Racehorse market breaks records riding high on tax breaks, stock market gains

A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. The world's largest thoroughbred auction broke records this year despite concerns that the Gulf conflict would deter deep-pocketed racehorse buyers from the Middle East. The Keeneland September Yearling Sale in Kentucky grossed $536.7 million this year, surpassing last year's record by about $5 million. At the two-week auction, which ended Sept. 26, 70 yearlings sold for at least $1 million, up from 56 last year, which broke a 19-year record. The average yearling price increased nearly 7% to $187,933.