Hedonic Price Analysis of Thoroughbred Broodmares in Foal
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Thoroughbred broodmares are the foundation of a successful racing operation.
This study estimated the impact of breeding, racing, and market characteristics on
broodmare auction prices. Data represent 604 in-foal broodmares sold in
Keeneland’s 2005 sale. Prices were highly responsive to the sire’s stud fee, the
broodmare’s age, and progeny performance in graded stakes races, with
pronounced day-of-sale effects. The stud fee marginal value was substantially
lower than one break-even estimate, suggesting possible disincentives for
investment in stallion services. Out-of-sample forecasts were far superior to naïve
forecasts but were not accurate enough to use in isolation from other decision aids.