The majority of racehorses are sold at public auction, where they are grouped by type – yearlings, two-year-olds, horses in training and so on – listed in an auction catalogue and sold to the highest bidder. Depending on your budget and other requirements, buying a horse privately, directly from a breeder or trainer, at a negotiated price, may be your easiest option. Other choices include buying the winner of a selling race, which will be offered for auction immediately afterwards, or claiming a horse, at the advertised claiming price, from a claiming race.
Each method of buying a racehorse has its own pros and cons, so it is important, once you have decided on your budget, to seek a professional advisor, in the form of bloodstock agent or licensed trainer. Their knowledge and experience in analysing pedigrees, assessing form and, generally, in buying and racing horses, is likely to prove an invaluable asset.