Cover image courtesy of Fasig-Tipton
At A Glance
In 2026, 152 yearlings sold for US$118,215,000 (AU$167 million) up from US$100,845,000 (AU$142.9 million) for 160 yearlings sold.
The average of US$777,730 (AU$1.1 million) rose 23.6% from last year's previous record mark of US$629,469 (AU$891,000).
The median of US$525,000 (AU$743,000) was up 16.7% from the record figure of US$450,000 (AU$638,000) set in 2025.
The top price was US$4.2 million (AU$5.95 million) for a colt by Into Mischief bought by Flying Dutchman.
A total of 35 yearlings sold for seven figures during the two-day auction, up from 25 a year ago.
The Fasig-Tipton Saratoga Sale, which only a year ago surpassed US$100 million (AU$142 million) in gross for the first time in its history, smashed through that barrier and recorded high-water marks in every category during an action-packed two days in the Humphrey S. Finney Pavilion. When the dust settled Tuesday night, 152 yearlings had sold for US$118,215,000 (AU$167 million).
“I genuinely believe this was the greatest horse sale I've ever seen in my life,” said Fasig-Tipton President Boyd Browning, Jr.
“I genuinely believe this was the greatest horse sale I've ever seen in my life.” - Boyd Browning Jr.
“I joined Fasig-Tipton in 1988. We've had some wonderful moments and some not-so-wonderful moments and last night and tonight were simply incredible. It shows you what happens when you are able to assemble a magnificent group of horses on the grounds, and that's really where it starts and really where it finishes because the finest judges of Thoroughbred yearlings in the world came on the grounds Friday.
“They looked Friday, and they looked Saturday, and they looked Sunday, and they looked Monday, and they looked again today in several instances. And they clearly decided that this was an exceptional group of horses, which validated the thoughts and the beliefs that our consigners and our customers had, and our inspection team had, and that's a very, very, very fulfilling and a rewarding experience, really for every member of our staff and for every customer that we've got.
Boyd Browning | Image courtesy of Fasig-Tipton
“The buyers bid with great determination, but they participated in this auction and this business with a smile on their face, with cheerfulness and happiness, even when they got outbid, which was pretty often for a lot of them,” Browning said.
“It was a vibrant atmosphere. It was kind of a celebration of all the things that everybody does right. I hope in 2028 and 2029 we have to use a catalogue cover that's twice the size of this one to put all the pictures of the great graduates. Because I'm telling you, mark my words on Aug. 11, 2026, you're going to look up two years from now, three years from now, and see some of the best horses in the world are graduates of this horse sale.”
“Mark my words on Aug. 11, 2026, you're going to look up two years from now, three years from now, and see some of the best horses in the world are graduates of this horse sale.” - Boyd Browning
Flying Dutchmen take home five top ten lots
Nearly eclipsing the record-setting auction was the buying performance of the Boersma family's Flying Dutchmen. After buying five yearlings, including a US$2.3 million (AU$3.3 million) son of Into Mischief during Monday's opening session, the operation returned Tuesday and purchased an additional six yearlings for US$16.4 million (AU$23.2 million). Flying Dutchmen purchased five of the auction's top 10-priced yearlings, including the top two, a US$4.2 million (AU$5.95 million) colt by Into Mischief and a US$4 million (AU$5.7 million) son of Gun Runner.
“There were a lot of horses we liked,” said Flying Dutchmen's Hunter Rankin. “And we decided to try to get as many of them as we could. We just went into it seeing where it landed.”
“We decided to try to get as many of them as we could. We just went into it seeing where it landed.” - Hunter Rankin
Rankin added, “We are trying to build a nice stable of colts. The market is so strong. And that's so cool for the industry. It's just been an awesome sale.”
Flying Dutchmen was represented by its first GI Kentucky Derby runner this year when Owen Almighty (Speightstown) ran fifth in Louisville on the First Saturday in May.
“For such a young operation, for how much these guys have bought and how much the family is a part of it–it really is a family thing–the fifth in the Derby was as cool as a Grade I for us. I think that kickstarted something.”
