Seems pretty clear they think/thought he's worth more than $1.9mm, right? Beyond that, keep in mind that some portion of RNA's get bought/sold privately at or shorlty after the auction.

A little back of the envelope math: she paid $10mm for mama, IIRC, and $200k for papa's services. Figure mom is going to have maybe a dozen babies if we run pretty even (i.e. it could be 10 or it could be 14), she's gotta get back ~$1mm/baby to break even on the deal, not even counting the cost of keeping mom alive/healthy for the next 15 years.

Nah, no problems in the horse racing economy!