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It seems to me after looking at the catalog pages, watching the yearlings, and all the researching, that the prices are all over the place. Stud fees through 50 grand, and people are rna-ing 70-150,00 sales offers??? I saw a couple Unforgettable Max  yearlings RNA at 60-100+ thousand???? AT a 6,500 fee??? Please tell me the mares he is getting justify refusing to sell a horse at 60,000?? and one sell at 300,000 out of an unraced mare, with 2 foals, none to race???? It didnt seem to me that the economy was as the bad as the fact that on a 20,000 fee people were not accepting 40,000-110,000, fees up to 50,000 people were not accepting offers under 80,000.  many fees under 20,000 sold high, very high for no babies racing or one small crop of 2 yr olds. And I saw fees under 15,000 grand, people refusing to sell with offers WAY over and beyond the fee, what it cost to get them to the sale, and what the mare had produced, if anything. I think in NA alot has to do with greed, plain and simple, MANY of these babies could have sold for a profit if you look at the RNA and then the fee. Yes, I know you have to raise them and then you also have to get them to the sale, but these RNA's were ridiculous if you look at some of the stud fees. And then you have Chapel Royal, at 10,000, I think, whose babies were selling at a good clip over 50,000. So I guess, in my uneducated opinion, is that I'm agreeing these #'s are very worrisome for people in this market for pure greed, but if you are breeding a good and decent product, and know not to expect a million $ return, on a 20,000 fee, I dont think this sale was a bad marker, per se. If you look at RNA's, and the fee's, it really is crazy that people would turn dowm that kind of money for a yearling, out of some of these stallions, and esp. some of these mares.  All I hear is dont breed my mare, she is nothing, etc, then I see these same type of mares foals bring $$$ at these auctions, there is no rhyme or reason, and I think the auctions this fall will be really bad at first, then when the election is over there will be the usual huge false boost to the economy with every changing of the guard, then maybe we can get down to business!!:) This was not a bad sale, people were just greedy, kind  of like the dot.com business, and I think the coming down to earth isnt hurting the normal buyer who knows what horses are worth, just hopefully bringing into perspective the way the sales normally go. In Good years and bad:)

walaa - I agree with your assessment that turning down 60,000 on a 10,000 fee is foolish, but people do it all the time. That's certainly a fair profit in my book. But people always seem to overvalue their own horses and lots of times they get stuck and deserve it. Greed is probably an adequate word to use. It seemed to me the yearlings out of average mares that were by "flavor of the month" first year stallions were bringing inflated prices. Everybody wants to jump on the new horses, no matter how they are bred. A good example is that Unforgettable Max for 330,00 out of an unraced mare with 2 foals that haven't started (or can't run). That is insane. I don't care what the horse looked like.