Hunter Rankin | Image courtesy of Keeneland
The sale topper, Hip 136, a colt by Into Mischief who realized US$4.2 million (AU$5.95 million) is out of All American Dream (American Pharoah), the colt is a full-brother to dual graded stakes winner and Grade I-placed Barnes. From the extended family of Grade 1 winner Dream Supreme, the March 9 foal was bred by Jeff Drown and Don Rachel. He was consigned by first-time consignment Heartwood Farm.
“I thought he was the fanciest horse in the sale, if that makes any sense,” admitted Rankin. “Not saying that means he's the best, but he definitely showed himself really, really well. And (Heartwood) prepared him great as they always do. So we just thought he would be very expensive, especially with that pedigree.”
“I thought he (Lot 136) was the fanciest horse in the sale, if that makes any sense.” - Hunter Rankin
As for the competition on the sale's topper, Rankin explained, “He's such a nice horse and we just kind of thought there would be a couple that we would really try for and he was one of them.”
And the Flying Dutchmen team wasn't messing around.
“That was our only bid on our last bid,” he confirmed. “We just said we would see where it stopped or where we thought it might stop. And I hit it and they gave me $4.2 (million) because there was a bid that beat us inside. It was great that we got him.”
Rankin confirmed that the topper would go to trainer Brian Lynch. The 4-year-old colt's brother Barnes sold to Zedan Racing for US$3.2 million (AU$4.5 million) at the 2023 edition of the Saratoga Sale.
“They look pretty similar, the two,” said Heartwood's Sarah Sutherland. “Barnes was probably a little bit more forward physically. Maybe a little bit, some of that American Pharaoh influence coming through. This colt is a really lovely, stretchy, scopey Into Mischief.”
Later in Tuesday's session, Flying Dutchmen purchased another colt by the Spendthrift sire for US$3 million (AU$4.25 million). Offered as Hip 154, the February 22 foal is out of Beyond Perfection (Curlin). Also consigned by Heartwood Farm, the bay is a grandson of graded winner Above Perfection (In Excess {Ire}), the dam of GI Kentucky Derby hero Always Dreaming, purchased by Steve Young for US$350,000 (AU$495,000) at Keeneland September in 2015. Additionally, Above Perfection is responsible for GISW Hot Dixie Chick (Dixie Union), who in turn produced Grade 1 winner Pauline's Pearl (Tapit).
Late in the sale, Rankin extended to US$4 million (AU$5.7 million) for Hip 200, a colt by Gun Runner out of graded winner Four Graces. Consigned by Gainesway, the colt is the second foal out of the 9-year-old Majesticperfection mare, who is a half-sister to graded winner McCraken (Ghostzapper).
“The cream has been rising to the top,” said Gainesway's Brian Graves. “In our early inspections this year, I thought he was one of the top colts that I'd seen, obviously by one of the top stallions and by a proper young mare.”
“In our early inspections this year, I though he (Lot 154) was one of the top colts that I'd seen, obviously by one of the top stallions and by a proper young mare.” - Brian Graves
He continued, “It's a quality breeding program at (Mandy Pope's) Whisper Hill. We couldn't be more thrilled for her to get a result like that. And I wish the Flying Dutchmen the best of luck. We're really grateful to him and I think he's a super colt. He's one of the best I've seen this year.”
On Tuesday, Flying Dutchmen also secured Hip 140, a colt by Into Mischief out of Anacapa (Tiznow), for US$2.8 million (AU$4 million); and Hip 119, a colt by Constitution out of graded winner Valadorna (Curlin), for US$1.45 million (AU$2 million). The latter two were consigned by Four Star Sales, agent for Spendthrift and Gainesway, agent for Stonestreet.
“We loved the cross, but we really loved the horse,” said Rankin of the Constitution yearling. “He comes off a great farm. (Stonestreet's) Barbara (Banke) does a great job. It just kind of was what we were looking for.”
