for all future sales, the company announced on March 12.
The upset price – the minimum bid accepted for Thoroughbreds at all Fasig-Tipton auctions – will rise to US$2,500, replacing the US$1,000 minimum that had remained unchanged since 2000.
Boyd Browning, president of Fasig-Tipton, explained the decision: "The US$1,000 upset price was instituted 25 years ago, and the time has come for it to be raised in support of our industry's long-term commitment to Thoroughbred welfare," said Browning. "The value of the dollar has certainly increased over time, and by raising our upset price we are better ensuring responsible horse ownership for years to come."
The new minimum bid requirement will take immediate effect, being implemented for the upcoming March Digital Sale, which runs from March 13-18.
Fasig-Tipton is one of North America's oldest Thoroughbred auction companies, conducting live and digital sales throughout the year. The previous minimum bid of US$1,000 had remained unchanged for a quarter century before this policy change.