The economic downturn had a dramatic effect on the first day of the Keeneland Horses of All Ages Sale in Lexington, Kentucky, with gross revenue some 44 per cent lower than the first session 12 months ago.

While seven more horses were sold than on the corresponding day last year, the total spent amounted to just $11,945,900 (£8,120,085) as opposed to $21,325,900 (£14,503,993) in 2008.

The median price of horses sold fell 50.9 per cent and Keeneland director of sales Geoffrey Russell said: "People brought their horses here to sell, and the not sold rate has gone down.

"Given the current global economic situation, people have adjusted their expectations and traded their horses."

The sale total would have been much greater had the star attraction at the sales not failed to sell.

Azeri, the 2002 Horse of the Year and Breeders' Cup Distaff winner, allegedly attracted interest from both Coolmore and Darley but was eventually bought back by representatives of owners Allen E Paulson Living Trust.

Azeri, the winner of 17 of 24 starts, had been offered "in-foal" as she is carrying a female offspring of 2004 Horse of the Year Ghostzapper but, while a Coolmore bid of $3.5m was reported by Ray Paulick's online blog and The Bloodhorse claiming a $4.3m Darley offer, the mare failed to change hands despite a final bid of $4.4m.

Michael Poulson, representing Azeri's owners, said: "I was hoping to sell. In a good market she would've went for double what she went for today.

"I was going to let her go for extremely good value, but unfortunately we're victims of the global financial market.

"We'll just regroup and if we can put a sale together we'll do it, if not, we'll get the foal, and she's a good asset to have in your thoroughbred inventory."