According to Rankin, the colt is also going to Lynch.
Rounding out the operation's purchases on Day 2, Rankin signed for Hip 229, a filly by Gun Runner who brought US$950,000 (AU$1.3 million). Consigned by Taylor Made Sales Agency, the filly is the second foal out of Justa Warrior (Justify).
“We followed a bunch of fillies up here and we just couldn't get (most of them),” said Rankin. “We were looking for both (colts and fillies). It just happens to be that we've had a little more money for the colts that we've gotten than the fillies that we've been on.”–CBoss
Fasig-Tipton is where the heart is
At the conclusion of Monday's session, Sarah Sutherland and Juan Aguilar's Heartwood Farm had produced healthy returns. However, it may not have been realistic that the fledgling operation would blow those results out of the water on Day 2.
Hip 136, a full-brother to graded winner Barnes–out of All American Dream (American Pharoah)–was knocked down to Flying Dutchmen for a staggering US$4.2 million (AU$5.95 million). The Saratoga sale topper was bred by Jeff Drown and Don Rachel.
Offering another colt by Into Mischief–this one out of Beyond Perfection–about a dozen hips later, Heartwood stood in the spotlight once again when bidding quickly escalated past the seven-figure mark. With each volley, Sutherland–already overwhelmed by the Heartwood team's earlier homerun–fought back raw emotion as Fasig's Boyd Browning, Jr.–who struggled to keep his own emotion in check–offered a warm embrace of congratulations.
Slowing down after reaching the US$2.5 million (AU$3.5 million) mark, bidding finally topped out at US$3 million (AU$4.25 million), once again going the way of Flying Dutchmen. Hip 154, a son of Beyond Perfection (Curlin), was bred by Santa Rosa Partners–Sutherland's father, bloodstock agent Mike Ryan. The latter colt's family includes Kentucky Derby winner Always Dreaming, who was bred by Santa Rosa Partners, launched by Mike Ryan and the late Gerry Dilger.
“That's a family that (Ryan) developed and owned with Gerry Dilger,” said Sutherland. “So it's very special to our families, both us and the Dilgers. It's a feel good outcome all the way around.”
She added, “This just is a full-circle moment. I think these are clients and mares that are just so special to us. I don't know how to describe it.”
“This just is a full-circle moment. I think these are clients and mares that are just so special to us. I don't know how to describe it.” - Sarah Sutherland
Of the consignment's two top sellers this week, Sutherland explained, “They're two extremely special animals and I think it was really fascinating the last few days to watch them. They complimented each other and sort of I think they even strengthened each other. They were so different, but so nice. And I don't know that anybody could really separate the two. And it was amazing to see them both thrive in that way, separate but together. I don't know how to describe that. It was just very, very interesting.”
Asked about Flying Dutchmen's decision to extend to purchase both of Heartwood's top offerings, Sutherland explained, “I think they wanted to buy both of them because they couldn't decide which one to pick over the other. And they truly were equally special horses. So we never worried about having them here together, bringing two Into Mischiefs in a smaller consignment. But I could never have dreamed for something like this to happen.”
She added, “Both colts just stepped up and they thrived here. They loved it. They did everything right every day. And I think they were better every day, and with people, that resonates. When you see horses improving in the short time they're here, I guess that's what makes it happen like this.”
On Day 2, Heartwood also sold Hip 141, a filly by Nyquist for US$850,000 (AU$1.2 million). The daughter of Anything Goes (Speightstown) was purchased by John Angelos.
Lot 141: Nyquist x Anything Goes filly | Image courtesy of Fasig-Tipton
During Monday's session, Heartwood sold a trio of yearlings for US$1.125 million (AU$1.59 million).
“You get to know these horses so well at home and we're fortunate to have an amazing group of people that help us, that we work together with at the farm,” she said. “And you get to know and love these animals. And when you have confidence in them and they come up here and show it to everyone else as well, anything's possible. We're just delighted for (the two colts) to get into such great hands.
