For many racing fans, opening day at Monmouth Park, in Oceanport, NJ, marks the unofficial start of summer. Since 1946, “the Shore’s Greatest Stretch” has been a showcase for some of the best racing on the east coast. 

Some of the biggest gambles in horse racing take place not at the betting windows but in the auction ring. Most top horses are purchased in public auctions, which take place several times a year in locales such as Lexington, Ky., Saratoga Springs, N.Y., and Ocala, Fla. The price tags for these future runners runs the gamut. Sometimes, a horse is sold for a few thousand; other times, they can go for $1 million or more.