Fasig-Tipton is dedicated to the digital marketplace

The inaugural Fasig-Tipton March Digital Selected Sale is not a new concept, but the Lexington-based sales company is hoping for new results.

Digital sales have struggled in the U.S. That is not to say they have been unsuccessful, but they have not caught on the same here as in other countries or as much as the sales companies would like.

Leif Aaron, director of digital sales for Fasig-Tipton, said that is going to change, hopefully as early as Thursday when Fasig-Tipton releases the catalog for the March Digital Selected Sale and opens bidding through Tuesday, March 22. This Fasig-Tipton sale is patterned more on what had been done internationally than domestically.

“We followed what had already been successful in Australia,” Aaron said of the first digital sale at Fasig-Tipton. “We want to make it as convenient for buyers as we possibly could. It’s about being easy for buyers and transparency.”

It’s up to each consignor to determine how detailed the information related to their catalog horses is, but Aaron said buyers can expect full transparency, including video, photos, Ragozin sheets, past performances, race replaces, vet information and access to a repository.

“We’re trying to have everything on there that they’d have in a public auction setting, so they’re as comfortable as possible,” Aaron said. “It’s everything they need to make a decision, and again, it’s all about making it as easy as possible for the buyer.”

Meg Levy’s Bluewater Sales and the Taylor family’s Taylor Made Sales are two of the consignors supporting the inaugural March Selected Digital Sale. One of the big factors for both consignors as well as Fasig-Tipton in making this and other sales like it successful is quality.

“What you have to guard against with a sale like this is offering a bunch of junk because if you do that then people won’t even look again,” said Frank Taylor, vice president of sales for Taylor Made. “This is an emerging market, and it’s going to take time to establish it, but it has its place. This gives sellers a different chance at some liquidity, and buyers can shop for what they need.”

Levy said the Bluewater consignment to the March Selected Digital Sale includes Tapit and Empire Maker mares as broodmare prospects. She likes that this sale is fully digital and thinks that will help it “catch on” versus other domestic attempts that had a more hybrid model.

“I’ve been wanting to do more in the digital sale arena after seeing it be so successful in Australia with our clients there, and I’ve experimented with it here buying quarter horses,” Levy said. “Then we sold a few quarter horses and just had a ball watching the bids come in. It’s a fun experience. When the info is transparent and you trust the consignor and the process, it can be a really good way to buy and sell horses.”

Aaron cautioned against calling this a pilot program or experimental sale, saying that Fasig-Tipton is committed to the digital sale environment and noting that Australian companies grossed about $72 million in digital sales last year. Aaron also echoed Taylor’s sentiment that the catalog needs to be attractive.

“Fasig-Tipton is committed to digital sales,” said Aaron. "This will be the first of many, and every horse in this sale will be desirable to somebody. We wanted to have a select sale to begin with, and it will remain that way.”

In addition to the traditional key performance indicators of a sale, such as gross receipts, median sales price and number of cataloged horses sold, Aaron said the number of registered bidders will be a key performance indicator for the March Selected Digital Sale.

“I know we’ll have the horseflesh, so for me the key indicator is people applying for credit and registering to bid,” Aaron said. “There is no trepidation for people to buy online. What sets us apart is the quality of this sale. This will set the example of digital sales in the U.S. going forward.”