“You get to know these horses so well at home and we're fortunate to have an amazing group of people that help us, that we work together with at the farm.” - Sarah Sutherland
Going back to the well for a brother to Barnes
Three years ago at the 2023 renewal of the Fasig-Tipton Saratoga Sale, a colt by Into Mischief out of All American Dream (American Pharoah) realized US$3.2 million (AU$4.5 million) after going to Donato Lanni acting on behalf of Zedan Racing. Sent to Hall of Famer Bob Baffert, the colt was named a 'TDN Rising Star presented by Hagyard' before going on to win the GII San Vicente and GIII Perryville. Fast forward to 2026, the full-brother to Barnes raked in US$4.2 million (AU$5.95 million) for his connections, including breeders Jeff Drown and Don Rachel.
All American Dream is out of A. P. Dream (A.P. Indy), a full-sister to GI Hopeful winner Majestic Warrior.
“We have the mother All American Dream and she's been great for us, producing some great colts for us,” said co-breeder Don Rachel. “And this colt was very hard for us to sell because we knew he was a sweetie, but it's just one of the things you got to do in the business. So I had plenty of tears for a 60-year-old guy, but it was all for good.”
Into Mischief (USA) x All American Dream colt | Image courtesy of Fasig-Tipton
Rachel and Drown sold Barnes with Indian Creek, which was leased and renamed Heartwood Farm by Sutherland and Aguilar. A sister by Flightline brought US$1.1 million (AU$1.55 million) at this venue last year.
“We've been with them for a long time and they're great people, Juan and Sarah, and they've done a great job for us and they showed it tonight,” said Rachel. “We have a lot of confidence in Heartwood. We're looking forward to working with them in the future.”
“We have a lot of confidence in Heartwood. We're looking forward to working with them in the future.” - Don Rachel
According to Rachel, he currently owns a half dozen mares which are boarded at Heartwood.
Based in Minnesota, Rachel operates Rachel Contracting, founded in 2006. The company has grown into a multi-discipline construction firm serving both public and private sectors.
“We're plenty busy and in the whole renewable world with wind and solar world, so that's a big part of our business,” he explained. “I got into racing with a good friend of mine who's been in it for a long time. I went all in.”
“We love it. And it's a great hobby, but also a fun business. So it's good to have fun and the business at the same time. But racing is our excitement. And it's our fun.”
“We love it (racing). And it's a great hobby, but also a fun business. So it's good to have fun and the business at the same time. But racing is our excitement. And it's our fun.” - Don Rachel
$3 million Not This Time colt to Winchell, Brant and Magnier
The Saratoga sale squeezed one last seven-figure yearling into its record-setting 2026 renewal when Ron Winchell, standing alongside White Birch Farm's Peter Brant, and Coolmore's M.V. Magnier, bid US$3 million (AU$4.25 million) to acquire a colt by Not This Time (hip 227) from the Paramount Sales consignment late in Tuesday's session.
“I was just trying to buy one tonight,” Winchell said with a smile. “It was getting a little tough out here.”
Of his partnership with Brant and Magnier, Winchell said, “I think when it gets to this level, partnerships are the way I go. I am surprised by how robust the sale is. Obviously, day two of this sale was more than day one. There were a lot of nice horses and a lot of big prices.”
The colt was bred by Gabriel Duignan's Springhouse Farm and, while the breeder is plenty familiar with selling million-dollar yearlings through his Paramount Sales consignment, the $3-million result marked his highest sale as a breeder.
“Happy as you've ever seen me,” Duignan joked after the sale. “He was absolutely beautiful. He was on all the lists. It's hard to imagine you'd make that, but you knew there was a chance.”
“He (Lot 227) was absolutely beautiful. He was on all the lists. It's hard to imagine you'd make that, but you knew there was a chance.” - Gabriel Duignan
The colt is out of Just Louise (Five Star Day), a mare Duignan purchased for US$150,000 (AU$212,500) at the 2013 Fasig-Tipton November sale. She produced multiple graded stakes winner Forbidden Kingdom (American Pharoah) and stakes-placed Bibi Dahl (American Pharoah), who sold for US$1.35 million (AU$1.9 million) at the 2024 Keeneland September sale. A full-sister to the US$3 million (AU$4.25 million) colt sold for US$950,000 (AU$1.3 million) at last year's Fasig-Tipton Saratoga sale.
