Turkey’s Tarim Isletmeleri Genel Mudurlugu (TIGEM/Agricultural Enterprises General Directorate) has sold 51 purebred Arabian foals for Turkish lira (TRY) 28mn ($0.7mn) via an online auction, according to local media reports.

A two-year old colt, namely Ergunes, attracted the highest price of TRY 2.65mn in the tender. It was acquired by a horse investor named Semsettin Toydemir (@semsettintoy).

Two other males, namely Keremnur and Dev Yurek, were sold for TRY 2.25mn and TRY 2.05mn, respectively.

All the foals were raised at TIGEM’s Karacabey facility in Balikesir province on the southern coast of the Marmara Sea.

TIGEM raises Arabian horses at its Karacabey, Sultansuyu and Anadolu Tarim facilities, Ismail Bulbul, a deputy general manager at the enterprise, said.

At the previous auction held a week ago, TIGEM sold foals raised at Sultansuyu – located in proximity to the Karacabey facility – Bulbul added, stating that the sales raised TRY 45mn.

In two weeks, TIGEM will hold another tender to sell foals raised at Sultansuyu.

In 2024, TIGEM earned TRY 180mn from foal sales and an additional TRY 120mn in commissions from the racing of horses it raised.

The enterprise is this year targeting TRY 500mn in revenues from foal tenders and horse race commissions.

About 20-25% of horses that race in Turkey were raised by TIGEM, while one third of the horses that earn premiums from good finishing positions in races in the country are TIGEM’s horses.

“We are leaders in this field, we are one of the few such businesses in the world, we are assertive,” Bulbul said.