New owners boost P.E.I. yearling sale to record $1.7M

P.E.I.'s harness racing industry is abuzz after the annual yearling sale set a new record, with more than $1.7 million in sales, thanks in part to some new owners.

Julie Jamieson, executive director of the P.E.I. Harness Racing Industry Association, said there were multiple records set at the event earlier this month in Crapaud, including the highest-priced Maritime-bred yearling at a public auction.

"It was pretty amazing. It was about a 45 per cent increase from what we did last year, and it just gives me great pleasure for the breeders, " Jamieson said.

"I know how hard they work behind the scenes. It's a labour of love for them. It takes a number of years before they get a horse to the sale."

Jamieson said there were a lot of new faces at this year's sale, especially groups looking to buy their first horse. 

"We're seeing a lot of fractional groups that have been formed, and that's a number of people that come in on a horse together," Jamieson said.

"They form a group, it increases their buying power, more so than they would if they tried to buy on their own."

Jamieson said there were also people getting back into the business after being out of it for a number of years.

Shortage of racehorses

Jamieson said the record sales also reflect the supply and demand right now in the industry.

"Currently, we have a shortage of racehorses in general in North America. We're seeing an increase in purses in the United States, which we have had some horses exported down there," Jamieson said. 

"I think generally it's a little easier for people to purchase a yearling, when they are younger, and to race them and develop them, get in at the ground level, than it would be for them to purchase a racehorse."

Jamieson said the average price per horse was also the highest in the sale's history, at $16,880.

She said six of the 103 yearlings sold to off-Island buyers, who were able to bid online.

A yearling from Woodmere Farms in Marshfield attracted the highest price at the sale. Woodmere Xspedia brought in $68,000.
 

"It's one of those moments where you say, 'What just happened?' It was a lot of fun," said co-owner Bruce Wood.

"Our mares have been really good to us, and we have clients that have been repeat customers. We had new people that were intrigued with pedigrees, and the way our yearlings came out. We had a really strong sale."

Wood said the COVID-19 pandemic may have had a silver lining for the harness racing industry on P.E.I.

"Rather than going on a fancy trip, they maybe got together with their friends and invested in horses, and perhaps found that was pretty fun," Wood said.

Future of the industry

Brett Clow, 17, is the fifth generation of his family in the harness racing industry, and now the proud owner of Red Dirt Diamond, purchased at the yearling sale.

He said that the shortage of horses meant a lot of people were "itching to buy this year," including him.

"I love seeing the people around. Definitely spreading the game," Clow said. 

"Hopefully all the new people get their kids involved in it, and just keep spreading like that, generation after generation."

'You had to come ready to play'

Peter Smith has been attending the yearling sale since the mid-1990s, purchasing at least one horse every year, along with his two partners. 

He said they had narrowed it down to eight or 10 horses that they had their eye on this year, and ended up getting two of them.

"Once we got to the sale, we soon realized how big it was, and you had to come ready to play this year," Smith said. 

"You had to go a little deeper this year than any other year, and you could see that very early on at the sale." 

Smith is also president of the P.E.I. Standardbred Horse Owners Association.

He said the record-setting sales are good for the industry. 

"We're seeing a lot of new investors, if you want to call them, new owners into the sport, that is great to see," Smith said.

"It's bringing a lot more diversification of horse people into our sport now, which is only positive in the long run."