Fasig-Tipton is raising the upset price for all the company's live and digital auctions going forward, the auction house announced March 12.
The upset price, or minimum bid that can be made for a Thoroughbred offered at Fasig-Tipton auctions, will now be $2,500. The company's previous upset price of $1,000 had been in place since 2000.
"The $1,000 upset price was instituted 25 years ago, and the time has come for it to be raised in support of our industry's long-term commitment to Thoroughbred welfare," said Fasig-Tipton president Boyd Browning. "The value of the dollar has certainly increased over time, and by raising our upset price we are better ensuring responsible horse ownership for years to come."
This new upset price will go into effect for Fasig-Tipton's upcoming March Digital Sale, which takes place March 13-18.
This press release has been edited for content and style by BloodHorse Staff.
