Auction and median auction races explained

What is an auction race?

An auction race is for 2 year olds bought at public auction for no more than a set price. The aim is to let horses from the cheaper end of the sales race against each other rather than against expensive yearlings from the biggest yards.

The price that counts is the hammer price at a recognised public auction, such as a yearling sale or a breeze-up sale. Some auction races also give weight allowances linked to price, so the cheapest horses carry less than those bought near the limit. The exact limits and allowances are written into each race's conditions and change from year to year as the sales market moves.

Auction races are also a signal to buyers. A horse that wins one shows a bargain purchase can compete, which supports its resale value and its trainer's case for buying similar types.

What does median auction mean in a race title?

Median auction means the race is restricted to horses by sires whose yearlings sold below a set median price at auction in the previous year. The restriction follows the sire's sale results, not the price paid for the horse itself.

The median is the middle price of all the sire's yearlings sold at public auction in the qualifying year, so one expensive yearling does not push a sire out. Because the test is the sire rather than the individual horse, home-bred horses that were never offered at a sale can still run if their sire qualifies. That is the key practical difference from an auction race.

How is the median auction sires list worked out?

In Ireland each sire's median yearling price is published on the median auction sires list before the season, and each race's conditions set the limit a sire's median must fall below.

The Irish list is published by Horse Racing Ireland and gives a median value for every sire with yearlings sold at public auction, including expensive sires that will not qualify. A sire can move above or below a race's limit from one crop to the next as its stock becomes more or less fashionable, so always check the list for the right year.

How do British restricted races use price bands?

British 2 year old restricted novice and maiden races use bands, from A for the dearest to D for the cheapest. A horse qualifies by its own auction price or, if unsold, by its sire's median value.

The bands combine the auction and median auction ideas into one system. Each band has a limit for the horse's sale price and a limit for its sire's median, both reset each season. A horse racing in a band above the one it qualifies for receives a weight allowance for each band, which gives cheaper horses a chance to step up without being outweighed.

How does auction form compare with open maiden form?

Auction and restricted races usually attract lower-rated horses than open maidens, because the price limits keep out most expensively bred horses. The best of them still go on to win good races.

Treat a restricted race win as proof that a horse can beat its own sort, then look at the form lines to see how strong that sort was. A horse that wins an auction maiden and then finishes close up in an open novice race is stepping up nicely. Weight allowances also matter: a cheaper horse carrying less can flatter its form, and the allowance disappears in open company.

• Check which band or price limit the race used
• Look at the weight allowance the winner received
• Follow the beaten horses to see the race's strength
• Compare with open maiden and novice form
• Watch the first nursery mark after restricted wins

How do auction winners fare when they step up in grade?

Most auction and restricted race winners settle into handicaps, but a few go on to win Pattern races, and their success is part of what keeps the sales market for cheaper yearlings healthy.

The step up from a restricted race to open company is the key test. A horse whose official rating after its restricted win is in the 80s has shown it can compete in good nurseries and some open novice races. Trainers who specialise in value purchases often plan exactly this route, and their records with 2 year olds are worth checking on each profile.

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