CTS Sales Manager Amanda Carey believes that Saturday’s August Two-Year-Old Sale at Durbanville is one of the best auctions for “pinhooking”, the practice of buying young horses, overseeing their breaking in and training, and eventually re-selling them as race-ready two-year-olds in training.
The concept of pinhooking is similar to short-term trading on the stock market, using the buy low, sell high principle, but as everyone knows speculating is not a game for juveniles or people with feet of clay.
The difference is, while the assets on the stock exchange are always sensitive and subject to daily market fluctuations, the pickings at this horse sale are all in the process of physically growing – they’ve just turned two-years old and over the next few months the colts will turn from proverbial frogs to princes, while the fillies won’t be forced to make the coach back home when the pretty girls get to party at Pumpkin time!
Up-and-coming bloodstock agent Kerry Jack, who has hooked a few top class horses including the big name Igugu, who was bought in Australia and twice sold on at big profits, says that pinhooking is never easy, one can get one’s fingers burnt . But seen in the context of time and a quick return the CTS August Sale presents the best opportunity for shrewd buyers to flip a horse or two for a tidy return.
Jack commented: “There are CTS Ready To Run Sales in October and November, so if you pinhook a horse at the August Sale you will have just over three months to pay for its keep. The good thing is that in these three months the young horses mature, some come to hand quickly, they develop naturally, like blossoms in spring. Three months from now they are bigger, stronger and they look generally better. The ugly ducklings of August begin to resemble swans in November. It follows that their sales prices can differ markedly from one sale to the next.”
Lots 18, 38, 74 and 88 have been withdrawn from the Durbanville Sale, which leaves 86 opportunities to “pinhook” a potential bargain. The draft includes two-year-olds by leading stallions Trippi, Silvano and Ideal World, with plenty of others from the likes of Bold Silvano, Gimmethegreenlight, Great Britain, Alado and Philantropist.
A pleasant afternoon beckons. Pre-drinks will be served to music from 4pm and the sale starts at 6pm, conducted by popular auctioneer Andrew Miller.
“Out-of-town buyers can follow the sale on Twitter, we will be updating prices after each sold lot,” said Carey.
The online catalogue is available on www.thoroughbredsales.com