No one has seen these yearlings run.
Yes, it's a very expensive gamble based on bloodlines.
There is another important factor at work, though.
Conformation.
There are experts - some better than others - at spotting the cream of the crop.
The shrewdest of those keep opinions to themselves - until the hammer falls.
I have fond memories of attending bloodstock auctions in Ireland as a kid.
Being afraid to nod, or scratch myself, in case they thought it might be a bid.
Fun times.