Just Louise died while producing the Not This Time colt
“She was a sweetheart,” Duignan said. “Every foal was a good one.”
Of Tuesday's result, Duignan added, “This is what you do it for is to someday breed a horse like him.”
$2.6 million Into Mischief colt kicks off Session Two
Spendthrift Farm, Whisper Hill Farm, and new owner Josh Isner joined forces to secure a colt by Into Mischief (hip 121) for US$2.6 million (AU$3.7 million). The yearling, who was consigned by Warrendale Sales, as agent for his breeder Stonestreet, is out of graded stakes winner Vault (Jump Start). The mare, purchased by Stonestreet for US$850,000 (AU$1.2 million) at the 2021 Keeneland November sale, is a half-sister to Grade I winner Mirth (Colonel John).
“He's a really nice Into Mischief physical,” said Whisper Hill Farm's Todd Quast. “You hear it all the time, ticked all the boxes, but he ticked all the boxes.”
“You hear it all the time, ticked all the boxes, but he (Lot 121) ticked all the boxes.” - Todd Quast
The three partners had to fend off another powerful bidding partnership in the St. Elias, Woodford Racing, Belldonna Racing, and West Point Thoroughbreds buying axis to acquire the youngster.
“With these colts, you better do it,” Quast said of partnering up at auctions. “We used to not do it and we'd get outbid. So it's better to do it, and if they hit, you only need a leg anyway.”
Josh Isner's Delta Squad Racing is just past its first year in business and already has a Grade I win on its resume following Baby Vino (Vino Rosso)'s exploits in the July 18 GI Haskell Stakes.
“Yesterday night a year ago was the first time I bought a horse, we bought a Maclean's Music,” Isner said. “Since then, we've ramped up pretty quick. We have about 30 horses in the stable now. We've met some great people along the way, including Ned (Toffey) and the (Spendthrift owners) Gustavsons over here. It was very nice that Mrs. Pope was able to join as well, so it all worked out. Obviously, he's a very nice colt and we are excited about him.”
Asked if his partners had prepared him for the colt's potential price tag, Isner said, “Last night prepared me for the price tag of the horse. I am not sure what has happened to the rest of the crop, but apparently we are bidding on them like these are the only 200 that exist this year.”
Spendthrift and Delta Squad Racing teamed up later in the evening to purchase a colt by Not This Time (hip 129) for US$1.7 million (AU$2.4 million) from the Taylor Made Sales Agency consignment.
Quast summed up the market in Saratoga in one word. “Crazy,” he said. “We hope it stays this way. We've got one selling later.”
Quast had nothing to worry about. Whisper Hill's Gun Runner homebred (hip 200) sold for US$4 million (AU$5.7 million) to Flying Dutchmen.
$1.75 million Gun Runner colt to Wesley Ward
Wesley Ward just missed winning the 2010 GI Florida Derby with Pleasant Prince (Indy King), but the trainer hopes to go one better with a colt who is out of a half-sister to that chestnut. Ward went to US$1.75 million (AU$2.5 million) to acquire the yearling by Gun Runner (hip 194) who was consigned by Bridie Harrison, as agent for breeder Peter Blum. The yearling is out of Etiquette (Tapit) and is a full-brother to multiple Grade I winner Society.
“Pleasant Prince got beat half a thumbnail In the Florida Derby,” Ward said. “And this horse looks almost identical to that horse. We are going to win it this time.”
Ward purchased the colt on behalf of Roger Tovar's Asagi Stables.
“He wants horses to go long,” Ward said.
“There is a lot of room in my stable for them,” the trainer, known for his precocious 2-year-olds, added with a laugh.
