The $2.5 Million Dollar Mare

Last week I watched a thoroughbred mare sell for $2.5 million. She was beautiful.. and I'm sure she had great lines (a Giant's Causeway daughter). But REALLY.

I just can't relate. $2.5M for an animal with four legs who can only have one foal per year in a time when sales prices are low. Business investment is what they say. I guess you depreciate her over time (one tax deduction), then you use the cost of care as a business expense, and the stud fee (but more outlays of money...)..

It is all beyond me. Not that it works out on paper - I sure the numbers do.
But to know there are people who in this economy can pay $2.5M for anything, let alone a risky investment like a horse. That is beyond my comprehension.

Could have been the sheiks, I suppose. Ah, to live in a country where there is oil and most of the oil money goes to the Royal Family.

So here the rest of us are in the "land of milk and honey" - the good old USA - and we are lucky if we can sell our horses for a few thousand. Or even 10's of thousands if it's a good hunter-jumper.

The problem really is that with one or two million dollar horses, the TB industry once again reinforces the public's perception that they are all rich guys. We know they are not, that the average income of KY thoroughbred farms is $50,000 -- not exactly a royal salary. But the average person will not hear about them.. they will just hear about the million dollar mare.

How are we going to get gaming passed in this state (if in fact that is what will save the industry, at least in the short term), if most of the electorate sees million dollar sales coming out of the Bluegrass? While meanwhile they are struggling to keep their family farm afloat, or to work the night shift in a blue collar job?