If you've ever driven through central Kentucky you know that horse farms are an environmental amenity. Therefore, it is appropriate that we follow the Keeneland market (Yearling sale ...):
The September thoroughbred yearling sale concluded this afternoon at Keeneland with sharply lower prices.
The average fell 9.9 percent and the median price dropped 6.7 percent.
The $101,347 average and $42,000 median failed to top last year’s record average of $112,427 and median of $45,000.
This is an interesting market. If you don't believe me, read this paper and tell me why. Funny story: this authors of the paper asked me for comments. I read the paper, suggested they split it in two and send it to lower level journals. They ignored my advice and it was published in REStat. I tell this funny story in an attempt to dissuade future researchers from asking me for advice.
